Please Help w/This Offer… - Posted by eric
Posted by eric on December 19, 1998 at 16:30:45:
I made an offer on a property in Philly. It’s a single family attached. The comps show other homes on the street have sold recently for anywhere from 55,000 to 69,000. (Some of those with the higher prices had much more new things, ie: fresh paint, carpet, etc.)
Anyway… the home I want (for myself to live in for only 2-3 years) was originally listed back in April for 69,900. Then the price was dropped to 64,899. Then the listing expired. Then it was taken over by another agency and it too expired. Then again, listed for the third time with the present agency. The price: $53,900.
I offered to buy it with an FHA loan. My offer: $51,000 with a $3,000 seller concession. My earnest $ is $500.
They came back saying they wanted 53,000 NET. Thus, they wanted to pay no concession. But they DID drop $900. (Originally $53,900.)
My next offer was for $53,000 (up from $51,000) WITH the $3,000 seller concession.
My Realtor (not a buyer’s agent… my big mistake)… told me they countered with $52,000. So… they dropped this time from $53,000 to $52,000… still no concession. But this time he told me that if I paid $53,000, they’d pay $1,000 concession.
Now what? My goal is to get in with as little out of my pocket as possible. The home is vacant. They are in a retirement home. It’s been vacant since April/May.
My Q is: "Why did they not simply say–when I offered $53,000 with the $3,000 concession that they would take the $53,000 and pay $1,000 concession. Instead they said they’d take $52,000, BUT if I DID pay $53,000, they’d pay a $1,000 concession? Because they are short on cash? I assume, tho, that after being paid by my mortgage company that they certainly could just write me a check from the proceeds, right?
Anyway… I cannot think of a creative way to solve this. I COULD pay $54,000 and ask for the $3,000 concession. (I really need a $3,000 concession.) It’s not as big a deal to finance the additonal $ because I plan to stay only for a couple years.
Any suggestions would be GREATLY appreciated!!
P.S. I can think of all kinds of creative financing ideas, but when it comes to buying a house for ME, I’m brainless.
My second offer was $53,000