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Is walking away from a house because a Seller didn't come down 2% more in price petty?

Posted on 8/24/24 at 4:23 pm
Posted by UncleLester
West of the Mississippi
Member since Aug 2008
8386 posts
Posted on 8/24/24 at 4:23 pm
How firm are you when negotiating for big ticket items? To me, when I offered "Last & Final" - I cannot counter one more time as it makes me a liar.
Posted by baldona
Florida
Member since Feb 2016
22521 posts
Posted on 8/24/24 at 4:25 pm to
It all depends on if you want to buy or sell bad enough.
Posted by bigjoe1
Member since Jan 2024
975 posts
Posted on 8/24/24 at 4:42 pm to
Just don't say last and final.
Posted by ItzMe1972
Member since Dec 2013
11561 posts
Posted on 8/24/24 at 4:44 pm to
Just curious. Are you the buyer or seller?

And no, last and final isn't always.
Posted by lynxcat
Member since Jan 2008
24749 posts
Posted on 8/24/24 at 4:45 pm to
2% is not necessarily an immaterial sum of dollars.
Posted by UncleLester
West of the Mississippi
Member since Aug 2008
8386 posts
Posted on 8/24/24 at 5:23 pm to
quote:

Just curious. Are you the buyer or seller?


Potential Buyer. I like the potential house a lot but don't want to make buying a home emotional.

Three very fair comps in subdivision helped me come up with what I thought was a win/win number for both sides. I'm probably already 1% more than I should really be already.

Getting chirped by others close to me that I would be silly to walk over 2%.
Posted by nugget
Abrego Garcia Fan
Member since Dec 2009
15307 posts
Posted on 8/24/24 at 5:23 pm to
I like to make deals, preferably big deals
Posted by nugget
Abrego Garcia Fan
Member since Dec 2009
15307 posts
Posted on 8/24/24 at 5:26 pm to
quote:

Getting chirped by others close to me that I would be silly to walk over 2%.


frick them, it’s not their money. But, it’s probably not worth buying a place you don’t want when you could have a place you really like for an extra 2%. It’s all a sliding scale. Dream house and everything is exactly how and where you want it, I’d pay the extra. If it’s just meh, then nah.
Posted by kaaj24
Dallas
Member since Jan 2010
809 posts
Posted on 8/24/24 at 5:26 pm to
Let’s say it’s $600k house.

2% is $12K.

If it’s a house/area you really like will you have regrets if you don’t buy it 5 years out.

If seller thinking interest decrease when it comes home prices may go up as more buyers might come into market so maybe holding isn’t terrible.
Posted by jsquardjj
Member since Oct 2009
1368 posts
Posted on 8/24/24 at 5:28 pm to
Petty if you are screwing yourself by passing on a house that you really wanted just because you felt like you "lost" a battle.

But if the 2% is overextending yourself, then it is smart to walk away, not petty.
Posted by UncleLester
West of the Mississippi
Member since Aug 2008
8386 posts
Posted on 8/24/24 at 5:32 pm to
quote:

But, it’s probably not worth buying a place you don’t want when you could have a place you really like for an extra 2%.


My initial budget would allow me to be comfortable spending an extra 25% more on a home. That is what I originally penciled and had my search criteria for.

This wouldn't be my forever home but it is definitely an upgrade. So, to give up some concessions from my wish list... I want to feel I got it at a price that was fair market value.
Posted by turkish
Member since Aug 2016
2125 posts
Posted on 8/24/24 at 5:32 pm to
How common are houses that meet your “specs?” If you’re picky, then you need to be a little flexible. If there are houses that check your boxes being listed often, 2% is not immaterial.
Posted by UncleLester
West of the Mississippi
Member since Aug 2008
8386 posts
Posted on 8/24/24 at 5:39 pm to
quote:

How common are houses that meet your “specs?”


We always get a good bit of results on searches. We're not asking for anything unique like an indoor pool or a full size basketball court in the backyard.

I have offered on three different houses on past 40 days (this being the third). I would have been very content with any of the three for the right price.

My offers were declined on the first two and I didn't counter. One is on the market still (hasn't budged on price at all) and another sold last week but I won't see the final price until it closes to know how far off I was with my offer.
Posted by weadjust
Member since Aug 2012
15494 posts
Posted on 8/24/24 at 5:41 pm to
quote:

To me, when I offered "Last & Final" - I cannot counter one more time as it makes me a liar.


What if the home inspection reveals it needs a $12K AC unit. Are you sticking with your Last & Final offer? Are you a liar if you ask for $12K reduction in price?
Posted by UncleLester
West of the Mississippi
Member since Aug 2008
8386 posts
Posted on 8/24/24 at 5:50 pm to
quote:

What if the home inspection reveals it needs a $12K AC unit. Are you sticking with your Last & Final offer? Are you a liar if you ask for $12K reduction in price?


I perceive my last & final as the most that I am willing to pay as the buyer.
Posted by jrodLSUke
Premium
Member since Jan 2011
24649 posts
Posted on 8/24/24 at 6:14 pm to
$15,000 goes a long way towards renovations for the next house choice.
Posted by Roy Curado
Member since Jul 2021
1372 posts
Posted on 8/24/24 at 7:06 pm to
2% is a big chunk.
Posted by weadjust
Member since Aug 2012
15494 posts
Posted on 8/24/24 at 7:23 pm to
quote:

2% is a big chunk.


He could also be paying another 2-3% for the buyers agent commission

Posted by LSU1018
Baton Rouge
Member since Feb 2007
7314 posts
Posted on 8/24/24 at 11:11 pm to
It’s just a gamble. If interest rates drop like they expect next month, sellers will likely get more for their houses. If I had been looking for a couple months and found a house I really loved, I probably wouldn’t miss it over 2%. I know this is the money board but not every decision has to be about money.
Posted by DarthRebel
Tier Five is Alive
Member since Feb 2013
23455 posts
Posted on 8/24/24 at 11:58 pm to
quote:

I want to feel I got it at a price that was fair market value.


This is where you are going wrong. Fair value is just a feeling, not a real thing. Everyone's fair value is different and changes weekly based off market dynamics.

If it is what you want, spend the extra 2% and get it. Time is money, and you are wasting it.
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