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Started By
Message
How long to wait to make the same offer on a lot after seller rejects offer.
Posted on 9/11/20 at 9:20 am
Posted on 9/11/20 at 9:20 am
I'm really interested in a lot that is way over priced. The lot has been on and off the market for 6 years. About a month ago I made what I thought was a fair offer( but still way off asking) that the seller rejected and said they would only accept full price. I wasn't interested so I moved on.
Less than a week later I noticed the lot was relisted after being taken off the market and was reduced about 8% (still over priced). After some back and forth the seller said he would accept about another 8% off the new price (still over priced but I liked the lot enough to consider it).
While I was considering apparently someone offered full price I guess without realizing why the lot was over priced. After less than a week the other buyer backed out once the realized it was over priced. So I then offer the price the seller said they would accept and they declined saying they think they can get a full price offer since they got a full price (even though the other buyer very quickly backed out).
I have my doubts anyone will buy this lot at the asking price. How much time should I wait before I should offer again. I'm not hurry so I can wait as long as needed.
Less than a week later I noticed the lot was relisted after being taken off the market and was reduced about 8% (still over priced). After some back and forth the seller said he would accept about another 8% off the new price (still over priced but I liked the lot enough to consider it).
While I was considering apparently someone offered full price I guess without realizing why the lot was over priced. After less than a week the other buyer backed out once the realized it was over priced. So I then offer the price the seller said they would accept and they declined saying they think they can get a full price offer since they got a full price (even though the other buyer very quickly backed out).
I have my doubts anyone will buy this lot at the asking price. How much time should I wait before I should offer again. I'm not hurry so I can wait as long as needed.
12
Posted on 9/11/20 at 9:55 am to Dr.Funke
Why not ask everyday till he says yes cause he will be so sick of you asking
Dont think there is any time limit
Dont think there is any time limit
Posted on 9/11/20 at 10:08 am to Dr.Funke
Just tell him the offer only stands for the next week. You’ve basically set the bottom for him in the negotiation. He has to be convinced that this bottom is only for a short time. Force him to act then move on. When he comes back after the time has passed, go back to your original offer as the starting point.
Posted on 9/11/20 at 10:13 am to C
quote:
Just tell him the offer only stands for the next week
Then it goes down $1 a day.
Posted on 9/11/20 at 10:14 am to Dr.Funke
You talk a lot about "overpriced," which tells me you have good reason for that.
Have you considered including your offer within a written letter that explains, in detail, your rationale behind why you think your offer is fair?
Studies show counterparties are a lot more willing to agree when you present them with data and facts supporting your position. It makes them feel as if they are getting a "good deal" if they can agree with your logic.
I've used this strategy personally with great results.
Have you considered including your offer within a written letter that explains, in detail, your rationale behind why you think your offer is fair?
Studies show counterparties are a lot more willing to agree when you present them with data and facts supporting your position. It makes them feel as if they are getting a "good deal" if they can agree with your logic.
I've used this strategy personally with great results.
Posted on 9/11/20 at 10:39 am to Dr.Funke
Pay $400 for a appraisal. Present the appraisal with a firm offer, including deposit. This way you know the value & the seller knows the value. Sometimes sellers must be educated on expectations.
Posted on 9/11/20 at 10:59 am to C
quote:
Just tell him the offer only stands for the next week. You’ve basically set the bottom for him in the negotiation. He has to be convinced that this bottom is only for a short time. Force him to act then move on. When he comes back after the time has passed, go back to your original offer as the starting point.
this is actually pretty sound advice
Posted on 9/11/20 at 3:54 pm to RedStickBR
They know about the challenges of the lot.
It is a unique lot that I could understand their valuation if not for a certain issue. But my main problem would be with the higher cost of the lot and what I want to build, I would be the highest price house in the neighborhood by a fair amount.
It is a unique lot that I could understand their valuation if not for a certain issue. But my main problem would be with the higher cost of the lot and what I want to build, I would be the highest price house in the neighborhood by a fair amount.
Posted on 9/11/20 at 5:06 pm to Dr.Funke
"I would be the highest price house in the neighborhood by a fair amount."
---
Because of the cost of the lot or the house you build?
---
Because of the cost of the lot or the house you build?
Posted on 9/11/20 at 6:41 pm to Dr.Funke
Your bargaining position is hurt by the fact that the seller knows you are so anxious. It may be too late to do anything about that now. Offer your best price and have them take it or leave it.
Posted on 9/11/20 at 7:08 pm to Dr.Funke
Odd, I just read this same exact post on reddit
Posted on 9/11/20 at 7:37 pm to TheOcean
quote:
Because of the cost of the lot or the house you build?
A bit of both. The lot is more than double what other lots sold for in the neighborhood.
quote:
Odd, I just read this same exact post on reddit
Yeah that was me too. I was just looking for some advice and posted this morning. I had a pretty busy day today and didn't get a chance to check in to recently. I was surprised how much attention it got on the pf subreddit
Posted on 9/11/20 at 7:51 pm to Dr.Funke
The old addage: The one that cares least controls.
He's been sitting on it for six years, doesn't sound terribly motivated.
The sale may have fallen through because the buyer could not get financing. Bad credit will result in a buyer paying more in certain situations.
I would let the seller cool down from the higher offer and come back some months later. But, it is possible someone else picks it up in the mean time.
Keep us posted on the status. Good luck.
He's been sitting on it for six years, doesn't sound terribly motivated.
The sale may have fallen through because the buyer could not get financing. Bad credit will result in a buyer paying more in certain situations.
I would let the seller cool down from the higher offer and come back some months later. But, it is possible someone else picks it up in the mean time.
Keep us posted on the status. Good luck.
This post was edited on 9/11/20 at 9:11 pm
Posted on 9/11/20 at 9:02 pm to Dr.Funke
Kick it up 1 percent to let the guy think he won something.
Even if you do that every other month for a year, you're only up 6% - that's less than the taxes will be.
Even if you do that every other month for a year, you're only up 6% - that's less than the taxes will be.
Posted on 9/11/20 at 9:20 pm to ItzMe1972
quote:
The old addage: The one that cares least controls.
He's been sitting on it for six years, doesn't sound terribly motivated.
This.
Posted on 9/12/20 at 11:30 pm to Dr.Funke
Value is what two people are willing to agree on.
Posted on 9/13/20 at 7:45 am to Dr.Funke
You’ve obviously blown your negotiating power by showing how interested you are in the property so if I’m the seller, I make you sit also.
If you truly believe it’s overvalued, tell the seller that you will pay the exact appraised value no matter what it is. I don’t see how the seller could balk at this.
If you truly believe it’s overvalued, tell the seller that you will pay the exact appraised value no matter what it is. I don’t see how the seller could balk at this.
Posted on 9/13/20 at 9:56 am to Dr.Funke
Once a fuking day till it sells you you or someone else.
Posted on 9/13/20 at 3:56 pm to Dr.Funke
They aren't making more land. I bought 2 lots last year, one for $55K and one for $62K across the street from each other. Decided I liked the first one best, so I built on it, and sold the other to my builder, who is now building for someone on it. Win/win in my book.
Posted on 9/13/20 at 4:19 pm to Dr.Funke
Never underestimate ability of a seller to hold on yo an unrealistic asking price, sounds like they dont need the money
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