Totally bummed :( ...UPDATE post #13

[newmomto1]

After years of searching, finally found a house I love that DH and kids liked too. Only problem, they are asking too much for it (not updated, etc). We are working with an excellent agent who knows the market in our area very well. We submitted a contract last night. Just got a call and they rejected it....not even a written counter offer :(. Their bottom line number is about 20-25 grand more (in our agents opinion) than what the house is worth. I feel like I have been punched in the stomach :(
I so want out of our house...I thought this was going to be it. Ugh, this sucks!!!!!!

[Swimfreak78]

We had something similar happen. We went back and made an offer a few months later and they accepted it.

[newg]

Keep an eye on it.....if it is truly overpriced no one will bid on it.....plus have your agent run some comps of other houses in the area that are similar in size, but the price you want.......
We were in the same situation....our agent made a list of things the house was missing........what it would cost us to add those things....(ie: blinds, landscaping, finishing the basement.........)......plus showed what other houses had at the same price as they were asking....
They started at 265...one month later dropped to 255....one month later dropped to 245.....settled with us at 225....
All of it proved that the price we wanted was much more reasonable than the price they were asking.....and we got the house.......
Don't give up on it!! Good luck!!

[alexsmommy]

Yep, I agree - especially in this market - if it's overpriced they'll eventually have to come down. It's a hard reality check for many homeowners who still want to hold on to numbers they heard four or five years ago in spite of what their agents might be telling them. We found a house we tried for and the owners had been there for fifty years - no updating. They were trying to do FSBO and were seriously deluded about what it was worth. They were basing comps strictly on addresses near them, and then knocking off maybe 50K based on the others being renovated. It would, however, have taken that much to update the kitchen alone. They were also proud of all this new plumbing they had put in, but in doing so they lowered the potential basement ceiling height to unusable and most of the houses they were trying to compare themselves to had finished or semi finished usable basements. Most families would have come in and still have to have the pipework moved. We walked away and ultimately wound up in a much better situation - sooooo grateful it worked out this way. I did notice that it was for sale for an agent six months later with a list price 10K less than we were willing to offer (by then market had crashed) AND they were losing commission.
So I truly believe you'll either find something even better or it will come down. Watch it closely so you can swoop in when it becomes reasonable.
Oh, and the house we are in now, the one that is actually better for us in the end anyway? We also walked away from negotiations on this one when we just couldn't agree. We did so in a very amicable way and three weeks later on vacation, our agent calls our cells to say the owner would accept our final offer if we resubmitted. Another reality check when she was getting offers slightly lower than what we were offering (I grew up on the block and she knew me so we were listed/expempted with decreased agent fees so we could afford to go up a little).

[wellyes]

The absolute key to homebuying is that there is no perfect house that is "the one" - there are so many homes that your family can thrive in. Maybe this one wasn't meant to be. So, I wish for you that the next one be so absolutely marvelous that you'll be glad this one didn't work out.

[newmomto1]

Keep an eye on it.....if it is truly overpriced no one will bid on it.....plus have your agent run some comps of other houses in the area that are similar in size, but the price you want.......
We were in the same situation....our agent made a list of things the house was missing........what it would cost us to add those things....(ie: blinds, landscaping, finishing the basement.........)......plus showed what other houses had at the same price as they were asking....
They started at 265...one month later dropped to 255....one month later dropped to 245.....settled with us at 225....
All of it proved that the price we wanted was much more reasonable than the price they were asking.....and we got the house.......
Don't give up on it!! Good luck!!

When our agent submitted our contract, she did submit it along with the comps so they could see why we were offering that amount. I hope they come around. Its new on the market. I am just afraid someone else is gonna snatch it up with a slightly higher offer.....

[MamaKath]

There will be another great house! As frustrating as it is, getting in over your head is not worth it. Wishing you the best as you deal with this process!

[arivecchi]

My house is on the market right now. We did not respond to an offer because it was a total lowball and the comps submitted were not really good comps. If I were you, I would do my own research so that you are knowledgeable about the market and do not have to rely on your realtor. Just my 2 cents.

[mecawa]

Keep your eye on it. My sister just bought a house that she looked at 4 months ago (at that time was new to market). She made them an offer back then, they rejected it although the house was priced 50,000 above what it should have been. She continued to look, didn't see anything, they ended ip lowering the price to just a tad higher than it should have been so she put another offer, and they accepted. She's psyched!!! So keep looking, you may find something better, and/or they may end up coming down on the listing price.

[newmomto1]

My house is on the market right now. We did not respond to an offer because it was a total lowball and the comps submitted were not really good comps. If I were you, I would do my own research so that you are knowledgeable about the market and do not have to rely on your realtor. Just my 2 cents.

I have done more than my share of research....I am a bit obsessed with real estate :rolleyes: .
We went a *little* low on our offer...but not ridiculously low. We really expected a counter & planned to go from there.
Plus, our agent is "the" agent for this neighborhood & has been for close to 20years. She really knows what she is doing.
The price they are asking is way out of line for a completely non-updated home in this area.
I appreciate the advice though.
Good luck selling!
That will be our next problem if we are lucky enough to get this house, or something else.......

[newmomto1]

Thanks for all the replies.
I am hoping that after a few weeks on the market (hopefully without another contract), the sellers may reconsider & try to negotiate something.
Otherwise...back to looking (not that I've really stopped!).

[JTsMom]

Sending lots of luck your way. :hug:

[newmomto1]

We got the house!!!!!!!!
:yay: :yay: :yay:
The seller came WAAAY down and we got it for way less than we expected!!
I am really excited.
Of course I am also scared to death because we have to sell our house :eek:
Time to go clean closets!

[lchang25000]

We got the house!!!!!!!!
:yay: :yay: :yay:
The seller came WAAAY down and we got it for way less than we expected!!
I am really excited.
Of course I am also scared to death because we have to sell our house :eek:
Time to go clean closets!

How exciting....congrats! Glad everything worked out! We just bought a 3.5 yr old house that we love, so I know how you feel. =)

[Happy 2B mommy]

Hurray! Good luck selling your house.

[wellyes]

Awesome, congratulations!!

[KpbS]

Yea!!! Hope your house sells very fast. Ours and a friend's both sold w/in 1-2 weeks of moving into the new houses. I think people have a hard time visualizing their things in your space. Good luck!

[Tondi G]

We got the house!!!!!!!!
:yay: :yay: :yay:
The seller came WAAAY down and we got it for way less than we expected!!
I am really excited.
Of course I am also scared to death because we have to sell our house :eek:
Time to go clean closets!

WOO HOO! CONGRATS! I love hearing good news updates! Hope your house sells quick for you!

[JTsMom]

Congratulations!!!! :bighand:

[Melbel]

What great news! Good luck with the sale!

[alexsmommy]

So glad it worked out. Patience does pay off sometimes.

[ThreeofUs]

Wow! Congratulations!

[lowrioh]

Congrats! I know how stressful house buying/selling/moving is....
Good Luck!