Hi everyone,
My husband and I recently made an offer on a house, and after increasing it twice, we declared our last offer as our final one. We stated that we wouldn’t go above this amount, and we’re currently waiting to hear back from the sellers.
The house has been on the market for almost two months with less than 10 viewings and no other offers, and our final offer was 3.6% below the asking price. I was hesitant to offer more initially, but now I’m wondering if we should have increased our offer slightly to around 2.7% below the asking price.
If the sellers come back and reject our final offer, is there any chance we could still increase it? Would it be considered if we reach out to them after a rejection?
Increasing your offer after announcing it to be your final offer is typically not a good idea since it might damage your bargaining position and credibility. But, you could reconsider the offer with the seller if your situation has changed or if you now have additional information that supports the increase.
Hey all! My husband and I recently went through a similar situation with a house we really liked. We put in our “final” offer and also debated whether we should have gone slightly higher. From what I’ve seen and heard, if the sellers reject your offer, you can absolutely reach out and make a new one, even if you said it was your final. Just be cautious because it might affect your negotiation leverage if they sense you’re willing to go higher. In our case, we stood firm for a bit and ended up meeting in the middle, so there’s flexibility depending on how motivated the sellers are. Good luck!
It might be difficult to withdraw an offer once you’ve proclaimed it to be final, particularly if the seller has already replied or accepted it. You can edit the offer, though, if it hasn’t been accepted yet.