I refused to submit a bid after the appraisal came in 16% below the supposed “winning price” and about 5% below comps. I requested the appraisal BEFORE making an offer and we were NEVER under contract. The sellers have been trying to sell since July and need to sell soon. They listed 35% above comps and are now about 20% above comps, accepting 15%. I’m wondering how long I should wait before going back with a meet-me-in-the-middle offer.
Do you not think they’d come back to you if they wanted to negotiate again?
I wouldn’t consider an offer from the same person who already backed out. Nope.
Reign said:
I wouldn’t consider an offer from the same person who already backed out. Nope.
I didn’t back out; I refused to submit a bid. We never entered a contract.
If you made an offer they refused to accept, you can make another offer anytime.
Did you actually back out, or did you refuse their counteroffer? That makes a difference in how willing they will be to accept another offer from you.
If you’re working with an agent, it’s no skin off your back to go ahead and make an offer. They need to sell.
Jordy said:
If you’re working with an agent, it’s no skin off your back to go ahead and make an offer. They need to sell.
I think you meant to say ‘buyer.’ I want to clarify: I did not flake. We never entered a contract.
Sure, they can afford to wait. It’s less risky to leave it on the market and do a big price drop than to go into contract with a buyer who already flaked on them.
I think something was misunderstood here. I didn’t make a written offer; I was asked to match an offer based on an appraisal that came in low.
I totally misunderstood. Yes, you can go make whatever offer you think is fair now. Apologies!