11 Jul Bullying the buyer as a tactic?
I am in the process of purchasing my first home using a VA backed loan, and after a few weeks of searching found the right home at the right price and I pretty much instantly knew it was perfect. My agent helped me write up an offer and we wrote up what I thought was a PRETTY fair offer.
We asked for 3% off the asking price as it was honestly a bit overpriced (about 8-10% over) and asked for 3% ($8,000) in concessions. They said they'd like to keep their washer and dryer so we said they could keep it. I sent it in thinking I made a pretty fair offer considering:
- The seller was asking a bit high, but not crazy
- That they don't live in the home anymore full time (vacation home)
- They have had it on the market for a year now, switching realtors three times
- They haven't gotten a single offer (It's a bit out of the way, and they were originally asking for nearly 20% over the value)
- The most a house has sold in their subdivision for is 10% below what they are asking
The response we got was:
- Bringing the price back to asking
- Double the amount for earnest money from the 1,000 I offered to 2,000
- Halved my concessions
- Would only pay for cheapest home warranty
- Moving the closing date up 3 weeks and saying if the VA doesn't approve it within 3 weeks, we have to secure other funding
What is even the point of trying to negotiate like that? If you haven't got a single offer in a year, why do you think being a dick to your first offer is the way to get it sold?
Any idea how I should respond? I'm thinking about just walking away and telling them I'm not interested. I absolutely love the home and very much want it, but I'm not going to let myself be bullied into bad terms.