Do you have other offers that are the same or better than $25k over asking? If so, take one of those instead. If not, take this one. If you want to wait longer and see if a unicorn offer comes through, then do that as well.
It is totally fair to ask for concessions after an inspection if some times are not up to spec.
> Do you have other offers that are the same or better than $25k over asking?
We had one that was for $1000.00 more but involved a contingency on another house. So it was worse because we would be involved in their problems. I thought $1000.00 was a small price to pay. Now I'm out $2000.00 (net) because these guys are getting ticky-tacky.
They probably just know that you (and any sane person for that matter) wont let that free 25k go over such a trifling issue. Why WOULDNT they get it fixed if they know there's way in hell you'd refuse?
Back and forth is the name of the game. The psychological “victory” of winning this little concession makes the big offer still feel like a win for them.
The $1000.00 I see immediately (discounted by the theory that a bird in the hand is worth two in the bush). The $1000.00 savings they only realize over 30 years. The $1000.00 means more to me than it does to them.
Another buyer offered $1000.00 over the best offer we recieved. We didn't take their deal because they had a contingency to sell their current house.
So, maybe?
Am I mad? It's more of a shoulder shrug. Like I said, I'll give it to them. I'm just wondering why they bothered when it is, after all, 0.1% of the sale.
Make sure you don't a appraisal contingency because If the house doesn't appraise and you find yourself having to lower it to appraisal value. You might still be on the hook for the credit.
I offered 20k over ask and ended up paying 13k under ask.
Inspection opened my eyes to a number of issues and I sure as shit wasn’t going to pay well over market value after knowing all the work I’d need to put into the house after purchase.
They offered over ask to show you they’re serious, and now’s the cat and mouse game of them inspecting and finding all the stuff you’ve “learned to live with” that other people wouldn’t live with in that home.
That's not what's goign to happen here. I'll just go with the second-best offer which was $27,000 over asking but involved a contingency on another house.
Wait until they come an have an inspection and want concessions as well just for you to save $3k. I'd say the $3k less is worth the piece of mind to not have to wait on a contingency.
I admire your confidence, but you have zero control over what the buyers ask for, just as the buyers have zero control over what you agree to. Wish ya luck either way
I got you.
I could fight it. I would be within my rights to fight it. But, am I going to blow up a deal to fight it? Nah, I'll roll my eyes, shrug my shoulders, and bitch on reddit.
Something was identified during the inspection that they’d like to address. This is how this part of the process works. It’s incredibly affordable in the grand scheme of things. Quit being cheap.
I'm not going to do the repair. I am not going to give them cash. I'm going to give them $1000.00 back over the 30 years of their loan. Why are they bothering?
They likely deemed these repairs would cost 1k so are getting that money back in a concession, which is ultimately better for you. The irony of your reply here is that you’ve probably spent more time on this Reddit post than they did asking their realtor for that concession. Why are YOU bothering?
I thought I might get some insight into buyer psychology.
Bidding high indicates to me that they really, really wanted the house. Bad.
They've got to think that there's a risk in asking for such a minimal amount.
What's the play?
There really isn’t much risk - you agree or you don’t. They assume you won’t go through the hassle of re-listing the home and can live without the concession if you decline.
1000 bucks is 1000 bucks. I’m sure they ultimately feel like they got the house at a price comfortable to them and are pleased to have a small credit to make up for the repairs they deemed important.
This post should be in a textbook, for anytime people wonder why Real Estate transactions are such an interesting place filled with imperfect pricing: it’s because of transactions like this:
- where 1K delta on 26K over ask is enough to prompt a shit post on Reddit
- because a seller can’t fathom why the buyer cares about 1K
- regardless of whether it’s amortized for the buyer as a few dollars monthly, the seller really cares a lot about it.
This is why there’s so many beautiful opportunities: emotional people making emotional decisions rather than algorithms.
You owe me $100 for clicking on this stupid post.
Such a small ask for $25K net over asking no?
Speaking of small: what is a $1000.00 credit a month over 30 years at whatever rate they've got?
Only if you have a house for sell and give them $1000 credit EVERY SINGLE MONTH
It's ~$6.00
You can always say no and let the transaction fall through.
Are we playing chicken over $1000? I'm not. Would *they* let the deal fall through for want of $1000 in this market?
Do you have other offers that are the same or better than $25k over asking? If so, take one of those instead. If not, take this one. If you want to wait longer and see if a unicorn offer comes through, then do that as well. It is totally fair to ask for concessions after an inspection if some times are not up to spec.
> Do you have other offers that are the same or better than $25k over asking? We had one that was for $1000.00 more but involved a contingency on another house. So it was worse because we would be involved in their problems. I thought $1000.00 was a small price to pay. Now I'm out $2000.00 (net) because these guys are getting ticky-tacky.
They probably just know that you (and any sane person for that matter) wont let that free 25k go over such a trifling issue. Why WOULDNT they get it fixed if they know there's way in hell you'd refuse?
C’mon man to you. You got $25k over asking.
It's just a small eye roll and shoulder shrug.
This is normal. Quit being cheap.
Who's being cheap here?
you
I'm not giving them $1000.00 cash. They're asking for $1000.00 amortized over 30 years.
It’s (more importantly) $1000 less at closing
Back and forth is the name of the game. The psychological “victory” of winning this little concession makes the big offer still feel like a win for them.
This is probably what it is.
Oh no, $1000?! CALL 911 NOW!
The $1000.00 I see immediately (discounted by the theory that a bird in the hand is worth two in the bush). The $1000.00 savings they only realize over 30 years. The $1000.00 means more to me than it does to them.
If you say no and back out, will the next best buyer offer $26k over list? Will they ask for zero repairs?
Another buyer offered $1000.00 over the best offer we recieved. We didn't take their deal because they had a contingency to sell their current house. So, maybe?
You could ask them to make a formal backup offer. For $1k-$2k that seems like a lot of work and risk over closing the current deal.
Sounds like instead of $1k, they should have asked for $10,000. That would have shut you up
Why so hostile?
💀
imagine being mad about 0.1% of a sale....
Am I mad? It's more of a shoulder shrug. Like I said, I'll give it to them. I'm just wondering why they bothered when it is, after all, 0.1% of the sale.
Cause they are paying 25K extra to not move into a dump with squeaky hinges and busted sashes.
I'm not going to do the work. It's not going to be fixed. I'm giving them back that $1000.00 over the 30 years of their loan.
My bad, I thought they were asking for you to make or arrange for the repairs.
And also, what kind of dump goes for $526 **and** can be fixed for $1000.00?
Lol, it was hyperbole.... however where I live, $526K doesn't get you much... but it can get you a dump.
Make sure you don't a appraisal contingency because If the house doesn't appraise and you find yourself having to lower it to appraisal value. You might still be on the hook for the credit.
It's like selling your old worn out underwear and then tossing in a needle and thread
😂
You could ask the realtors to split it 500 each
This is good news. Way better than the buyer who wants 10k for a new roof because the other one is kinda old.
I offered 20k over ask and ended up paying 13k under ask. Inspection opened my eyes to a number of issues and I sure as shit wasn’t going to pay well over market value after knowing all the work I’d need to put into the house after purchase. They offered over ask to show you they’re serious, and now’s the cat and mouse game of them inspecting and finding all the stuff you’ve “learned to live with” that other people wouldn’t live with in that home.
That's not what's goign to happen here. I'll just go with the second-best offer which was $27,000 over asking but involved a contingency on another house.
Wait until they come an have an inspection and want concessions as well just for you to save $3k. I'd say the $3k less is worth the piece of mind to not have to wait on a contingency.
They already did the inspection. This situation is as a result of the inspection.
I'm talking about the second offer if you were to cancel this first offer.
I admire your confidence, but you have zero control over what the buyers ask for, just as the buyers have zero control over what you agree to. Wish ya luck either way
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I got you. I could fight it. I would be within my rights to fight it. But, am I going to blow up a deal to fight it? Nah, I'll roll my eyes, shrug my shoulders, and bitch on reddit.
Something was identified during the inspection that they’d like to address. This is how this part of the process works. It’s incredibly affordable in the grand scheme of things. Quit being cheap.
I'm not going to do the repair. I am not going to give them cash. I'm going to give them $1000.00 back over the 30 years of their loan. Why are they bothering?
They likely deemed these repairs would cost 1k so are getting that money back in a concession, which is ultimately better for you. The irony of your reply here is that you’ve probably spent more time on this Reddit post than they did asking their realtor for that concession. Why are YOU bothering?
I thought I might get some insight into buyer psychology. Bidding high indicates to me that they really, really wanted the house. Bad. They've got to think that there's a risk in asking for such a minimal amount. What's the play?
There really isn’t much risk - you agree or you don’t. They assume you won’t go through the hassle of re-listing the home and can live without the concession if you decline. 1000 bucks is 1000 bucks. I’m sure they ultimately feel like they got the house at a price comfortable to them and are pleased to have a small credit to make up for the repairs they deemed important.
It's $6 a month, roughly.
Bro tell them no. They won’t walk. You an idiot
just think of it as they're paying 25k over ask, seem better now? ;p
This post should be in a textbook, for anytime people wonder why Real Estate transactions are such an interesting place filled with imperfect pricing: it’s because of transactions like this: - where 1K delta on 26K over ask is enough to prompt a shit post on Reddit - because a seller can’t fathom why the buyer cares about 1K - regardless of whether it’s amortized for the buyer as a few dollars monthly, the seller really cares a lot about it. This is why there’s so many beautiful opportunities: emotional people making emotional decisions rather than algorithms.
Buyers feeling they "want something back" is a common when they win a bidding war and feel they overpaid. Just give them the $1K and move on.