We bid 10k under asking price because the owner ripped the place up and it needed tons of work. They said they would not accept any offers under asking. We thought about it and decided the house was in the perfect location and made the offer at asking price. They also were not happy about that because this was in 2021 and everything was selling for a ton over asking price. Thing is, those houses you could move into with minimal changes. This house needed abatement and a gutted bathroom and kitchen. We were the only offer and they begrudgingly accepted and tried every which way to nickel and dime us before closing.
Some sellers are delusional and think their house is special and that it will sell for more than they list, even expect it.
There have been times where I made an offer and the seller countered and based on their contingencies, I got the vibe that they were going to be an asshole through closing.
One seller even threatened to sue even though I was fully within my rights to walk away. My response to my agent was “tell them to serve me papers.”
People have overbid 10-20% or even more here in NL in the last few months for all kind of houses and apartments. Including once that need a ton of work.
I’m so glad we got our offer accepted before the market went bananas. The sellers were a retired couple offloading their rental properties and when accepting the offer asked to delay the actual sale for a few months so that it would occur in the next calendar year. In that time frame interest rates continued to fall and the housing market rapidly heated up so we got our house at a lower rate and lower price than we should have. It also doubled in value over the following 3 years thanks to the hyperinflation and overheated housing market of 2021-22
We bid 10k under asking price because the owner ripped the place up and it needed tons of work. They said they would not accept any offers under asking. We thought about it and decided the house was in the perfect location and made the offer at asking price. They also were not happy about that because this was in 2021 and everything was selling for a ton over asking price. Thing is, those houses you could move into with minimal changes. This house needed abatement and a gutted bathroom and kitchen. We were the only offer and they begrudgingly accepted and tried every which way to nickel and dime us before closing.
Some sellers are delusional and think their house is special and that it will sell for more than they list, even expect it.
There have been times where I made an offer and the seller countered and based on their contingencies, I got the vibe that they were going to be an asshole through closing.
One seller even threatened to sue even though I was fully within my rights to walk away. My response to my agent was “tell them to serve me papers.”
Never heard from them again.
Jesus wept. “Let me sue someone for not treating this ruinous housing bubble like I’m royalty for deigning to receive offers of fabulous wealth”.
People have overbid 10-20% or even more here in NL in the last few months for all kind of houses and apartments. Including once that need a ton of work.
I’m so glad we got our offer accepted before the market went bananas. The sellers were a retired couple offloading their rental properties and when accepting the offer asked to delay the actual sale for a few months so that it would occur in the next calendar year. In that time frame interest rates continued to fall and the housing market rapidly heated up so we got our house at a lower rate and lower price than we should have. It also doubled in value over the following 3 years thanks to the hyperinflation and overheated housing market of 2021-22