He who owns Potential House called last night and rejected our offer. Not even a counter offer was offered. He looked at our ridiculously low offer and said, “We can’t afford to take a loss right now.” Who can afford to take a loss ever? However. They are smoking crack to think that they will get the price they think they “need”.
I talked to the guy and it comes down to this:
Three-and-a-half years ago, they paid X for the house.
They wanted (X+$34k) for it in January, when they first put the house on the market. They dropped it down to (X+$24K). The house is appraised at (X-$20K), really. We offered (X – $18K). We are willing to pay (X+$5-10K). The guy says he can’t possibly take less than (X+16K). NO ONE’s house has increased that much in the last three years. No one. Especially those who have a chewing Jack Russell.
Honestly, the house is worth X.
There is no point today in offering anything else. In a month or 6 weeks, we will make an offer. It will likely be X. And I hope the owners get a grip and realize that we are ALL taking a beating on our houses as we try to sell them. Speaking of, we are going onto the market this week. I feel like I have done all I can and all I am willing to do now. I am sitting back and relaxing now, and spending all my time cleaning everything that will stand still. I have looked at some other houses for sale in the neighborhood, and I say with some confidence and sadness, we have the Biggest and Best house on the block.
Using the same analsys: We paid X for our house nearly 7 years ago. We’ve put a TON of improvements in: new top of the line HVAC, remodeled master bath, master bedroom, and guest room, new fence and more. I would love to get X+$20K. I will settle for X+$15K. I think I need to set the selling price at X+$30K so I can come back several thousand.