This week we put an offer in on a home in Minneapolis. We’ve been looking for 5 months, and this is the first home we could see ourselves living in for many years. The seller has had her home on the market for exactly a year, and reduced the price $40,000….but it still hasn’t sold. She bought at the height of the market and in today’s terms, paid too much. She moved out in February and the home sits vacant. The listing agent told me that the bank will not allow a short sale, so this tells me the owner is finding herself in a financial bind.
So I was surprised to hear today that the seller flat out rejects our offer. Apparently there has been some “interest” in her home so she is hoping that one of the other lookers will bring her a better offer. I am not sure if this is coming from the seller because she is afraid of the amount of money she will lose, or if the agent is telling her to wait it out some more. Either way, the seller needs to sell.
My question is, why not send back a counteroffer? Most likely she was offended by our lower offer and let ego and emotion get in the way of sound judgement. Holding out for another offer that doesn’t exist is not sound judgement. What is good is to at least start the negotiating through a counteroffer.
In today’s market, any offer is a good offer. You just have to change your view to one of optimism. It might not be the price you were hoping for, but at least you now have an offer to work with. So next time you find yourself staring at an offer that is more than disappointing, take a breath, calm down, and start a dialog on how to make it a win-win for both parties. It could be your last hope and keep you out of foreclosure.