Made an offer on a house and they countered with this...?

We're first time buyers and this whole thing is new to us...bear with me.





The asking price for this 3 bedroom, 2 bathroom home near Fort Bragg, NC is $129,700 (price has been reduced and was previously $134,900).





My husband and I offered $125,000 with the seller paying all closing costs, seller paying for a one year home warranty, and seller agreed to a few other minor things like having home professionally cleaned and yard raked.





The seller came back with a counter offer and agreed to everything except the price of the home. He wants $129,000...$700 less than the asking price.





Our realtor is telling us that the seller is firm on his price and not much for negotiating. We do, however, have the VA loan which could help us out. If we accept for $129,000 but the home is appraised at a lower amount, he wouldn't be able to sell it to us for over the appraised amount (or to anyone else trying to use a VA loan over the next 6 months). So we could end up paying $129,000 if the house is appraised at $129,000 or more, or less than that if its appraised for less.





So, would you accept the counter offer he made or try to make another counter offer?





We really want the house



If you think it is worth 129,000, then you should offer that.


I am surprised he won't take lower offer as it is a bad time to sell. Maybe he is bluffing, if he knows you love the house. In that case wait a week or 2 and he will see no other buyer. That is advantage to you.




If you really want the house , and the seller said his offer is firm.. then Pay the 129!





why would you lose the deal over $4,000 ? Over a 30 year term mortgage that is NOTHING.





Besides, you already said that the house was previously 134,900. You are ALREADY getting a DEAL, PLUS they are paying the closing costs and having one year warranty AND EVEN CLEANING IT ??? How greedy can you get?




you need to understand that he didn't "just" come down 700. The closing costs, repairs and professional cleaning cost money also.





Plus he has already lowered the price from 134,900. I have no idea if this is a good deal or not. At 129,900 (or even 134,900) if could be a great deal.





If you want the house, it seems fair to me.




I would take the offer with the contract contingent upon appraisal being at or below sell price. The seller has really been generous in their counter and I think it's worth it. This contingency should clear up your conscience.





Good Luck!




yogi is right but you can counter again at $127,000 if you wish




Sounds like you offered 125 because you think that's what it will appraise for. Well, in that case you should offer much less if it's worth 125, don't offer 125. Remember, you only need to buy one home, and there are thousands for sale near Ft Bragg, always be willing to walk away and always know the makret so you know when you have a good deal.





It sounds like you offered less and asked him for more stuff but didn't offer him anything special. If you have an approved loan and only need an appraisal and an inspection, simply offer to close the home before the next mortagage for the seller is due. Further, consider having the home inspected very fast and have a short period to back out, like 5 days. In order for this to work offer a small deposit. Smallest deposit you can like $500 and be sure this is the home you want!





BTW have you considered using the NAVY FCU to mortgage the loan (you can be a member because you qualify for VA loan)? They have real good loans that are no down and low interest and you'll cut out the VA and some of their stifling rules.




The realtor's job is to get you to pay the most he thinks you might pay. He may be telling you the truth, that the seller may be willing to wait till hell freezes rather than go down to your price.





Your proposal should likely be to pay the va appraisal with the building as is, because that is what va appraisal is based on.


If you want more, like a warranty, expect to pay that cost.





Do not add costs that will always end up being on your mortgage unless those costs are needed for building stability.


For instance if the building needs a new roof, get that added to the mortgage, but not professional cleaning that you can do. If there is a need to have the furnace repaired now, yes get it done and on mortgage. But if it will last 5 more years, you may be wise to avoid the expenditure now.




Your comments make it sound as if you think the seller only came off his price by $700, but the seller is also paying your closing costs- and that is several thousand. To the seller that is exactly the same as a reduction in price.





The judgment as to if $129,900 is a market value should be based on comparing this house to recent similar sales. Your agent should be able to help you there- if you have looked at a number of houses you have probably compared them in your on mind and found this house a good deal.