Friday, July 30, 2004

My counter-offer to their counter-offer to my counter-offer to their offer (Got that?)

7/29/04 3:30 PM

No word from the 10 AM investor, so I’m replying to the original buyer’s counter offer. I wanted to go for 1.25% with an 8/13 close of escrow, but my agent thinks that might not be enough time. If we’ve got good title agents and everything goes smoothly, it could work, but I figure why chance it. Oh, if the buyer was selling a house, their offer should have stated it – if only to give them an out if their sale falls through. So I counter back with 1.25% and a close of escrow on 8/31. The extra 0.5% will cost them $710, but it will almost cover the extra mortgage payment I will need to make. If they can’t pay this, I’m hoping their agent will kick in the extra 0.5% from his commission. Better to lose $710 and still get $3,550 than lose $4,260 altogether. I’m thinking the agent might do this because, when I sold my personal residence last year, in the closing paperwork, I noticed this done. So the counter offer was sent to them and they have until 5 PM tomorrow to respond. I have to say I’m a bit anxious. I’d hate to lose this deal over $710.

So why didn't I just accept their counter? I'm not sure. I think what is boils down to is getting more negotiating experience. If they reject it, I'm betting they will still buy the place if I back down and give them the 1.75% they asked for. Plus, I figure once the inspection period starts, they're going to find more things they want fixed. At that point, I'm likely to be tired of fixing stuff and will just offer them some cash to get it fixed themselves. This gives me a bit more of a cushion.

Now it's waiting time...

No comments:

© 2006 Shaun | Site Feed | Back to top