After a long time saving and preparing, we made our first offer on our very first home this week. While we thought we would be giddy and excited like the couples we see on HGTV, the experience has been quite the opposite. After tearing through mountains of paperwork we decided to offer the seller 97% of the asking price and asked for 3% for closing costs. In this buyer's market, it was more than fair. We gave him 48 hours to respond.
Day 1: Spent the whole day staring at the clock, refreshing our e-mail inboxes and checking our phones for missed calls. Our wonderful REALTOR e-mailed us a couple of times today just to keep us posted. Unfortunately, there was no news to report. Went to bed pissed off that night.
Day 2: Woke up even more pissed and full of anxiety. We spent the whole morning again trying to coerce our phones into ringing through Jedi mind tricks. Finally just before deadline, our REALTOR forwards us an e-mail from the seller's agent saying they would like to chat about some concerns with our offer. In Texas, it is certainly acceptable for them to just flat out reject our offer or simply ignore it, so this was good in that it meant they were willing to negotiate. A few more hours pass and then we hear back. We learn that they have received other offers during the 80 days its been listed and are demanding full listing price with no seller concessions; take it or leave it, even amidst this housing crisis!
The key insights learned from this exchange:
A) The seller is either Scott Boras or the Spawn of Satan (wait, that's redundant).
B) He's not in a hurry to sell. What are first-time home buyers to do with someone who wants to play hardball?
Not wanting to give in just yet, we try to continue negotiations by offering full listing price, but also asking for 3% from Lucifer for closing. He'll probably come back demanding Fayte's soul.
Day 3: El Diablo's agent has resorted to giving our REALTOR the cold shoulder. She won't return any calls about our counter offer and won't reply to e-mails. Guess we shouldn't have sprinkled holy water on to the offer sheet. We've started looking at other home listings on the Web, though we've got our hearts set on the one at hand. Ironically, paying full price AND closing would fall under budget, but the lack of etiquette the seller and his agent have shown us has really turned us off, especially Desiree. We LOVE the home and we know that we should keep emotions out of the negotiations, but let's face it; buying and selling a home is an emotionally-charged process. There's got to be some compromise on both sides. Where's
Henry "The Great Compromiser" Clay when you need him?