Looking to buy a house in what is very quickly becoming a buyer’s market.
The house I’m interested in is being sold by heirs to an estate and they don’t seem to be in a hurry to move the place.
They also don’t want to do any repairs so the home is sold “as-is” and I’m aware of the structural issue present and believe I can afford the bracing.
The house was listed at 150, given the condition and the fact it had been sitting for three weeks, I figured a low ball wouldn’t hurt so I offered 95.
Realistically the place can’t be worth more than 110 in its current condition and the current market conditions (three years ago it would’ve been worth 85-90).
The sellers came back and said they don’t want to go lower than 120, then the next day they reduced the listing price to 120.
So I came back and gave my best offer at 109,000 and they said they want to wait another week before responding.
I’m kinda dumbfounded and I’m thinking of strategies to push the sellers to simply accept the offer. I think they’re willing to accept my offer but given the fact I’ve raised my offers, they think I’ll raise again. I also don’t foresee them getting any better offers than mine especially with the list price.
What are some good strategies to push the seller to at least come to the negotiation table?
I was considering playing a bit hard and telling them after Monday my offer would be reduced to 103. Thoughts on this approach?