Baltimoremick.com

Late last night, I received word from my real estate agent that the owner of the house I made an offer came back with a counter-offer. The offer I made on Sunday afternoon was for $7,000 less than the asking price, with a request for $3,000 in closing assistance. Overall, the owner is down $10,000 from the original price of $219,500. Looking at the house and the surrounding neighborhood, I think this is a pretty fair deal.

The counter-offer was for $217,500, with some stipulations that we close on the house by the end of this month. They agreed to the items I pointed out that needed repair as well. Nonetheless, if we look at this new price and the agreed closing assistance, the home actually really sells for $214,500. They also made the offer that if we wanted to go to the original price, they would increase closing assistance to $5,000. At the end of the day, the house sells for $214,500. The house was originally listed at $239,900 in early January.

My agent recommended that we go as high as $216,000, but I am not changing the original offer. For one, my offer is a fair one considering the homes that are selling or have sold in the area. Secondly, the house was purchased for $100,000 last year, and I figure the seller put in $40,000 in rehab work. The house does not have a 1/2 bath, and the house does not come with a washer and dryer. In the kitchen, the countertops are standard laminate, and the refrigerator is not nearly as nice as it could be.

I am also sticking to my original offer given these factors. I don’t want to feel pressured, and if they decline my offer I can go shopping elsewhere. I am certain they will decline the offer I made, so if they do I just go back to looking around. At the end of the day, my negotiating position is better–especially in light of the slowing housing market. I have time on my side, and according to the counter-offer, the seller is looking to move along. My offer stands.