Would love some advice on politely offering a purchase price much lower than asking price. My fiancée and I are looking to seller finance our first home. The neighborhood that we have chosen is on the up and up (in Charleston, SC). We have located a great house to rehab with an owner willing to seller finance for the right terms. However, her father built the home and she is very sentimentally attached to the property - causing her to have unrealistic expectations of the property’s value ($200k above comps!). I told her I would email her this week with thoughts on the home. Should I just simply tell her I’m not interested anymore? Or should I send a comp list with a reasonable offer?
Had a similar situation for a property in alabama. You can't make them budge and 3 years later you will see the home for sale at the same price.
just move on and don't waste another second. I wouldn't even reply back that you're not interested, no need to ruin her day with a lost sale.
Show her a range of comps when you talk to her and ask her if she has comps as well to show the price. You could also ask her to get a realtor in just to give her an estimate on what the place would sell for.
I'd probably move on. Typically, what I see, is seller financing is offered because they know they are too expensive and it won't appraise. I suspect she is aware of that.
Your idea of offering with good sold comps is a very logical way to approach this but you're dealing with an illogical market which favors sellers. Go for it because it's great practice for you, but be prepared for frustration and be ready to move on to something else. Patience will be repaid, I believe. Good luck!!
Make your offer, include the comps. They'll say no, but they may counter. Now, whatever they counter with will show you what and why they have set their price high. Ask them to show you comps. That alone, if they can't find and comps to prove their AP, might help you get a lower price.
On the other hand, they may be right, and you...not so much. Keep in mind, this is their house. There isn't a right/wrong Asking Price. There are just AP's where at least one buyer (they only need one) agrees, or nobody agrees.
I would reply and send comps. If she still won't budge, then let her know that unfortunately you're moving on. Once the home doesn't sell, she may reach out to you in a month or two and be more reasonable.
@Jamie Morehead Don't waste your time. The quality of her home justifies the value she has set vs comps. Or she decided on a way of reaping future appreciation while selling by exchanging (charging you) for supplying owner finance. No way of knowing the thought process, but it is crazy so just walk. No real motivation to sell, just daydreams.