Renewed Offer & Negotiating a Deal
Hello! About 2 weeks ago, my partner and I recently made an offer of $325k (an offer which was over $200k below asking) on a duplex near a University. We ran some comps in the area and came to the conclusion that the house was WAY over priced. My local realtor agreed. In fact, no other duplexes in the area have sold for anywhere aroud this asking price ($600k). After a few days, the offer was rejected with no counter. According to my realtor, the seller's agent is difficult to work with and does not have the best reputation in the community. The house has been on the market for over 80 days with no other offers.
I'd like to make another offer with the hopes that the sellers will reconsider. I did some research and found out that there are 3 owners, with one deceased. I was thinking about making a renewed offer at the end of the month. I do not expect the house to go into contract before then given its extremely inflated price. Do you suggest I increase my offer? My maximum allowable offer is $380k, but I was hoping to land around $350k. I've heard of situations were the buyer will offer the same or even less for the second offer given the lack of interest in the property. What are your thoughts on this? This property has amazing cash flow and already has tenants lined up for next year. I think buyers/investors are just spooked by the listing price.
Any and all advice is appreciated. Thanks in advance!