Hello to all the BP people,
I am trying to land an OOS (out of state) deal but need a little input from y'all. Here's the scenario:
I made an offer for $350k to buy an awesome triplex listed at $400k. The seller's counteroffer was $390k and requested 2X earnest money than in my opening offer. The triplex has been on the market for 90+ days, has had very few showings in that time, has already seen a $10k price reduction a month or so ago, and it's fully rented out in a downtown area. To me, it seems like a good deal (without the inspection/appraisal results). I can't seem to get a sense on if the seller is really motivated or if he or she is just fishing for a higher price. Oh, by the way, the county has assessed the property at $366k (2017). I don't think it's smart to accept a counteroffer and bank on the inspection and appraisal reports to come in and allow for a rescinding opportunity.
The investment performance numbers don't work for me at above $360k and know that that is my rock-bottom number.
Any tips on how to negotiate/counteroffer on the first seller's counter (this is my first OOS offer)? I might present my rock-bottom price and if no deal is made, then that's that...maybe try to come back in a couple weeks (zero showings and 90+ DOM). There are always other awesome deals out there to pursue, right? :)
Hey congrats. A counteroffer means your offer didn't fully scare them away.
I like buffers, so if your offer is already within $10k of your "must not exceed." I think the ball is in their court. Sweat them out. If they find a better offer soon they will take it, but if your diligence thus far is right, they might not get anything and come back to you. You can always sleep on this for a few weeks too and bump up your offer, and then you'll be at your walk-away price.
Good luck, let us know what happens.