What to do after your offer is rejected?

Your offer has been rejected on the Metro Detroit real estate that you wanted.

The listing was over priced and you knew it, but you wanted to see if they would come down to where it should be.  Well they barely moved off the list price with their counter offer.  Here is an email exchange with one of my clients on an actual Northville home after that happened.

From me the agent to the buyer:

Unfortunately we are worlds apart with the listing  agent and the
seller. The selling agent is only using comparables from the sub, and
not all of Northville real estate.  She is using homes that are much larger and different style (ranches). Plus she is going back into October.   Many banks are only using the last three months because Detroit is a “declining market. The seller and the agent think it is a perfect house. They don’t think the windows need replacing, and that the broken concrete in the garage floor is that not that “bad”.  When you have a realtor that is not ”with the real world” it is hard to get the deal done. Somebody may  pay more for the house, but You and I know better.  All homes sell eventually.

Response from the buyer:

I agree. Diverging expectations won’t yield any
concrete results. I am looking for a win-win situation
after all.

Any suggestions at this point?

My response to the buyer:

Let’s keep looking.  I will send you another list of Michigan Homes for sale.   Also think about some of the ones that need work but are cheap.  Think of the homes that have some of the major items update i.e.:

  • kitchens
  • roofs
  • bathrooms
  • windows
  • furnace
  • air conditioning, water heatersThink about the Metro Detroit Homes we have already gone through too.  Which are
    close to the $100 a square ft range, have some updates, and need cosmetic updates.  Many people turn down a house because of how it looks.  The gem in Metro Detroit real estate is the “ugly” house that has updates.  Remember no house will be perfect and you very seldom get a house that has everything you and your wife want.  But if you get a home cheap you can make it your own.This is just an example  Compare Winchester to Knightsford.  Both need windows and updating but there is a $60,000 difference in base price before negotiating.  Could you make Rayburn or any house “your own” for $60,000.  Over the years and over time you can put money into the house.  Which then would be the better buy?  I think the one that you got $60,000 cheaper and that became you and your families style and
    true home.

    Like I said many people pass up the diamond in the rough because of looks.  Ask your wife what other homes she liked somewhat.  Prioritize them. 1st choice, 2nd choice, 3rd choice.  And list some of their updates.

This is how you get a deal on a home in Plymouth, Northville, orNovi.  Russ Ravary

Here is my quote of the day:

Take calculated risks.

That is quite different from being rash.

George S. Patton

 

Posted in Blog, Buyer Tips, First time home buyers

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