Dealing with a Tough Seller

[John Frank]

I have been looking in my local college town for a college rental.  I found one that the numbers worked out giving me a good return.  I have currently put an offer in on the property providing calculations, property estimates, etc. explaining my offer.  We had given them 10 days to review and respond to the offer and today is the last day before that offer expires.  The realtor that I use for most of my transactions (and is a friend of the family) is the one selling the property for the current owners.  He has spoken to them a couple times but has not gotten any form of counter offer.  Not sure how to proceed from this point forward.  I am not really ready to give up on the property but I don't want to go back to them with a higher offer after not receiving any kind of counter.   

[Jon Holdman]

I'd  be difficult, too, if you offered me 70% of asking.  That offer may work for you.  But its far below their asking, so far below what they're expecting.  They're likely to not respond at all to your offer.  That's just the way it is when you make low ball offers.  Make a bunch more on other properties and see what happens.  Who knows.  Perhaps down the road they will come to the conclusion your offer is more realistic than their asking price and will get back in touch with you.  Sounds like your broker is well aware their asking is too high, but knows they won't come off of it.  Move on.