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Updated almost 11 years ago,

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Sylvia B.
  • Rental Property Investor
  • Douglas County, MO
1,419
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1,344
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Negotiating a purchase - stick to our guns?

Sylvia B.
  • Rental Property Investor
  • Douglas County, MO
Posted

We're looking at purchasing a SF home for rental. We found one that is practically turnkey - it could be ready to rent in 2-3 weeks at most. We estimate $500-1000 for improvements/repairs because it needs very little work, so we are budgeting $5k above the purchase price to give us a little wiggle room. We'd like to be in it for no more than $75k when all is done. The list price is $82,500, and they've been trying to sell it for over 6 months, first on their own and now through a realtor.

Here is how the negotiating has gone so far:

Verbal offer 65k ~ verbal counter 75k+ we pay all closing costs

Written offer 70k ~ written counter 75k + we pay all closing costs + they keep the electric fireplace.

That was a bit annoying, so we didn't answer right away. Today our agent came to ask us about it because she said they've been calling her every day and want to know if we have a decision. We told her we were rejecting their counter and why. She asked if we'd consider $72,500 if they came back with that and we told her maybe.

So a little while ago she called with a verbal counter of $73,500, we pay closing & we keep the fireplace. We told her there is another house we want to see first, and then we might consider that deal.

So here's my question. Are we quibbling, or should we stick to our guns?

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