I’d like someone with real estate experience to answer this.
We are looking at buying a house and have found one that we really really like. They are asking $ 369,000 for it, it’s a little over 70 years old and needs foundation and fireplace repairs that cost $ 70,000 (we had an inspector take a look.) In our state, not sure about others, if there’s something that needs to be repaired structurally than either the owners pay for it or it comes out of the asking price. So we made the offer we made and said that this is what we offer and this includes taking out the $ 70,000 in repairs. They said no. Now if we paid the full asking price and they took the repair cost out of the offer than they’d be getting $ 299,000 for. So we’re actually offering more than what they’d get anyway. The house has been on the market for almost a year, but hasn’t been lived in for longer than that. Why wouldn’t an owner sell a house when there’s an offer that’s more than what they’d get if it was sold at asking price? We have excellent credit and have lived in that neighborhood for almost 40 years. The realtor is trying to get them to realize this is a good offer.
The price of the house has actually gone down four times since it’s been on the market and we had their realtor’s suggestion of an inspector and our own and they both came up with the same costs. It’s also listed as a 3 bedroom, but in reality it’s only a 1 bedroom since the other 2 rooms don’t have a closet.
Also..the owner’s live out of state and haven’t been in the house in 5 years.