Our third offer was for the most beautiful pastoral 2 acres with a stream running through and bridge over it, and a house with a walk-out unfinished basement that was in okay shape, but could have been worse—in its current state it was pretty much beyond our means to make an immediate overhaul. We figured it was just livable enough (the house itself was extremely ugly and had not been updated for a good 30 or more years) and we could do improvements over a 15 or 20 year period. This time I measured the house, drew existing floor plans and had a renovation concept in place when we made our offer.
As our offer went in, our agent learned that another offer had been pending for about 8 months – contingent on the sale of the other buyer’s home. It seemed like the economy was on our side this time since home sales outright sucked. But our low ball offers at 74% of the asking price and at 83% were COMPLETELY IGNORED by the seller. The listing agent basically told us the seller was choosing not to respond.
Stick that in our pipe and smoke it.
Unfortunately, our budget didn’t allow an offer any closer to the asking price, so we had to hang our heads and walk away.