Wednesday, November 17, 2010
Making an offer
The land had been for sale for over a year, so we were ready for a little negotiation.
We offered them about 85% of their current price expecting them to counter. They did with an offer of about 97%. We knew this meant they didn't have a lot of room to work, so we countered with about 90%. They again countered with about 96%. We finally made our best offer, just under 95%, but they declined. However, before our Realtor could contact us, to let us know they had declined, they called back and made one last ditch effort to make it work - an offer of just over 95%. Being only a couple hundred dollars different from our last offer, we accepted and signed the the papers.
We ended up getting the land for about 91% of the original listing value (they had dropped the listing price a couple of times), so we felt like we got a good deal. We agreed to a September 30 closing date and then handed things over to the title company and our construction loan officer, who set us up with a land loan until we could get a construction loan going.