Re: Lowball Offer on House
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You seem really set on getting this house. If that's the case he's pretty much got you by the balls. I don't know your situation, or why you're so interested in this particular house, but I will say that getting this attached to a house you haven't purchased yet is a bad idea. You need to look at it more as if this guy doesn't want to take your offer, fine, let his house stay on the market another year. Sellers often get this idea in their head about what their house is "worth". The problem is that even though his house is "worth" that much in his mind, in reality if it was "worth" that much it would have sold. The market is obviously telling him (and you) that the house isn't worth what he is asking for.
I don't know about your specific location, but with so many houses on the market right now you shouldn't have trouble finding a reasonably priced house. Stay within the allotted amount you had in mind for purchasing a house. The extra 20K you spend today could end up being a good chunk of change on a 30 year mortgage.
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I think compared to someone that does real estate investment, yes, I am more committed because
1) this is going to be my primary residence
2) if I don't get this place I will have to get an apartment instead, which I'm not that excited about
I am still going to do my darnedest to get the best of it though.
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