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1st time homebuilt. Just made a 1st offer on first house. Issues already apparent with home value/ seller position. Advice?

EDIT: Title supposed to say "1st time homebuyer"

So my fiancee and I have been looking for a house a while now. We found one that we really loved in a great neighborhood. We didn't plan it like this but we found that the house is actually the neighbor of a really awesome couple we know, that we are friends with.

Problem is the price. Its 320k with our main goal being 300k with a 310k cut off. We always knew it would require negotiations. Bigger problem, the comps say it should realistically fall closer to like 290k - 305k. Our realtor says the 320k is the very highest they could have priced it off of 12 month old comps (7 month comps are lower). Due to our love for the home we are willing to buy it a little more than the comps but our realtor warned us that the home will be appraised. If appraised more in line with the comps, it could create issues with the financing creating a divide that would have to be paid upfront by the seller/ buyer. We are paying a lot right now with down payment + closing costs. That would suck. Also we could walk away if that happened but if we already paid inspection/ appraisal, we aren't getting that back.

He says there is a good chance we could negotiate them down to at least 310k but he doesn't think they are going budge much beyond that. He says they have a bottom line and it seems they are in a bad position. They have only owned the home for not even 2 years and bought it at 290k. They prob have not established much equity and they will need this deal to pay for their closing costs or they will actually lose money on the sale. They may not have much wiggle room.

More stats. The home has been on market 16 days now. 2 days ago my realtor said there were no other offers. There are quite homes for sale in that neighborhood. They have been on market ranging from a month to a year. There are also a lot of homes for sale in the area. We ended up putting in a offer for 298,900 and our realtor included our comp data. We are open to negotiations.

But we are probably are 30 hours into the 48 hr window, that our realtor said they had room to respond. No response yet I was hoping for at least a counter offer. Shows they are interested and willing to negotiate. Im preparing myself for the worst response and that is silence/ total disinterest due to the offer being too low in their eyes. Not sure what the next step on that one is . I also don't know how motivated they are to sell. I do know they are military due to uniforms in their closet during a home tour (didnt mean to be nosy).

Long story short: Sellers have our current dream property. But they are in a shitty situation. Their possible unwillingness to budge may transfer some of that shitty situation on to the buyer.

submitted by /u/Cheko2015
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/i0cu66/1st_time_homebuilt_just_made_a_1st_offer_on_first/
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