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First time home buyer - made an offer and looking for suggestions

Yesterday we made an all cash offer on a home that needs a full remodel, has been on the market for 40 days and has not lowered the price. We offered 18% off asking, with 3% deposit, 17 inspection contingencies close in 21 days.

The seller realtor first called and said her client is offended and won’t make any counter and gave comps from 6 months ago. Then 12 hours later our realtor called us and told us she spoke to seller realtor and they “agreed” on a price that the seller would accept and we can make another offer. I told her we don’t counter against ourselves and to let them know seller can counter. We certainly aren’t going to submit a new offer before the deadline of the original offer.

Despite feeling our realtor isn’t working in our best interest, any suggestions? How much should we go up? We have been watching the market for some time and only move in ready homes seem to be selling in our area. Even those seem to stay on the market for some time. We are in a desirable area in the Bay Area.

If this sale falls through, any general idea of what percentage the offer should be decreased after 30 days on the market? Also what percentage is far of it is in all cash offer. Thanks in advance.

submitted by /u/Chloespiggy
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source https://www.reddit.com/r/RealEstate/comments/y9l4nd/first_time_home_buyer_made_an_offer_and_looking/
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