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low ball offer was countered

Northeast, USA

We sold our house mid summer at the peak and currently squatting at my in-laws waiting patiently to strike to buy our next.

House we really like is listed 830k after being reduced from 870k 2 weeks ago. We offered 795k + 10k credit for closing costs w/ 20% down. They came back with counter of 820k & no credit.... We are holding firm & so are they. We are not willing to go any higher as we firmly believe our offer is fair and that the home was listed significantly overpriced to begin with.

Many comps in the immediate area in mid-high 700s including new construction comps. This house is everything we imagined, but does needs some updating. The neighborhood is what drew us in. Buyer is elderly + recently widowed & her son is doing the negotiating on their behalf who does not live in the area. It's been on market 3 months. During our tour, the seller's agent was very open about seller being highly motivated. Wife wrote the seller a letter already. Seller already made over 350k in equity since home was purchased 10 years ago, but again - son is the one running point.

Any advice while we wait patiently as market continues to cool? Completely ok with losing the house and moving on, but imo chances of that are low which is frustrating because now we are in holding pattern.

P.S. a house 2 doors down from them (built same year (late 90s) + same sq. ft) was just foreclosed and listed @ 575k for a short sale

submitted by /u/Illustrious-Brain-39
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source https://www.reddit.com/r/RealEstate/comments/yxqq6m/low_ball_offer_was_countered/
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