Most Recent Experience with a first time home buyer in St Louis Park and Plymouth

August 3, 2011

So I have been dealing with a first time home buyer who has been looking for houses in St Louis Park, MN. We have looked at 30 or so houses and have put in 2 different offers on 2 different houses for sale. The first house was a short sale. The property was listed at $295,000 and we offered $275,000. The listing agent countered our purchase agreement at the full list price. Now I don’t think that an offer of $275,000 is all that unreasonable, do you? It turns out that the particular house we had an offer in on was listed at exactly what the homeowners owed the bank for their mortgage. Anything less and the seller would have to come to the table with money out of their own pocket. Long story short, the house was then turned into a short sale but at that point my client had no interest in going through the strict process the listing agent was requiring to move forward. Onto the next house….

Our second house was listed at $295,000 and was actually in Plymouth, MN. This particular house was properly staged and had recently been updated. After discussing our situation, I figured we could most likely walk away with that house somewhere in the neighborhood of $275,000 and a good offer to start negotiations at was around $270,000. We ended up coming in with an initial offer of $265,000 and asked the seller to pay closing costs. The listing agent came back with a counter offer of $287,000. Okay, the sellers came down a bit but not far enough. It was then that my buyer wanted to come up in his offer to $269,000. Why not offer $270,000 as it looks so much better to the other party. We came in with a counter offer of $270,000. After a day or two of waiting, the Plymouth home seller countered back at $278,000. Alright, now we are making progress. We are just a few thousand dollars off of what I thought we could walk away with this house for and my buyer would be happy. At that point, it is time to add a few miscellaneous items to the addendum including new window cranks, adding some landscaping etc and shoot back an offer at $274,000 with a nice convincing email on how we have already moved up significantly from our original offer and were not able to move any further. Bingo, At this time the seller came back and agreed.