Reply to Overpriced house - lowball offer or wait?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We submitted a fair value bid, $100k below list price and did not receive a counter offer. The house sat and sat with no other offers.
6 weeks later we submitted a bid a little bit more than last time and started discussions. Went under contract, and then the appraisal came in, exactly at our original offer price. 
Got in discussions again and ended quite close to our original offer.

Nothing to lose, just keep in touch with the sellers. Try to keep the agent noise to a minimum. [b]Boy, did they make up caricatures of the sellers and us! [/b]Start a dialog, hopefully they are reasonable and someone you want to do business with. Their expectations may be off because of their agent too, s/he may have oversold the price to them in order to get the business.[/quote]

Not OP but wondering what you mean by the part about caricatures?[/quote]

The agents made up and told us how "difficult" and "stubborn" the sellers were, as well as some sob story about their finances. As a reason they just could not come down in price.  Totally off, we spoke directly with the sellers, the agents caved on their commission rates to get the deal done, and the couple went on to build a big new costly house in Virginia.

Never underestimate how the realtor's self interest in getting the deal closed and her commission will taint your buying or selling experience!  Even our neighbor, should not be selling right now, in this environment his large house, buyers aren't our there now. Instead his agent who promised the moon and the stars has convinced him to look desperate. 
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