Quite, in this case (and in general) there is very little incentive for the agent to hold out for that $10k the OP wants/needs. It might earn the agency an extra $250 commision and the agent themselves a fraction of that. Say they got half, then the $125 wouldn't be worth having compared to the effort involved in marketing the property for x more weeks til the seller gets the result they want. The agent will try and talk you into accepting an offer they know fine well is below your minimum.

It would be a very different story if the agent was selling their own house!!

Just to put the other side of the argument (not the real estate agents - wouldn't ever defend them!)....

The old adage that it's only worth what the market will pay.....

2 years ago, you could have put the house on the market at $400K and you would have had people gazumping each other - bidding up the price of your house.

If you've not had many offers at what you want, it suggests (and this sounds harsh) that either it isn't being marketed properly or you are asking too much.

If you bought 2 years ago, surely you must have made quite a bit - especially in the first year? What did you pay for it?

I agree, but I get the impression that in this case the OP needs the $400 in order to finance their onward purchase. Which of course would open up the option of asking their vendor whether they could go down $5k in the interest of a quick sale.
When I sold our house we were forced to reduce the price the day before we all moved! because our buyers had been shafted by their buyers. Quite why we had to cop the cost I do not know! But we desperately wanted the entire episode to be over with so we caved in in exchange for finally getting some peace of mind!

There's an interesting one going on in my road involving a $1.5million house.
Settlement due this week. Buyers now want to delay until June - meanwhile vendors have a bridging loan!!

It looks likely that the buyers will withdraw.

Ouch, bridging loan! I don't think I'd ever have the guts to do that when it depended on something so out of my control. Takes some confidence to do that - hope it works for them!

You would think they'd be potentially losing at least a $75k deposit??

Interesting one - as the buyers haven't technically pulled out yet, can the vendors call it off and keep the deposit? Could they split the deposit 50/50 if the vendors called it off in response to unreasonable behaviour on the part of the purchasers?
If the sellers had the confidence to do it, I'd recommend them passing on the cost of the bridging loan to the purchasers - if they want to wait until June that's fine, it will cost $xxxx per month for the bridging loan. Otherwise bugger off!
(But I suppose it's not so easy to shift a $1.5m house... ah the burden of being a millionaire! )

If the settlement date is being postponed, by the buyer, then you can charge the buyer on a daily basis,+ costs.

We had similar situation, and recovered over 10k back

$10000!!

Sometimes I can't understand the confidence that all involved in real estate have. Low doc loans, taking on mortgages which are higher than the UK and yet with a lower salary, accepting small deposits, buying with the use of loans whilst awaiting settlement...

Dependant upon what is stipulated in the actual O & A re additional clauses; buyers could be sued for specific performance if they pull out........... or they can be charged penalty interest if they are in default re settlement not occurring following the 3 working days grace period granted?

I thought we were much lower than that.......................

Well according to Bob Druitt, there's loads of activity at this price point....

As for what they'll do - I gather than legal action is in the pipeline...

Sorry Bobcat - I didn't post that but have similar sentiments - you are the one shining light! Your posts on here give me some hope that you'll find redemption (as a charity worker)!!

Beat me to it.

Huh? They accepted a $10k deposit on a $1.5m property???? Alarm bells should be ringing straight away!