Sometimes you have to force the hand…in the immortal words of my favorite country singing barbecue chicken wings-and-casino impresario: (sings) “You got to know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run…”
It is a big game and sellers have no allegiance to anything/one but their bottom line. It’s a difficult call but unless you and your SO are emotionally attached to this property, and/or a bidding war is imminent, it’s likely that the seller will walk. But the others have made some strong arguments, and your agent should have comps in hand for you.
It’s a strange time for RE, esp. in L.A. My wife and I are researching a move, but may actually wait until the end of the calendar year as the declining economy, election, holiday sales slumps that typically drive the market to drop around that time may present some opportunities. IMO right now the ‘hold outs’ are still tryingvto eek out that last bit of value…now if you own already, that may change the deal slightly, as your equity may also decrease if you wait.
I’d suggest to keep looking and try and keep an ‘open’ perspective as deals are popping up more and more every day. It may also be just enough ‘artillery’ for you if you find something equally attractive that’s a closely matched comparable.
Playing devil’s advocate, have you calculated the difference in mortgage payment that purchasing at his price would cause?
How good are you at poker?...haha
Good luck my friend ;)