Counter Offer on already low-priced home

newhome09June 29, 2009

We just listed our house for sale at the end of last week. We listed it very aggressively for our market because we didn't want to wait forever to sell and have already had an offer. The problem now is that we don't have a lot of room to negotiate because we priced it so low. We're about $10K apart from our buyers + appliances. We're listed at $165K and they offered $158,900 - $3800 closing - $400 warranty - all appliances (refrig, 2 stoves, bar fridge, washer, dryer and water softener). . I really don't want to offend them but the lowest we're willing to go is $163K + appliances. We just already had it priced to sell. What should I counter to let them know I'm serious about working with them, but they need to come up. Some counters we've thought of are $165K + some appliances or $165K + warranty so we would still have room to move more. Any suggestions? What would send the best message to you?

Thank you for reporting this comment. Undo
xamsx

$163K + appliances + $400 warranty would be my counter IF you are priced as aggressively as you claimed.

Best wishes :-)

    Bookmark   June 29, 2009 at 9:43PM
Thank you for reporting this comment. Undo
newhome09

I really feel we've prices aggressively. $163K is the Tax Assessment for our home and most homes around us are selling for at least $10K over assessment. Our house is even in better condition with extra amenities. There isn't a single other house like ours on the market anymore. We've actually been told we priced too low :o) but we didn't want to hassle with this sort of thing :oP

    Bookmark   June 29, 2009 at 9:52PM
Thank you for reporting this comment. Undo
cordovamom

I agree 163K pluS appliances and warranty. Final offer. Let them know that's the bottom line.

    Bookmark   June 29, 2009 at 10:18PM
Thank you for reporting this comment. Undo
ncrealestateguy

Offer your lowest, and submit 3 comps to prove to the Buyers that your home is already priced well. That way they have no decent reason to make another counter.
Good Luck.

    Bookmark   June 30, 2009 at 7:46AM
Thank you for reporting this comment. Undo
graywings123

What would send the best message to you?

To me, the words "best and final" included on your counter offer.

    Bookmark   June 30, 2009 at 8:55AM
Thank you for reporting this comment. Undo
chrisk327

yah if it were me, I'd end it right here, submitt a counter that you are happy with, where you want it to end up and include best and final.

were you planning on selling the appliances with the house? My area it is customary to include "all appliances" whatever that means, but normally, major kitchen appliances and the W/D.

Also providing comps can help, from your RE agent.

    Bookmark   June 30, 2009 at 10:15AM
Thank you for reporting this comment. Undo
calliope

Sorta like how you decide to play a poker hand, isn't it? IOW, trying to get a grasp on what is going through their minds would help. When I sold my last home, just as the housing market started imploding, I had to figure out who my typical target buyer would be. Considering the size of the house, location, number of beds/baths, I expected a new divorce', young working couple with no kids, single person would be the most logical 'looker'.

What they would have in common to even get credit would be a steady work record, and they would be less likely to have accumulated appliances, since they would most likely either be leaving them behind, or using one already present in a rental or at a parent's home. Many potential buyers in that demographic can easily swing a slightly higher mortgage payment, but don't have a lot of cash up front.

So, I zeroed in on turn-key ready, all appliances remain (even the phones on the wall and the microwave), no price reduction, but a generous amount toward closing. Most new buyers don't expect to remain in a home until pay-off, so they're not hung up on a few extra dollars a month on their mortgage payments. Relieving them of the need to cough up a big chunk of change for closing is what sold my house, I am sure.

    Bookmark   July 1, 2009 at 2:32PM
Thank you for reporting this comment. Undo
dreamgarden

cordovamom-"I agree 163K pluS appliances and warranty. Final offer."

ncrealestate guy-"Offer your lowest, and submit 3 comps to prove to the Buyers that your home is already priced well."

I agree with the following. It isn't the buyer's fault that you priced the house so aggressively. If it were me, I'd probably offer even less knowing there are lots of other houses out there.

Only thing I'd add is NOT to take the house off the market while you are in negotiations. Someone else might be willing to pay your asking price. Especially if the house is as good as you say it is and the comps support this.

    Bookmark   July 1, 2009 at 5:28PM
Thank you for reporting this comment. Undo
chrisk327

Not sure what you mean by buyers fault? ultimately the house should go for FMV. assuming FMV is around 165K whether the starting price is $190K, or $150K the house should end up at $165K.

in my area, I know of a few of houses that aren't forclosures that sold for above asking. They underpriced on purpose and for multiple full and over offers.

    Bookmark   July 1, 2009 at 6:08PM
Sign Up to comment
More Discussions
Move or not?
Went to an open house the other day. The house was...
zeitgast
Sell Home, Go to Court Or What?
This may be the first time I have posted asking for...
ncrealestateguy
something to check when buying a home (pets/carpet)
something i wish i'd checked out before purchasing...
kiki_redo
Help, quick! VA Loan Problems?
My friend is selling her home. She's received two...
jewelisfabulous
Emotional rollercoaster of home selling
Lately, this process of having my condo up for sale...
Acco
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™