We have an offer
I had this very lengthy thing prepared as a way to vent my frustrations. I decided to hold off on posting it - I didn't want to jinx myself with the negative vibes. Well maybe it worked - we got an offer. At first glance it seems low and somewhat insulting. After running the numbers its not all that bad.
They offered $20k less than list price, they want $5k towards closing, they want a home warranty and want me to pay for what I consider to be bogus inspections. By time I pay realtors commission and factor in the rent I recieved, we will be losing $30k. When I put it like that, I guess it seems like a no-brainer. The buyers should know what we paid for the house, but should have no knowledge of rent - so in their minds, they should be thinking we are losing $65k.
I am the most insulted by the closing costs and home warranty. These are items that I have always thought should be the buyer's responsibility. I have never expected the seller to help me with my finances and help me with cosing costs. I think you should have to pay your own way through life and not have to mooch off of someone else. Yes, I am sure buyers expecting closing costs is the norm, but it is still mooching. I just find it very insulting. Same goes for home warranty. Sure it only costs $500-$600, big whoop. It's just the principle. If you are so worried something is going to break and you need the security blanket of a warranty to help you sleep at night - then YOU pay for it, don't expect the seller to. I may as well wrap the house in bubble wrap so they don't stub their precious little toes. OK my ranting is done. My holding back of the negative vibes may have helped me get an offer, now the negativity kicks in to help destroy the offer I did get.
More info - this house has been for sale for 6 weeks. In this time, we have already had 14 showings - 4 of those showings were people who viewed twice, and were "seriously interested" and their realtors told our realtor to expect an offer. The other 2 have been dragging their feet, 1 bought another house and this is the first one to actually have the balls to make an offer. From what I understand, our house price was never what held the others back from offering.
Buyer 1 had been looking for 2 years for "the right house", and this one was finally "IT", but they had a 4-wheel ATV that is not allowed under our covenants. Why you would choose an ATV over the elusive house is a mystery to me.
Buyer 2 was $20k shy of qualifying for their loan ($20k shy of the full list price). I don't know why they never offered less - it suggests to me they knew the house was priced fairly and knew we were not going to take a lowball offer. They claimed they were going to try to get a bigger loan, but havent heard back.
Buyer 3 was an older couple who seemed to be unaware a 1 acre yard takes some time to maintain. They purchased another house with a 1/2 acre yard 30 miles away in another city and state.
I believe the other 3 would have bought if their own circumstances were different - it had nothing to do with our price. We seem to have no shortage of interested parties. 14 showings in only 6 weeks suggests to me that this house is hot - that there may still be a better offer out there. I have also heard the first offer is usually the best. I don't want to lose this sale because of my greed - but I also don't want to cheat myself of a better offer if it is still out there. We told our realtor to call the other 2 parties and tell them if they really want the house to hurry up and do something about it. I am really hoping to get ourselves into a multiple offer scenario.
The people who made the current offer have already stated that if we say "no" they have another house they will put a contract on. I suspect they are bluffing, I suspect they really really want our house, but will settle for another. If it were me, I would easily pay extra to get the house I really really wanted versus just settling for something else. I know thats all part of the game, but I also found that insulting to submit a offer such as this and then immediately make the threat that you will walk if told "no". As if you can't tell........I don't respond very well to threats.
Any thoughts/suggestions appreciated.