Help---should we take this offer?

bosegirlOctober 24, 2012

We had 10 showings, 3 weeks (just dropped the price 10k yesterday).

We just got an offer tonight. Original price was $169. Then we dropped to $159. Tonight's offer was $147.

Thoughts? Also we're closing regardless on our new house next week.

Thanks.

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JadedBaroness

What are the comps in the area? How badly do you need to sell before closing on your new home? How important is the difference in asking price vs offer to you? What is your realtor advising you to do?

    Bookmark   October 24, 2012 at 10:08PM
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weedyacres

What do the comps show the market value to be? If the offer is close to that, accept it. If the market value is significantly higher, then counter, and have your agent show the other agent the comps to back up your offer.

    Bookmark   October 24, 2012 at 10:09PM
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bosegirl

We just got the offer tonight before bed via email. So we'll talk to him in the morning. The comps are somewhat close (in $ per sq ft). Its hard to compare because we have an addition and an extra bath and some other extras 2c garage vs 1 car, central air.

But its not an unreasonable offer. I'm more ready to let it go and do this deal. Husband still thinking...

????

    Bookmark   October 24, 2012 at 11:12PM
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kirkhall

counter. Always counter. :)

    Bookmark   October 24, 2012 at 11:31PM
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Xclusive

Well it all comes down to what you can afford and how much headache are you willing to deal with:

1. Are you comforatble with paying 2 house notes?
2. Will you have to bring money to closing if you accept the lower offer and will that effect the down payment on your new house?
3. Is the market strong enough in your area that you think other offers will come soon? (Winter is on the way)
4. How badly do you want to move on with your life?

For us the decision was hard but simple at the sample time. We had to bring a check to closing and hated having to write it. We were in the process of building as well and came to the conclusion that the 1st time we had to send out 2 house note payments, we would have wished we would have accepted the previous offer. Funny thing was while under contract we didn't get anymore traffic as far a we know(how was under pending status on MLS so that may have had an effect as well) so it was the right decision for us. So in conclusion, we wrote the check(still painful to think about) and moved on with our lives. We felt what we were losing on the front end we made up on the back end in the amount we paid for our house and taking advantage of the lower intrest as well. Home buying/selling was stressful for us so we were just glad to be done with it. Can't imagine the ill feelings we would have if we were still messing with the previous house. In the end that a question that ONLY YOU can answer.

Here is a link that might be useful: Our Home build/sell blog

    Bookmark   October 24, 2012 at 11:35PM
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chispa

You don't just accept the offer as is ... unless they offered above your asking price!! Counter with a number a bit above what you want your final number to be. As a buyer, our first offer has always been on the aggressive/low side. As a buyer, why would I not try that strategy? When the sellers countered, it would then give us an idea about how motivated they were.

Sometimes you have lots of little counters on each side and sometimes each side makes one big move and the deal is done.

    Bookmark   October 25, 2012 at 12:17AM
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bosegirl

I like the idea of countering and then see. Hopefully our realtor can advise on what to counter with.

We're all set to close on new house and not needing to sell our current house ( we have no mortgage on it). BUT I don't want the headache and stress especially going into winter. Hopefully the counter works. I will update when I know--- thanks!!!

    Bookmark   October 25, 2012 at 12:47AM
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dreamgarden

Counter at 152k.

    Bookmark   October 25, 2012 at 12:48AM
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bosegirl

Hmm. I'd be satisfied with that just to move on. Hope hubby is on board!

    Bookmark   October 25, 2012 at 12:53AM
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ncrealestateguy

In my 11 years of RE, I don't think that I have run into a buyer that has initially offered what they are really willing to pay , even if they say it is. Counter at least once, but don't let them get away.

    Bookmark   October 25, 2012 at 7:56AM
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jonw9

That is pretty much the offer we accepted. The list was 159, their first offer was 147 w/ 4,000 closing, and we countered with 152 and the $4k.

I would at least counter their offer somewhat. Waiting another month (or more) for the next offer will cost you a mortgage payment and more money in the end.

    Bookmark   October 25, 2012 at 8:03AM
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bosegirl

Ok we're countering with 155...

Hope to hear back asap!

    Bookmark   October 25, 2012 at 9:17AM
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kirkhall

Good job.

    Bookmark   October 25, 2012 at 11:19AM
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bosegirl

Ok, buyer countered $150k total.

What do you think?

The way I see it, if we don't take it, we risk going several months and then in January have to pay property taxes on it (which are about $6k).

So take it right? Trying to get hubby at work to see what he thinks....

    Bookmark   October 25, 2012 at 2:34PM
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bosegirl

Ok so we're going to say 152k and go from there...

    Bookmark   October 25, 2012 at 3:10PM
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weedyacres

Good move. Work the bird in the hand....

Aren't your taxes pro-rated?

    Bookmark   October 25, 2012 at 3:54PM
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bosegirl

I would guess so but if we don't sell by then we'll have to pay those taxes in Jan...and see what happens if we get other offers (then pro-rate it?). We don't have a mortgage on our current house so we just pay the full tax bill when we get the bill.

Just trying to take a deep breath now and knocking on wood.

    Bookmark   October 25, 2012 at 3:58PM
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dreamgarden

I will be keeping my fingers crossed and visualizing the buyer thinking:

"awe shucks, they met us at least half way. 152k isn't THAT bad. Lets grab it before someone else does"!

Just to add a bit of urgency, I might ask your realtor to call theirs and tell them there is another offer on the table......... ;)

    Bookmark   October 25, 2012 at 9:18PM
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ncrealestateguy

I would never lie about there being another offer! For one, only low lifes tell outright lies, and second, a lot of buyers will pull out of a deal instead of playing the multiple offer game.
Some of the sleaziest advice i have heard here in a long time.

    Bookmark   October 26, 2012 at 7:26AM
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DLM2000

There's no question that lying about another offer is unethical, but isn't it also illegal? If a buyer acts on that information by increasing a bid or removing contingencies, that would be enough cause for legal action against the sellers agent (and then the sellers themselves)for misrepresenting facts, wouldn't it?

The OP seems to be handling this negotiation quite well without resorting to lies and ultimately that's what will serve her well in the end.

    Bookmark   October 26, 2012 at 7:51AM
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azmom

Do you indeed have another offer?

Keep in mind, lying is the worst way to conduct any business.

We never participated bidding war, the moment we heard about there was another offer, we pulled out of ours.

    Bookmark   October 26, 2012 at 7:56AM
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ncrealestateguy

I am not for certain, but I would think that telling others that there are multiple offers constitutes a "material fact", and would be breaking the regulations.

    Bookmark   October 26, 2012 at 2:51PM
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bosegirl

Geez! I NEVER said we're telling them that. I wouldnt lie about that.

Anyways, they've accepted and we're signing paperwork today. Thank God! Knocking on wood all goes well :-). Just wanted to share!!

    Bookmark   October 26, 2012 at 2:56PM
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kirkhall

Yay! A signed contract is great news! Thanks for sharing!

PS--did you end up doing anything in your kitchen?

    Bookmark   October 26, 2012 at 3:16PM
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dreamgarden

ncrealestateguy-
I would never lie about there being another offer! For one, only low lifes tell outright lies, and second, a lot of buyers will pull out of a deal instead of playing the multiple offer game.
Some of the sleaziest advice i have heard here in a long time.

I can't count how many times this line has been used on me by REALTORS.

But I'm sure your a true boy scout at heart who had NEVER done anything to influence buyers/sellers to do anything unethical......

    Bookmark   October 26, 2012 at 3:28PM
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bosegirl

@kirkhall

Thanks :) No, we didn't do anything yet because we're closing next week (so we're not in it yet). I think we'll re-do the floors before moving in and work on the kitchen slowly WHILE we're living there. I like the idea of extending the counters, putting up a backsplash, adding some color, maybe a beadboard behind the sink (on the bend). Thank you :)

    Bookmark   October 26, 2012 at 4:36PM
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ncrealestateguy

Dreamer... don't try to pin this back on me. It was advice given by you.
And, no, I can not recall me ever coaching my clients to breech a material fact. During negotiations if I have to, I will hide my clients true motivations, I may puff about certain items and circumstances, and every once in a while I may even get a very nasty attitude. But, I can truly say that I have never outright lied. Sorry to disappoint you.
Your advice is also sleazy, not only because you are encouraging one party to lie to the other, but you did it knowing darn well that there is a good chance that the OP would lose the buyer altogether, as you pointed out in your second post.
In my 11 years doing RE, I have been told many times that there are multiple offers. And not one time, no matter how unlikely that the chances of it happening were, have I ever caught another agent lying about it. I had this happen to me 3 weeks ago on a property that had been on the market for two years! Guess what? My buyer got beat out by the other property.

    Bookmark   October 26, 2012 at 5:39PM
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DLM2000

Posted by dreamgarden (My Page) on Thu, Oct 25, 12 at 21:18
I will be keeping my fingers crossed and visualizing the buyer thinking:
"awe shucks, they met us at least half way. 152k isn't THAT bad. Lets grab it before someone else does"!

Just to add a bit of urgency, I might ask your realtor to call theirs and tell them there is another offer on the table......... ;)

dreamgarden you say you would never lie about another offer but that is exactly what you suggested to the OP! There's no delete function here yet so it's there in b&w.

    Bookmark   October 26, 2012 at 7:51PM
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DLM2000

bosegirl sorry for that detour - congratulations on the contract - hoping with you that all the details follow smoothly.

    Bookmark   October 26, 2012 at 7:54PM
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dreamgarden

ncrealestateguy-I think your remarks are sleazy. Keep playing the 'holier than thou' card. It suits 95% of the realtors I've met very well.

dlm2000- YES, I WROTE THAT. Why don't you give yourself a big pat on the back for that smarmy tattle tell response. I'm sure you've never made a single mistake in your ENTIRE LIFE. Right?!

All those who took the time to pay attention to the ORIGINAL POSTER (and not my insensitive remark), Thanks for keeping with the spirit of what this forum was intended to be used for. Helping home buyers/sellers.

    Bookmark   October 26, 2012 at 8:28PM
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dreamgarden

Bosegirl, so sorry for the 'detour'. :)

I'm glad your buyer accepted your offer.

Wishing you smooth saling with the closing.

    Bookmark   October 26, 2012 at 8:30PM
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kirkhall

Oh! I was under the impression you were wanting to do something to it to sell! I didn't realize it was the kitchen you were buying. That changes the answers some... I will have to go back and re-read that thread and see if I think that was clear, or if maybe some of the other commentors were thinking along the same lines as I was--(that you were getting ready to sell so you wouldn't want to spend a lot of money because ROI would be an issue). If you are going to be living there and getting the enjoyment out of the changes, I might have different ideas.

I'll re-read.

Congrats!

    Bookmark   October 27, 2012 at 1:34AM
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cmarlin20

dreamgarden - I really can't understand all your posts?

You made a suggestion, others commented it was not a good suggestion.

You attacked another poster, why?

Then you got more angry when others responded to your post?

Just confusing...

    Bookmark   October 27, 2012 at 11:06AM
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bosegirl

ARGGGHHHH

They have 'cold feet'. So frustrating, why make an offer unless you're sure.

We did have another showing today though and one scheduled for next week. Knocking on wood here!

    Bookmark   October 27, 2012 at 2:54PM
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ncrealestateguy

Bosegirl,
It amazes me how so many people can be so wishy - washy. But, that's life. Be thankful they realized it now as opposed to late in the transaction. Sounds like you are priced right and have a desirable property.

    Bookmark   October 27, 2012 at 11:10PM
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