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huango

tips/advice on negotiating?

huango
17 years ago

Hello,

Yay: we received 2 offers on our house this weekend!

They're 7% and 10% lower than asking.

It's FSBO and just listed on craigslist (not on MLS), so Asking price is already discounting the 5% realtor commission fees (1. to attract more buyers and 2 . house 2 doors down was same price - they're double mortgage/desparate).

We don't have much more wiggle room, can only go down about 2-3%.

Any advice/successes/warnings, etc?

Buyer 1 claims they pushed their budget to pursue our house, so maybe they can't come up much more. (here's a big pet peeve: why see a house 2x when you know you can't afford it???). Another house they're looking for is w/in their price range, but for an additional $30K for my house, they can get double/triple (counting finished basement) the house, cul-de-sac (vs. fast/through street), and newer (1993 vs. 1919).

Buyer 2 is very liquid - will pay cash for house - but knows that there's a lot of inventory and compared my house to another in a 'lower' town (school district, proximity to Boston, higher property tax than mine, etc) of brand new construction larger house.

Offers expire tomorrow/Tuesday and Wed in afternoon, respectively.

Really appreciate your help.

This is like 'bird in hand, vs 2 in bush'. If we can get either one to come up to 4-5%, this would save us a lot of hassle dealing w/ showings w/ 2 young children (being out of the house/timing nap time) and trying to keep the house clean/preparing for showings.

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