Counter Offer on already low-priced home

15 years ago

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?

Sort by:Oldest

Comments (9)

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

Best wishes :-)
0
newhome09
Original Author
15 years ago
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
0
Related Discussions
Looking for suggestions for flooring & counter top for 1919 home
Q
Comments (24)
We have a 1916 home; just a few remarks re our own experience: 1) Are you sure the entire floor is concrete? We have a concrete slab just where the stove was. It is visible from the (unfinished) basement. (The rest is wood subfloor.) 2) When we moved in, the kitchen floor was green linoleum and the small countertop was the same, held in place with metal edging. Don't know how long that it been there, but long. (I think it was real linoleum, but not sure. But it wasn't pretty!) 3) We very much respect our house's character and try to maintain it. But we don't live in a museum. When we expanded/remodeled we matched the mouldings, windows, etc, but felt no compulsion to match every kitchen detail. We put down a "standard" oak floor similar to that in the rest of the house, and used a medium-light, marble-like, greenish granite (with white cabs). It seems completely in sync with the house, even though it is not period. Unless you plan on getting 1919 appliances, you're not going to have a 1919 kitchen no matter what you do. Don't feel compelled to do anything you don't really like, just to be "authentic." P.S. Don't get too hung up on the home's specific style. Fact is, most houses from that period -- like ours -- are a mishmosh of styles, and simply reflect what was currently popular. (As remains the case with most new homes today, though I would say to less pleasing effect!)
...See More
Costco Kitchen Countertops VS Home Depot Countertops
Q
Comments (42)
Thanks so much for all of the information My biggest concern is that in as much as I am wheelchair bound I can't even take a countertop measurement myself and after 2 phone calls to Costco's " My Countertop " + 2 emails to their subcontractor in a month's time......I have given up on Costco and don't want to use a subcontractor who obviously has so little interest in doing a countertop for me I just want somebody in Suffolk/Nassau County who will do a good job installing my countertop. I am not looking to " nickel & dime " anyone on price but I don't want to get anyone who will " nickel & dime " me either. I would love to find somebody who will do the entire job well ( including removing & discarding old countertop & sink and installing new countertop & sink ) I would also like to find someone who is willing to come to my house...take professional measurements ...discuss my options to me....make suggestions if needed and show me various samples I don't think that's too much to ask and I hope that there is a good fabricator out there who could do it all for me which I will gladly pay for
...See More
Do not buy counter tops from Home Depot.
Q
Comments (25)
Joseph Corlett, LLC: Thanks - I don't know how much more "Cage Rattlin" I can do. Did the woman in your reference have to go to court to get relief? Cosetino/Silestone's (The main company is in Mexico) customer Service manager Mr. Alejandro has not responded to repeated queries. I thought about having him served with a subpoena to get him into court but I am not sure how these things work - like, do I have to pay him transportation costs and expenses to appear in court? Regarding your question about Lowes - I try to do business with them instead of Home Depot and the only thing I know about them relative to my counter top issue is that they also use this same counter top fabricator. Also- Thanks for the Zodiac reference. In addition to the Zodiac specification that you referenced, I have also found specifications from Silestone, Wilsonart, CeasarStone, Viatera, and Cambria that support my contention that there is an industry standard tolerance. I am expecting the defendant to claim that there is no applicable specification for quartz counter tops just as he did at the first trial. I also filed a complaint with the MHIC and I also filed an appeal in small claims court - I am waiting for those hearings to be scheduled. I have low expectations of success but I will exercise all the available options. Thanks for the comments.
...See More
Counter offers when selling
Q
Comments (4)
Ask your Realtor to give you the details of the comparable sales in your neighborhood. Do most of those sales include a seller contribution toward buyer's closing costs? This will give you an idea of where you are in the marketplace. If it is a first time homebuyer's type neighborhood, it isn't unusual to have a seller's contribution. The offers don't sound terrible to me, they sound like good starting offers for your home. There are a couple of ways to counter as you mention in your post. In multiple offer situations, if there is no clear front runner, then it is common to counter with "highest and best". You may be surprised at what you will receive in the second go around. I typically give several days (4 days is common) for a highest and best response and announce it in the MLS verbage. This brings out other buyers so you can truly select the best offer among the offers made. Typically there is a rush of showings and offers once the "highest & best" with a deadline is posted. I prefer this method to the one below. It usually results in higher net proceeds to the seller IME. Or, you can choose the strongest offer to counter. You and your agent can examine each offer for strengths and weaknesses and go from there.
...See More
Related Professionals
American Fork Architects & Building Designers · Frisco Architects & Building Designers · Hockessin Architects & Building Designers · New River Architects & Building Designers · Four Corners General Contractors · Country Club Hills General Contractors · Dothan General Contractors · Manalapan General Contractors · Mentor General Contractors · New Bern General Contractors · Roselle General Contractors · Saint Paul General Contractors · Westminster Home Stagers · Caledonia Interior Designers & Decorators · Struthers Interior Designers & Decorators
cordovamom
15 years ago
I agree 163K pluS appliances and warranty. Final offer. Let them know that's the bottom line.
0
ncrealestateguy
15 years ago
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.
0
graywings123
15 years ago
What would send the best message to you?

To me, the words "best and final" included on your counter offer.
0
chrisk327
15 years ago
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.
0
calliope
15 years ago
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.
0
dreamgarden
15 years ago
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.
0
chrisk327
15 years ago
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.
0

Counter Offer on already low-priced home

Comments (9)

xamsx

newhome09
Original Author

Related Discussions

Related Professionals

cordovamom

ncrealestateguy

graywings123

chrisk327

calliope

dreamgarden

chrisk327

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

Counter Offer on already low-priced home

Comments (9)

newhome09Original Author

Related Discussions

Related Professionals

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

newhome09
Original Author