Update to Critique MIL's Listing

16 years ago

MIL had two offers on the house. One didn't materialize in a deal because the buyer asked for a selling contingency on their house and they offered $485K on a $519 LP. She countered back $500K, 30 days to sell their home with a 72 hour kickout clause.

Before she countered, I told her to drive by their house to see the neighbourhood and get her realtor to pull comps. There were alot of homes for sale in their area and her realtor said their house was overpriced at $359K.

Without the selling contingency, MIL was willing to go down to $480 because she didn't want to have the house sit for two months and reduced showings only for it to fall through because their house didn't sell.

Her counter of $500K was stipulated as firm due to the selling contingency. They countered back $490K and two months to sell the home. She countered back she was not budging and her original counter is take it or leave it. Without the selling cotingency or a much shorter one, she would've negotiated on price. They didn't counter.

Before this couple offered, another couple looked at the home and wanted to put an offer. However, the deal for their condo sale fell through and they didn't write one up.

Last week, they called to make an appt and toured the house two more times as their condo finally sold. They spent a long time inside and out, asked alot of questions and talked to neighbours.

She called me this morning and they offered $465K AS IS. No selling contingency, no request for closing costs. Not too shabby considering they offered AS IS. She countered at $485, they came back at $475. SOLD.

Of course, it has to go through atty review, but it also has a quick closing of Aug 17th. Another great thing is the closing date is prior to the closing on their condo, so she has no worries of this deal falling through if their condo deal does.

Here is a link that might be useful: Critique MIL's listing Original Thread

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Comments (13)

logic
16 years ago
Thta is GREAT news...hopefully all goes well with the inspection...and your MIL will be own her way to her new abode!
badin
16 years ago
Your MIL sounds like a very smart lady. I hope she is pleased with the deal she negotiated - it seems good to me.
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Rose, The plot thickens. She received a counter back from them. Keep in mind, with the selling contingency, she said $500K is firm as she didn't want to counter back and forth. They came back with this counter: 1. $495K 2. SIXTY days to sell their home 3. Not As is. In the meantime, she drove by their house and saw that there's at least 8 houses on the street for sale. Her realtor pulled the comps and they are priced at $359K, which she thought was high for the lower/middle class neighbourhood. MIL countered back with her previous counter. Firm and final. She was ticked because she made it clear in her first counter that the price was not negotiable with the selling contingency and then they came back wanting two months to sell their house? Heck no! I can understand this is a buyer's market, but considering her home IS priced to sell, it has a completely updated kitchen and hardwood throughout, she is not willing to go below $500K with a seller's contingency. Without it, then she may move on price, but there is no way she will keep the house tied up in a contract for 2 months during the height of the selling season. She will lose too many viewings. She's not concerned about the price as she is financially secure and this will be gravy for her. But like you, we would need as much money out of the house as possible, and we would push the solid comp from a month ago in terms of her listing price. She hasn't heard back from them, but given the neighbourhood their house is in, her house is quite a step up for these people and she's concerned that if they can't lift the contingency or get financing, she has wasted alot of time. In the meantime, a few weeks ago, there was a couple who looked at her home and wanted to put in an offer. They had a contract on their condo and just before the wrote it up, their contract fell through. They now have another contract on their home and they are coming on Sunday for a third visit. Looks promising. One of their comments from condo couple was the house needs updating, so MIL thinks they may lowball. I told MIL that she has a completely updated kitchen and hardwood throughout. The only thing that needs updating is the upstairs bathroom and if they wanted to paint. Considering the kitchen is done and with the hardwood, those are the updates that would cost a buyer the most to do. In a 3500 sq. ft. home, that would be a huge expense and she is of the mind her home is priced to sell. The updates that need to be done can be done so inexpensively. So, we'll see what they come up with and then take it from there. At least there won't be a selling contingency. Given she's been on the market about one month and is expecting her second offer, that tells me that her pricing is in a good ballpark. Oh and the 30 days selling contingency - I told her to consult with her realtor on the timeframe for that. I presume the realtor thought that was fair in this type of market. Anyone? What do you think of a 30 day selling contingency that she originally countered? Too long? Not long enough?
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theroselvr
16 years ago
How's everything going? Have you talk to your MIL to see if everything is still good?
sparksals
Original Author
16 years ago
So far, so good. She signed everything yesterday, so I assume it goes to Atty Review today. My only concern is the Atty will advise the people NOT to do AS IS even though they requested it and that they extend the closing to be after their condo closes. I don't know if they can do that, but it certainly wouldn't benefit MIL.

As it stands, they requested AS IS and the closing date to be prior to their condo closing and they didn't make it contingent on it.

Badin - I hate to toot my own horn, but MIL referred to me as her "consultant". Everything she negotiated, countered etc., was what I told her to do. LOL

Hopefully I will have the same luck and power of negotiation when our house goes on the market in August! lol
theroselvr
16 years ago
Not sure if you saw the "As is" post, but I thought about your MIL when I read it and hoped this wouldn't happen to her. While buying "as is" can be a gamble, your MIL's house doesn't look like it would have anything seriously wrong with it.

Keep us posted
sparksals
Original Author
16 years ago
Rose - I checked out that thread and I don't think MIL will have issues like that! At least, I hope not! Her house is in pretty good shape and considering the price they got it, they shouldn't come back and try to renegotiate after the inspection.

Their offer was $55K below and less than 90% of asking. MIL came down $40K in her counter while they only went up a total of $5K. I think given those circumstances, it would be very chintzy for them to try to re-negotiate, especially when their initial offer was AS IS - MIL didn't stipulate that. They did.

I'll keep you posted.
theroselvr
16 years ago
Their offer was $55K below and less than 90% of asking. MIL came down $40K in her counter while they only went up a total of $5K. I think given those circumstances, it would be very chintzy for them to try to re-negotiate, especially when their initial offer was AS IS - MIL didn't stipulate that. They did.

Yeah, I did the math when you 1st posted and was pretty disgusted, which is why I didn't comment at 1st. It was hard to swallow, especially since she was so well (read under) priced to begin with.
sparksals
Original Author
16 years ago
I totally agree, Rose. I tried to get MIL to counter at 500K and then meet in the middle. She really doesn't need the money and just wanted it sold. Wouldn't it be nice to be in that position??? LOL

How's your house sale going? We should be listing ours mid Aug.
theroselvr
16 years ago
I wish she would have taken your advice... We both know her sale will affect the next... I know she's lucky to have sold, but I still think it will pick up in the next few weeks.

I've been saying that buyers are wanting $50,000 off the price, this is a perfect example. On a house priced in our range, that would really hurt us and we couldn't afford to move.

The agent said that there aren't any buyers. She said she has a few in the $170,000 range; so there are a few, just not in our range. That market is a different house - 1 bathroom, needing lots of work... We have to hang in there.

I'm going to start really looking this week, hoping that my guardian angel knows we have nowhere to go, and that once we figure an area with possibles, buyers will start coming around again.

How's the market by you?
sparksals
Original Author
16 years ago
I wish she did too, but I didn't want to mention that neighbours will be ticked because she singlehandedly reduced the comps on her street.

That type of price reduction, even a relative percentage would hurt us big time too.

Market here is soft. We will be up against the curry house, which is still sitting. I took a screenshot of the MLS listing where it states it's priced below comps. The other house that was way overpriced, didn't sell and they took it off the market.
theroselvr
16 years ago
How are things going?
sparksals
Original Author
16 years ago
So far, so good. Got through atty review no problem. They close on Aug 15th.
theroselvr
16 years ago
Wow! Glad to hear it! Will keep my fingers crossed for her

Update to Critique MIL's Listing

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