Online Views, low offers, but house is not selling
Morgan Crabtree
8 years ago
last modified: 8 years ago
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Morgan Crabtree
8 years agoUser
8 years agolast modified: 8 years agoRelated Discussions
Selling home: are online contracts OK to use?
Comments (8)Thank you all for the many thoughtful responses. linda, we are somewhat familiar with the process, in that this is the 3rd house we've sold; however we've always had R.E. agents before. I do have a friend who is retired from RE who is offering some guidance so we're not completely blind. She basically said to check our original contract of the house against one that we use to make sure they are the same and gave me a number for a title search co to use. The title company then does a lot of the legal work involved. Also the buyers are actually friends of ours who are currently living in the house--long story but they needed a place to move to quickly with a newborn and our house was just sitting there empty. It was the right thing to do and it's been a win-win situation thus far, now that they've lived there they like the house & don't want to move again. So I'm not foreseeing any difficulties, but wanted to be sure. But I do understand that it's better to be "safe than sorry"....See Morein today's market, low-end homes sell faster?
Comments (22)Behavior: If you don't like being a homeowner, then you will HATE HATE HATE being a landlord. You are not only a homeowner, you also have to maintain something that someone else doesn't usually care for as much as you would. And, you have to maintain for someone else and because of this you often have to do so faster than you would for yourself. renters won't weed or put out mulch, and the list goes on. It is hard work and worry and a lot of responsibility to be a landlord. I was a landlord and am telling you from hard learned experience. It is, in my opinion, three times harder than being a standard homeowner for a home that you live in. And I had good renters. My advice to you...either sell it outright, or stay there. Don't rent it out (even as option to sell) and don't do owner financing either. just make a clean sale unless you want to carry extra worry (with small amt of control) with you for the next few years. Please tell...why do you no longer want to be a homeowner?...See MoreGot a low ball offer - what do you think?
Comments (11)Thanks for answering, everyone. We can't buy without selling, no down payment. (We are not struggling financially, but coming up with 50,000 for a down isn't realistic and we are loath to go the "funny" mortgage route and end up with two properties and upside down on one of them.) I considered getting an appraiser, but we seem to be one of those areas where an appraiser "hits the number." They are in the real estate agents' pockets. The property is assessed for 220,000$ and last year those numbers were running pretty close to selling prices. My husband and I have decided not to go lower than 175,000$ (maybe 174,000$? I've seen some people on this board recommend countering like that.) That was our rock bottom price and it did get an offer; so who knows, maybe another one will come along before the end of the month. Also, although the offer was represented over the phone to me as "cash", it would be equity from the buyer's home and still has a financing contingency and an appraisal contingency, as well as a feasibility contingency (and only 1000$ earnest money.) I would be more likely to say yes if the guy actually had money in the bank and wanted to close next week. Oh, and our agent is working both sides of the deal, so I have to take what he is saying with a grain of salt, also. Margaret...See MoreNeed advice on putting in 'low ball' offer
Comments (7)Most towns do a horrible job with assessments, so I would toss those out the window. As for the comps you are pointing out, they need to be recent. Sales from 2 years ago are not good guides. If you have an agent, they should be able to help you out with pricing. A general strategy is to find recent homes that have sold in the area and calculate the price per square foot. That should give you a range for "reasonable" prices. As for strategy, there is no downside in making a fair offer. If the owner doesn't think your fair offer is in the ballpark, then you are going to be a match. A"lowball" offer is where you purposely give them a below market offer to see if the are desperate. That does have the potential to backfire because the owners may be insulted and unwilling to negotiate back towards a fair price. If your idea of fair and their idea of fair are nowhere close, no amount of strategy is going to make a deal happen. Also of note, if you are looking in "transitional" neighborhoods where people are making major improvements to older homes, it is not unusual to see a renovated house going for say 500k+ while the houses that haven't been renovated sell at half that. This can be confusing for both owners and buyers in terms of pricing....See Morejmck_nc
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