Our offered was countered to just below asking price.

shopgirl78 · December 2013

I live in a semi-rural area, not a very big town. We are currently homeowners and own our house outright but are looking to upgrade (we don't have the 20% in hand but have it in equity and our parents are will to help until we sell our current home. We want to sell our current home without our 3 kids in it). We found a home we love. It's been on the market 3 months. We first expressed interest in November but had to get it together to make an offer. (I'm a teacher, very busy time for me). During that time the seller's agent contacted us several times and told our agent that they had no other interests. We put in an offer last night that was 5% below asking, they counted at nearly (very close to asking). It's not worth the asking price. We offered a very fair price. There are larger houses surrounding it that sold for less than their asking price. I was so unnerved that I said "hell no" immediately but...I want this house. What should our next move be? Wait it out?

Sisugal · December 2013

Will the house appraise for the asking price?

shopgirl78 · December 2013

IDK. The Zestimate (not that its always right) is 3k below what I offered. I do know a that a significantly larger house sold near by for only 2k more than their asking. And that the houses surrounding it are less than asking. I also know what they paid for it in 2007 (so they can't be not making a profit unless they did a second mortgage thing). Finally, its been a long-term rental for most of those years (German military pilots). We met and talked to the renters (it was a nice family of 6). Don't rentals decrease the value? There renters have just moved out. Therefore, now until it sells, they are paying at least 1200/mo, so if anyone offers (today) with a contingency (we don't have one), its going to 3 months before they can close...$3600 dollars. Not that there are any lookers, 2 of the other houses we have liked (but not enough to make an offer) have been on the market 6+ months here. There is only 9k between us (offered & asking). I kinda feel bad for rashly walking but I was annoyed by the counter. Do I let them chase me (if they will) or have a "change of heart?" Time is on our side. I actually prefer not to move right now. It includes moving my kids in school (one who has a solo in a play next month) and loosing a PreK slot at our current school. But if I can get this house for the price I want, I will.

shopgirl78 · December 2013

Oh, I forgot to add that the house was originally listed for our offer. I don't know what made them up their listing as there were not major renovations.

Sisugal · December 2013

I would add 3-4K more to your original offer and see what they say.
Have your realtor pull recent comps to see what the current market is saying.

MommyLiberty5013 · December 2013

Have the REA pull comps to justify your asking price to the sellers. Sounds like they are unrealistic. Do they really want to sell or are they just "testing" the waters to see how much they might get?

How old are the mechanicals? Roof? Windows? AC? Furnace? Kitchen appliances? If these are older...stick to your guns. Or, come up $1-2k to show good faith.

shopgirl78 · December 2013

The house was built in 1980. The roof is brand new (but we had a hail storm and just about everyone's in this town is brand new). I know insurance paid for that back in June 2013. The appliances are new and it has a double oven (swoon!). The fridge doesn't stay so we'd have to buy that because their's are stainless and ours is black. Also, when it was listed in Sept, it had a covered porch. They tore that down and did not replace the cover. The studs are still there, so I'd have to purchase a cover. I can't remember about the A/C but my dad owns an AC company and he takes care of me : ) I want to say it was newer tho.

Since I posted, they contacted my agent and said they have two people looking at it to be a potential rental investment. Around this town, houses of this size (3000 sq ft) aren't generally used for rentals. They told us last week (well Friday), they had no one. And while they could have lied, I am a pretty good read on people and I think they are trying to pull me in now. Plus, if they had someone else, why contact me? I told them I wouldn't budge. Go with them. I am not willing to come up 3-4k when they didn't back off any and won't send me the bank apprasial (reportedly above listing...yet they originally listed much lower) requested almost 48 hours ago yet have the time to tell me about rental people....these people are about to piss me the eff off. I really do think their intent is to sell because their renters have moved out (I checked today) and they inquired about us several times in November while we were getting ready to make an offer. I know he was getting nervous about making 2 mortgages. I think they live OOT now but for some reason they are hell bend on listing.

jtmh2012 · December 2013

I know on the house we just bought the owners were content to rent it out again if they couldn't get the price they wanted. Maybe these owners are in the same mindset.

At the end of the day, you have the same choice we did. Make another offer or walk away.

shopgirl78 · December 2013

We held out and it worked out on Xmas eve! We close at te end of next month!

mizangi · December 2013

Awesome - congratulations!

Our offered was countered to just below asking price.

Re: Our offered was countered to just below asking price.

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