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They countered our offer, WDYT?
We put in an offer; they sent back a counter offer after our 72hr window expired. Their house has been on the market for 2 yrs. They bought it in 1978 and have downsized and are living in another house in another nice neighborhood.
Our offer price was less than what they are asking. They came down substantially in their price in the spring. They are not countering with a higher price. Our offer was contingent on us selling our house. What they ARE countering is that we put our house on the market Dec 1, rather than Jan 2, AND that the purchase of their house NOT be contingent upon the sale of our house.
We don't need to move. We want to move eventually. We just love their house so that is why we are in this process now.
Would you risk agreeing to the purchase of a house without a contingency?
I would be ready to go on the market by Dec 1. Should we wait until then and see how it goes and then make another offer?
Re: They countered our offer, WDYT?
Would you risk agreeing to the purchase of a house without a contingency? Absolutely not!!!
I would be ready to go on the market by Dec 1. Should we wait until then and see how it goes and then make another offer? I just spoke with our realtor this week. We've been planning on listing after the first of the year but asked him if we should consider listing in November instead. He didn't think it was a good idea b/c of low traffic during the holidays, etc. It would basically be a waste of time.. And if it didn't sell, that means it's on the market longer and a buyer in the spring would want a lower price due to the length on the market.
If this house has been on the market for 2 years, don't let them bully you into something that's not in your best interest. There will always be another house, really.
I would counter back with putting your house on the market in December with it still being contingent upon the sale of your house. If their house has been on the market for 2 years then they should be excited about having any offer. They are hoping that you will jump and carry two mortgages during the time your house sells so that they don't have to.
I would only accept their offer as is if you love the the house and could carry two mortgages for a min of a year.
Big question - can you financially carry both your house and the new house for say 6-12 months? Would you have a back-up plan (renting or selling at a loss) if you didn't sell and owned both houses in 6 months?
If you can and are willing, then I might just accept their offer and push closing back as far as you can, then put your house on the market ASAP - maybe November even.
If no is the answer to those, then you might have to walk away if you can't sell without a contingency. From their perspective, they have waited 2 years for a buyer and if you have to wait 2 years for a buyer for your house, they don't want to wait around.
Are you united with the CCOKCs?
I don't think they are trying to "bully" you, but are just ready to sell and are not excited about waiting around for your home to sell. Put yourself in their shoes. A contingency contract is not ideal as a seller.
Only you can decide if you can financially handle two homes.
My Valentine Bookends (2~13~13, 2~15~09)
All good points to consider, thank you.
Their house has been on the market for 2 yrs because they are at a much higher price point than we are. Homes of our size, price, neighborhood are selling and our REAs feel confident that our house will sell, especially based upon the comps. Their house is just so much bigger and more $ that the market for those is much smaller and they don't move fast.
We wanted to get a bridge loan so we could buy, move in with the children, and then stage/list our house. But that's not the loan we got; we got a contingency loan. So I'm not sure that we could even accept their counter even if we wanted to.
We're going to meet our REAs in the morning to discuss our options.
I agree with this. And, I think its unreasonable to expect a seller to consider a contingent offer when your house hasn't even hit the market yet. I wouldn't have even countered, honestly. And if we did, I'd be marketing and showing my house the whole time you were under contingent contract.
Agree with this. Neither of you is being unreasonable exactly, but none of it is going to get them a speedy close.
I would counter with putting your house on the market Dec 1st but retain the contingency. You could also offer to sign a kick-out clause, which would allow them to continue to market & show their home, and if they get another offer you would have a set amount of time (usually 24-72 hours) to drop your contingency to sell your house first. If you didn't have an offer yet and didn't want to drop your contingency, your contract would be voided, your earnest money returned, and they'd be free to accept the other offer on the table.
DS1 born June 2008 | m/c at 9w March 2011 | DS2 born April 2012