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WWYD... Pricing
We are currently in negotiations with a potential buyer but aren't sure we are going to reach a deal (it's a very low offer and at this point we need to sell and could even meet him in the middle- way below comps- but cant do where he's at now.) We are hopeful but we will see. We are trying to figure out the next step from here. As I mentioned, our building entered a lawsuit (nothing that effects our unit, it's for issues on the other end of the building and nothing major) however, because we are in litigation, a lot of banks won't lend. Anyone with less than 20% down is automatically out. We had 3 interested buyers this past week who can't get approved for our building and wanted to put in offers but there's no point because they won't be able to get funding with the lawsuit... (fwiw, the issues aren't scaring away buyers since it doesn't effect us, it's just a bank hang up). However, we really need to sell or we can't buy our new home. Bad timing with the lawsuit. So, we really need to be under contract in the next 5 weeks. Our realtors think we should just drop our price to our absolute bottom dollar and pray that we get a multiple offer situation. They think their is potential for it because we would drop down to a new price point. However, it means no negotiating room and we may just have to turn down offers and not get our new place. Or, we could stay listed where we are (we have had a lot of traffic, and have room to negotiate). If we drop the price a lot now, we will know pretty quickly if we are going to get multiple offers and will just go off the market if we can't get it but I'm scared to take the risk. I feel like if someone made an offer now and we went down to our bottom line they'd feel happy they got us down in price but if we are listed at that initially won't feel like they are getting a deal because we can't negotiate even though the price would be good.
What do you think? Drop the price and get a new crop of buyers and hope it works out so we get a multiple offer situation or stay where we are and sit it out with a time limit fast approaching. We are coming to terms with maybe not getting our new place but want to give ourselves the best shot of selling these next few weeks....
Re: WWYD... Pricing
I would trust your realtors. If you're getting that much interest at your current price, going down could really help. Maybe you could go half way between your current asking and absolute bottom? It might also make Mr. Lowball up his offer if he really wants the place.
As far as being worried that they won't feel like their getting a good deal, I wouldn't worry about that if your realtors aren't. Where we are, if you price a house well (and it sounds like you're priced well given the level of interest) it will go for asking price within 10 days of being listed. There were several houses that we saw that we knew would go for asking or close to it and probably would not have offered less because we didn't want a multiple offer situation.
I agree with PP, listen to your realtor.
The buyer's realtor should be able to let them know that the house is a good deal with the lower price. As a buyer I'd rather just walk into a place that is already priced really well than have to deal with negotiating.
There's a chance if you end up in multiple offers that the price you get will be above listing. If people know you're priced below comps they are as likely to offer more knowing they aren't the only offer and it's priced well.
Where I am people who know the market offer based on that and worry less about getting the house for $x below list.
I agree with maybe not going as drastic as rock bottom but getting yourself into the lower price point might be worth a try since you do have a time constraint.
Also, it's an intangible but there is something to be said for not having to worry about selling any more. Or not having carrying costs of an empty place.
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agic backward afterwards testing absolute for HIV. Does anyone say the Lakers are cursed? No, because the Lakers admiral accept a history of authoritative astute abstract picks and trades, abrogation the aggregation in position to balance bound from setbacks.
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