Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Someone is taking crazy pills
This might get lengthy, bear with me. Cookies to those who finish. My fiance and I have been searching for a home for over a year and a half, actively checking listings multiple times daily and have been inside over 50 homes. In our price range ($200k-250k) nice houses priced properly go off market in days.
We finally found a home we love. I walked into the kitchen and said, "This is it." It is an adorable brick cape on a slightly busy road. The house does need some major updating and both bathrooms need total renovation. It is an estate sale with 6 heirs splitting the profits. It came on the market 4 days ago and is priced at $235k. Comps in the area, our realtor and 2 other realtors covering that area suggest it is hugely overpriced and market value should be closer to $190K-$200k. We immediately placed an offer at $185k contingent on appraisal, inspection, etc with a list of the comparables we used to arrive at that number and asked for a reply within 48 hours.
After placing the offer the listing agent informed our realtor that all of the inclusions listed on the MLS sheet were now being split among the "kids" and were NOT included (not a huge deal but a small irritation). The listing agent presented the offer, they were not happy and said they would take the weekend to consider it but they did not even want to come back with a counter offer. We have a cash offer and can close at any time.We were told they had at least 5 other showings this weekend but have not been informed if any offers were placed (the listing agent hasn't returned our realtor's call).
Our realtor suggests we wait 30-60 days until they come to their senses, hoping they don't get any other offers. I am wondering if we should go back sooner with a slightly higher offer with the same contingencies (appraisal, inspection, etc). I don't want to pay so much more than the house is worth but my emotions are running high and I don't want to lose it after looking for so long. Am I right in thinking that sellers working with a mortgage would have a very difficult time getting approval with the house being so overpriced? This would be our first home and I am second guessing everything. Thanks so much for any advice.
Re: Someone is taking crazy pills
If it is truly overpriced then yes, no bank will finance it for more than what it's worth so the buyer would have to pay the difference in cash or the sellers would have to lower the price.
It's tough but the sellers are either emotionally attached to the house or since there are 6 they may have a hard time agreeing to the value or they all want a certain $ amount. I would say since there were 5 showings, they probably want to give it time to get other offers before countering yours. I would go up to whatever you are comfortable doing and still bing realistic, especially now that they are taking more from the house than they originally said.
TTC #1 Since April 2011
BFP #1: 5/12/11, EDD 1/13/12, missed M/C confirmed 6/15/11. We miss you Elijah.
LAP/hysteroscopy 8/28/12 to remove uterine septum and stage 3 endo
10/2/12 Medicated Cycle #1: Femara + Ovidrel + TI = BFP!!!
BFP#2: 10/25/12, EDD 7/9/13 ? It's a girl!
And we know that in all things God works for the good of those who love him, who have been called according to his purpose. -Romans 8:28
Patiently waiting for my buddy jenn0021 to join me on PGAL
My blog