Seller won't budge on house price in Charlotte! Need your advice. (short sale, real estate)

[gizmobizmo]

Hi all,

I am requesting the sage advice of the real estate professionals and residents who know this area and market MUCH better than I do.

Hubby and I have been house hunting here in Charlotte since we moved here and have finally found a nice house that meets most of our needs. It's on a beautiful street, 3200 sq. ft., clean, etc...It does need some minor repairs that I know of.

There have been no offers on this house since it's been listed so we threw out an offer based upon our agents advice. After our counter offer, the seller backed up and now demands full price, no concessions. WTH???

To give some background......The house is in north east Charlotte.

1994- House was built and sold for $225,000
2007 - Tenent sold house for $335,000
July 2008-The former tenents relocated out of state and sold the house to a Relocation Company for $319,000
October 2008 - Price reduced to $284,900
December 2008 - Price reduced to $279,900
January 2009 - Price reduced to $259,900 + 3.5% closing assistance

After a couple counter offers, the Relocation Company has returned to their original offer of $259,900 with 3.5% closing assistance and said this is their final offer. They told the agent representing them that they had just lowered the price and they expected offers to start coming in so we weren't the only "fish in the sea" so to speak. The house has had no offers in 6 months AND it's winter so I don't know where all these potential buyers are going to come from.

Maybe hubby and I are terribly naive but I'm so surprised that this company is not willing to negotate. When a price is set for a home, don't most sellers expect some negotiation??? Our offer was very reasonable.
My agent asked the other agent if there were other offers pending and he was told that we were the ONLY ones to offer on this house to date.

I really like the house but think the sellers need to re-evalute their position under the circumstances. We have no contingencies and can close at their convenience. I'd think these folks would be thrilled to have an offer like that but maybe not.

Has anyone ever bought a house through a Relocation company before?
I realize that company has taken a $60,000 bath on that house so far but I'm just unsure of some things due to this market and the economy.
Your thoughts would be appreciated. Thanks!

[Comfort Food]

It sounds like a pretty good deal at 259 with them paying CC.

But, you have to look at comps in the neighborhood to really know. How do they look?

[travlingrlclt]

If they have lowered it several times then that can be their rock bottom price. So no, I wouldn't be surprised if they didn't budge and I wouldn't expect them to at all. They have every right. It's a good deal anyways. Your almost getting it for the price it was built 15 years ago!

[RyanHLe]

Give yourself a couple more months... eventually the price will drop even more.

[SouthernBelleInUtah]

Relo companies can be like banks on foreclosures. They are already losing money and they have deep pockets and can afford to wait. Accept the deal or find another house.

[ssd3]

If you like the house(if this is "the" house for you) and the house is fair market value then I don't see why you can't buy the house for it's current list price. When I sold my house I listed it at the value I knew it would sell at and got a full price offer in 5 days(and 3 other very interested buyers), during this slow market. Sometimes there is no need to haggle a good deal is a good deal.

[gizmobizmo]

There are different "villages" in the subdivision so the comps are all over the place. Mostly, they sold for higher, but there was a short sale across the street from the one I like that went for $180,000 last month but it needed about $40,000 in repairs and upgrades. Both are at 3200 sq. ft. but I think the short sale was an anomoly. Overall it is a very nice, well-maintained neighborhood.

After buying and selling houses a few times, I can say I have never met someone who wouldn't budge an inch. In the face of a bad economy, lousy housing market, off-season, etc.....I would be thrilled to have a reasonable offer if it was me but hey, what do I know.

Three price drops in 4 months tells me that they have concerns about selling the house in this market.

[Damemeow]

It seems to me that if you like the house, you should stop worrying about getting the "better" deal...because it seems like in doing so you are overlooking the fact that it really is a good deal.

[lovesMountains]

Originally Posted by SouthernBelleInUtah

Relo companies can be like banks on foreclosures. They are already losing money and they have deep pockets and can afford to wait. Accept the deal or find another house.

I tend to agree, they aren't like individual homeowners, they can afford to wait it out. They have a "bottom line" and this is it. If you guys really want THIS house THAT'S what it's going to cost you And just my 2 cents, you're getting it at a great price even if you pay what they are asking.

[ssd3]

If they were to budge a few thousand dollars is that going to make that big of a difference to you. How much different would your mortgage payment be? Is it worth not getting the house of your dreams if it is truly the house you want? If they came down 5K that would make a difference in your mortgage payment of about $27 per month at 5%.