Reverse offers to buyers? (for sale, lease, credit) - Charlotte - North Carolina (NC) - City-Data Forum

lynnenicol · 06-05-2009, 07:10 AM

What is everyone's thoughts on reverse offers to buyers? We have had a buyer comment that they are considering a 2nd showing, but might cut us since we are on the upper end of their price range. We have already lowered our price and it is below the $/sq. foot for solds in our neighborhood & we have upgrades. Do we just wait and try to negotiate if they make an offer or make a reverse offer now? We can only go down a little more in order since we need to keep some of our equity to use towards our next house. The neighborhood that we are looking at doesn't seem to be lowering or negotiating much on their prices.

Confused??

brokensky · 06-05-2009, 07:16 AM

How badly do you want to sell your house? How long has it been on the market? If you want to sell your house and this is the only offer you have had in months, the concern should be w/ selling the house, not w/ how much money you are gonna have to put down for another home. In other words, if your house has been sitting there and others are selling around you, perhaps you have it priced where it isn't going to sell. So the question is: do you really NEED to sell your house?

ETA: If you need to sell your house . . . then you need to do whatever you can to encourage a buyer - wh/ would include lowering your price. So if that means you talk w/ your realtor about a reverse offer, then do whatever it takes to try to land that buyer. This is not the kind of market you can expect offers every few days if your home is even at the top of the price range for like properties.

Now, if you don't really NEED to sell your house and you just have it on the market to test the waters, that is a wholly different situation.

lynnenicol · 06-05-2009, 08:49 AM

Only been on the market for a little over a month. We would like to get into a larger home, don't have to sell. Another couple liked it, but was in the process of moving into the area. They were not ready to make an offer until they are down here for good. House shows great, our concern is that we are just above the 1st time buyer price range.

chicagomichauds · 06-05-2009, 08:51 AM

But then again I did not have firm offers on the table, just a lot of "noise". My realtor did reverse offers on anyone remotely interested and that had given a number, just to start the ball rolling, and it did not work.

Honestly if the buyers are really interested they will go ahead and make an offer on your house, even if it is a low one.

Now lowering the price, etc, that's entirely up to you. Like Ani said: needing to sell will lead you to things that only wanting to sell never will

.

Good luck to you. I have been in your shoes (probably technically still am since we did not sell). We are now doing an 1 year lease, with option to buy.

Edited to say: I don't want to sound completely discouraging but in today's market, if you want to sell now, you will probably be looking at zero equity in the house in many cases. You may be paying to actually sell your house, as sickening as that is.

finallyhere · 06-05-2009, 09:00 AM

Quote:

Honestly if the buyers are really interested they will go ahead and make an offer on your house, even if it is a low one.

I agree. If they love the house they'll make an offer.

If you are making any profit on the sale of your current home, you're darn lucky.

pink caddy · 06-05-2009, 09:07 AM

With all due respect...this is yet another example of not making a clear distinction between really selling a house or trying to play the market like Donald Trump.

All comments already given on this thread are right on. 100% good advise/direction.

Take out the word "need" to sell and replace it with do I want to or not. Move on or not. Accept the price of x or not.
I think you get the picture.

Good luck on whatever you decide.
j

brokensky · 06-05-2009, 09:46 AM

Quote:

Originally Posted by lynnenicol

Only been on the market for a little over a month. We would like to get into a larger home, don't have to sell. Another couple liked it, but was in the process of moving into the area. They were not ready to make an offer until they are down here for good. House shows great, our concern is that we are just above the 1st time buyer price range.

Ohhhh - I see what you mean. With the incentives for buying a home right now . . . you are missing out on what may be the most motivated home buyer demographic.

lynnenicol · 06-05-2009, 12:38 PM

When I say that we don't have to sell, I mean that we are not being transferred nor have we fallen into financial difficulties. My husband built this house before we were married and we are out of space with 3 little boys. Yes, I mean that we are missing out on probably the most motivated home buyer demographic since 1st time buyers can get the $8000 tax credit. Our realtor spoke to their realtor to scope out what her clients were looking for in their search and what we could do. Our house has all items from their wish list. They are just deciding if they can come up a little if we come down a little. The ball is in their court so to speak.

brokensky · 06-05-2009, 12:42 PM

Quote:

Originally Posted by lynnenicol

When I say that we don't have to sell, I mean that we are not being transferred nor have we fallen into financial difficulties. My husband built this house before we were married and we are out of space with 3 little boys. Yes, I mean that we are missing out on probably the most motivated home buyer demographic since 1st time buyers can get the $8000 tax credit. Our realtor spoke to their realtor to scope out what her clients were looking for in their search and what we could do. Our house has all items from their wish list. They are just deciding if they can come up a little if we come down a little. The ball is in their court so to speak.

I sure hope you can work something out. Yeah, if your realtor feels it would move the discussions forward, then I would not hesitate to make a reverse offer.

Good luck, Lynnicol. Hope you will be packing soon and moving to a bigger space.

mbchambers · 06-05-2009, 01:09 PM

Given your situation, it might work. My husband and I viewed a house that we loved but since the offer on the sale of our own house fell through, it became a moot point when we received a reverse offer from the sellers of the other house. If you know the folks looking at your house are ready to buy and aren't hung up with the sale of their own home, then you might want to think about it. The reverse offer we got was a great deal b/c the folks were desperate to sell--hubby had lost his job and they were in a tight spot. Unfortunately, our house (and theirs) is still for sale.