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Old 05-22-2009, 05:47 PM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,168,303 times
Reputation: 2527

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If you placed an offer wayyyy below list price, it is always best to send a letter explaining how you came up with your offer. May be the comps don't support their asking price, may be the condition isn't up to par to the others, etc. Has your Realtor given you the amount the owe on their mortgage? $6500 isn't much. It would be sad to lose it over that. may be they'll come up and meet you half way.

Also, make sure that your offer is contingent on the home appraising for the selling price not just the loan amount.

Naima
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Old 05-22-2009, 06:06 PM
 
Location: North Texas
23,612 posts, read 31,177,547 times
Reputation: 26678
Quote:
Originally Posted by nsumner View Post
If you placed an offer wayyyy below list price, it is always best to send a letter explaining how you came up with your offer. May be the comps don't support their asking price, may be the condition isn't up to par to the others, etc. Has your Realtor given you the amount the owe on their mortgage? $6500 isn't much. It would be sad to lose it over that. may be they'll come up and meet you half way.
My realtor and I did that; we explained that while the offer was well below asking price, it was due to the condition of the home and the fact that other properties in the neighborhood selling for 95-103% of their asking price had had extensive, expensive updates that this house has not had.

Quote:
Also, make sure that your offer is contingent on the home appraising for the selling price not just the loan amount.

Naima
It is.
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Old 05-22-2009, 06:57 PM
 
Location: DFW
2,262 posts, read 2,692,790 times
Reputation: 1288
I wish you luck
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Old 05-22-2009, 09:12 PM
 
Location: North Texas
23,612 posts, read 31,177,547 times
Reputation: 26678
Thanks, I am not sure luck will be enough, the sellers are being really stubborn.
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Old 05-23-2009, 06:54 AM
 
2,982 posts, read 8,182,238 times
Reputation: 1539
If they've been there a long time, they feel everything is just fine and perfect in their home...good enough for us, good enough for you. They are so emotionally connected.
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Old 05-23-2009, 07:03 AM
 
Location: North Texas
23,612 posts, read 31,177,547 times
Reputation: 26678
Quote:
Originally Posted by pepper131 View Post
If they've been there a long time, they feel everything is just fine and perfect in their home...good enough for us, good enough for you. They are so emotionally connected.
That is what their realtor told my realtor.
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Old 05-23-2009, 11:46 AM
 
Location: Mostly in my head
19,640 posts, read 53,536,771 times
Reputation: 18554
Sounds like it's time to move on to another property. I've had friends who were like that and it took about 2 yrs to sell their houses, due to their unwillingness to be realistic.
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Old 05-23-2009, 01:24 PM
 
Location: North Texas
23,612 posts, read 31,177,547 times
Reputation: 26678
It's not just them, it's their realtor too; I think she is giving them bad advice. Yes, that neighborhood is hot and yes, some houses are selling in 48 hours. But they have had lots of expensive upgrades and this one has not!!! They cannot ask the same per sq ft as those other houses! It's insane!

I told my realtor that my final offer was my final offer but to tell their realtor that WHEN they can't sell the house, to feel free to contact me again and I might be willing to resubmit my offer. I honestly do not believe they will get what they want for that house, I don't care how popular that neighborhood is. It has been on the market 180 days, obviously it is not priced right.
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Old 05-24-2009, 06:47 AM
 
299 posts, read 660,206 times
Reputation: 449
You have to be honestly ready to walk away, which it sounds like you are. We had a similar issue with a house when we were looking in January 08, it needed a lot of work and the original owners just wouldn't budge. I loved that house and really wanted to fix it up, but I couldn't justify their price. It's STILL on the market, nearly 18 months later.
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Old 05-24-2009, 07:22 AM
 
Location: North Texas
23,612 posts, read 31,177,547 times
Reputation: 26678
Quote:
Originally Posted by debtex View Post
You have to be honestly ready to walk away, which it sounds like you are. We had a similar issue with a house when we were looking in January 08, it needed a lot of work and the original owners just wouldn't budge. I loved that house and really wanted to fix it up, but I couldn't justify their price. It's STILL on the market, nearly 18 months later.
I am ready to keep looking but I really wanted that house and I love that neighborhood; not much comes up for sale there. I honestly don't think they will sell at that price but you never know.
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