Offer on our house (flooring, granite, phone, stove)

[Racelady88]

So, our house went on the market late Thursday afternoon. It has not hit the MLS yet, there is just a sign in the yard. Our Realtor showed the house this morning, and we have an offer. The offer is less than we were hoping for (since we are moving back to FL, land of unaffordable homes), but is the max that the couple can get financed for even with a downpayment. The offer has no expiration.

I asked the Realtor to give it 7 days from the time it hits the MLS, and if we do not get a better offer we will accept.

The offer is half way between what the Realtor wanted to list for and what we wanted to list for. Young couple, about to get married, buying their first home. Is it wrong of us to want to wait for a higher offer?

[chaz longue]

What's your Realtor have to say?

[MoMark]

Originally Posted by Evey

So, our house went on the market late Thursday afternoon. It has not hit the MLS yet, there is just a sign in the yard. Our Realtor showed the house this morning, and we have an offer. The offer is less than we were hoping for (since we are moving back to FL, land of unaffordable homes), but is the max that the couple can get financed for even with a downpayment. The offer has no expiration.

I asked the Realtor to give it 7 days from the time it hits the MLS, and if we do not get a better offer we will accept.

The offer is half way between what the Realtor wanted to list for and what we wanted to list for. Young couple, about to get married, buying their first home. Is it wrong of us to want to wait for a higher offer?

No, it's your main asset and you should get what it's worth. I'm sure the buyers are very nice people, but it's not your job to subsidize their happiness at your expense. It sounds like you're in a sudden rush to sell the house if you're only giving it a week to allow for more offers.
Evey...I thought you and your husband were happy there? What's caused this sudden change if you don't mind my asking?
Also...Florida? Again? I thought you loved NC?
I'm confused ...

[Racelady88]

Our Realtor is torn on our house.

Our neighborhood is all 1950's era homes. Ours is the only one that has been updated prior to being sold. This same Realtor is the one that showed us the house. When he walked in here the other day he kept saying "Wow!" I heard that about 6 or 7 times before he was able to say anything else. We have done A LOT of work on this house. We did not put in slate or granite (like I wanted) or all stainless appliances.

This is a 4/2 with one of the few paved driveways in the area. Covered parking for 2 cars. Fenced in yard of just under 1/2 acre. Huge climate controlled workshop. Brand new kitchen. One brand new bathroom, one renovated bathroom. New carpet, new tile (house had original asbestos flooring when we bought it). Fresh paint. All new doors & hardware. Plus, it has a woodburning stove in addition to the central.

Our Realtor was going to list even higher, but his partner kept quoting average price per square foot in the area. All for un-renovated homes.

[chaz longue]

In fact I'd ask the Realtor what the average number of days on market is for homes like yours. I'd also ask what percent of initial list price this offer represents, compared to recent sales in your town, neighborhood and price range.

Know the market and know the buyers qualifications and understand clearly the terms of thier offer - and you'll be better able to evaluate the offer, no?

How's the letter look... from the lender attesting to the mortgageability of the purchaser?

If the offer has no expiration date specified, it suggests the buyer is pretty motivated to keep moving toward the closing table - but I'm guessing there's a legal end to the actual force and effect of the offer, so at some point it would have to be re-written or re-dated.

You might make a counter offer asking for reassurance about the buyers mortgageability and some minor changes to the terms, closing date etc - that would buy you some time to see if another better offer came in.

I'd make the following disclaimer - I'm an experienced Realtor, but I'm not an attorney and I also have no license in any state other than Vermont. None of these observations should be construed as professional advice. They are just neighborly suggestions - we have no "agency" or client relationship, after all. Seek legal advice - from a Real Estate attorney who does little else...and ask your Realtor to discuss all this carefully. A good Realtor is worth her weight in ...equity!

ps - The previous posts shed some light but weren't available when I posted my remarks...

[Racelady88]

Originally Posted by MoMark

No, it's your main asset and you should get what it's worth. I'm sure the buyers are very nice people, but it's not your job to subsidize their happiness at your expense. It sounds like you're in a sudden rush to sell the house if you're only giving it a week to allow for more offers.
Evey...I thought you and your husband were happy there? What's caused this sudden change if you don't mind my asking?
Also...Florida? Again? I thought you loved NC?
I'm confused ...

I am very happy here. My husband has hated it from day one. He agreed to give it a year, and see if he could adjust. That year is over. His folks live in FL. He has been down there 6 times, and they have been up here 3 times in the last 13 months.

Compounding that, my husband has been unable to find steady work. I work as an animal massage therapist, but that has always been hit or miss. I also have not been able to find a job. There are jobs here, but they are mostly in the nuclear industry. Other jobs that will pay enough to actually pay your bills are few & far between. I applied for one position that only was advertised for one day, and more than 100 people responded.

Sooooo, while I love it here I also love my husband, and I enjoy eating.

[MoMark]

Got it. How sad though I hope you get top dollar.

[absiesmom]

Evey..how is the 'curb appeal' of your house in comparison with the houses around it? (We're not concerned with the inside..it sounds fabulous! )

If your realtor wanted to list it higher, it should be there. But, there's almost a sixth sense about such things which makes it really difficult to decide--you're weighing your own thoughts with trust in someone else... Don't feel bad about what you both want..

I've studied houses and their listing prices, appeal, etc. even though I'm not a realtor. I felt it was in our best interest since we were in the market for quite some time before we found the house we're in.

I suggested above what the realtor wanted to list our old house for..and we got it!! It sounds as if you're both quite anxious, but your labors should account for something and you should get back all you possibly can...(including the normal appreciation in value, too...

Good luck!

[Racelady88]

This house has some curb appeal, but not as much as it could. 100 times more than it did when we bought it, that's for sure. If it was spring and the flowers were in bloom it would look a whole lot better.

Houses in this neighborhood generally sell within 72 hours of hitting the MLS. To investors mostly, who either rent or renovate.

Part of me knows that the offer on the table is more than twice what we paid for this house. We did all of the work ourselves, so renovation costs were minimal. Another part of me knows what the market in FL is like.

My husband is so exited. He has been on the phone with his mother for over an hour. Maybe I am not exited because I really don't want to leave.

[christina0001]

It doesn't seem like you are in a rush to leave, or that you are worried you will have a hard time finding a buyer. The worst that can happen with waiting is that the couple will withdraw their offer. So I say, wait. I think 7 days is very reasonable.