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Old 03-01-2010, 09:17 PM
 
279 posts, read 418,815 times
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I want to sell my house and my asking price is $299,900. A potential buyer made an offer of $295K. He also wanted to include all of my appliances (refrigerator, washer, dryer, stove) for only $300.

I counter-offered $299K for the house only (excluding the appliances because my would give him the bargain for the appliances if his offer was decent). He got back to me with the same offer, $295K for the house.

I wonder what this indicates. Was there any mistake on my part about the counter-offer? Should I have countered at $298K instead of $299K? Is it too late to make any counter offer at this point?

The situation is that another party made an offer of full price of my house ($299,900). However, since she can only put down 5% in cash and will need 95% loan, she's likely to be rejected in the closing process.

How shall I proceed with the situation? I'd appreciate any input!
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Old 03-01-2010, 09:26 PM
 
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Gosh, if they're well qualified and don't have a home sale contingency it sounds like you're getting a pretty decent offer, though I will add that I don't know the Alb market or your house so hard to say for sure but still, getting that close to asking price is usually not a bad thing.

To answer your question, it doesn't sound like you misconveyed anything. The potential buyer is just (politely) telling you they're not going to pay $299K.
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Old 03-01-2010, 09:27 PM
 
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If you feel more confident about the finances of the slightly lower offer that might be a safer bet.
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Old 03-01-2010, 09:29 PM
 
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Quote:
Originally Posted by kmann-sherborn View Post
Gosh, if they're well qualified and don't have a home sale contingency it sounds like you're getting a pretty decent offer, though I will add that I don't know the Alb market or your house so hard to say for sure but still, getting that close to asking price is usually not a bad thing.

To answer your question, it doesn't sound like you misconveyed anything. The potential buyer is just (politely) telling you they're not going to pay $299K.
Shall I ask them to pay $296,500 (including the appliances) as final counter-offer?

Last edited by LoveAlbuquerque; 03-01-2010 at 09:52 PM..
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Old 03-01-2010, 09:30 PM
 
279 posts, read 418,815 times
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Quote:
Originally Posted by kmann-sherborn View Post
If you feel more confident about the finances of the slightly lower offer that might be a safer bet.
I feel confident about the financial situation of the party who has made the lower offer. They can put down 10% in cash.
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Old 03-01-2010, 10:22 PM
 
Location: North of Boston
1,576 posts, read 2,214,467 times
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I think a $295K offer on a $300K asking price sounds like a pretty fair deal.

The stove is typically included in the sale. The used refrigerator, clothes washer and dryer are negotiable, but in this market why not just include them to help seal the deal? Who wants to move used appliances to your next place?
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Old 03-01-2010, 10:24 PM
 
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Originally Posted by gf2020 View Post
I think a $295K offer on a $300K asking price sounds like a pretty fair deal.

The stove is typically included in the sale. The used refrigerator, clothes washer and dryer are negotiable, but in this market why not just include them to help seal the deal? Who wants to move used appliances to your next place?
Since I don't have much experience about the process - could you advise me on if I should counter-offer at $296,500, or shall I simply accept the offer of $295K?
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Old 03-01-2010, 11:28 PM
 
Location: NH
552 posts, read 763,160 times
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Quote:
Originally Posted by LoveAlbuquerque View Post
Since I don't have much experience about the process - could you advise me on if I should counter-offer at $296,500, or shall I simply accept the offer of $295K?
I say if their INITIAL offer was 295k with appliances, you should take up and sign that offer. Depending on how long your home has been on market, at what pricing, etc.

If the value of your home is not assessed by the tax assessor involved for at least 295k as the settlement goes through closing, the deal falls through because the banks financing will fall through- as will the lesser offer you had recieved.....also, playing with fire over a few thousand dollars is one of the typical mistakes on the part of buying and selling..

If the house is truly "priced to sell" and you know it's above 295k then maybe you can and should counter.

P.S. FHA loans only require 3.5% and insurance.
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Old 03-02-2010, 07:14 AM
 
279 posts, read 418,815 times
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Originally Posted by BriInNH View Post
FHA loans only require 3.5% and insurance.
It's difficult to get an FHA loan. Since the bank would cover a higher percentage of loan, they would do strict appraisal to make sure the property value is at least at the amount that they would provide financing for. It may also take longer for an FHA loan to get approved than a conventional loan. Therefore, there are uncertainties before the closing date.

I would not be able to preprare for a move until after the closing date when everything is firm. In case the loan is denied, I'll have to put my house back on the market again.

Last edited by LoveAlbuquerque; 03-02-2010 at 07:36 AM..
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Old 03-02-2010, 07:24 AM
 
279 posts, read 418,815 times
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Quote:
Originally Posted by BriInNH View Post
I say if their INITIAL offer was 295k with appliances, you should take up and sign that offer. Depending on how long your home has been on market, at what pricing, etc.
My house was first put on the market on Jan 14. Within one week (without the need of an open house), I got two offers, one was $295K (can put down 15-20% in cash) and one was $300K (can put down 3.5-5% in cash). So I accepted the higher offer of $300K. However, that buyer backed out after wasting me over one month of time in part because of the difficulty with obtaining an FHA loan.

This is the second round. Again within one week I got two offers, $295K (can put down 10% in cash) and $299,900 (can only put down 5% in cash). Look at how similar these two offers are compared to the two last time - history tends to repeat itself - In order to avoid the same mistake I made last time (picking a higher offer with less sound finances), I think I should go with the lower offer who can put down more cash in order to close smoothly. Agree?
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