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We are relocating with a job to Tx. We've had our house in the western Chicago suburbs on the market since Nov. 9th. We had ONE showing in Dec. We have gone from $495K to $484,900 to $475K. The co. just offered us....(gulp) $432K!! That stings....bad. We have 30 days to accept or decline. The spring market is around the corner. Any suggestions? We are supposed to close on our new home in TWO weeks. And if we take the buy-out we will owe his co. back $35K!! We needed at LEAST $460 to break even. Should we lower it once again to $450 and see what happens in the next 30 days?? ANY advice would be great. Thank you!
KJ
We are relocating with a job to Tx. We've had our house in the western Chicago suburbs on the market since Nov. 9th. We had ONE showing in Dec. We have gone from $495K to $484,900 to $475K. The co. just offered us....(gulp) $432K!! That stings....bad. We have 30 days to accept or decline. The spring market is around the corner. Any suggestions? We are supposed to close on our new home in TWO weeks. And if we take the buy-out we will owe his co. back $35K!! We needed at LEAST $460 to break even. Should we lower it once again to $450 and see what happens in the next 30 days?? ANY advice would be great. Thank you!
KJ
If you lower it to $450 and it is not below market value, you can expect to get an offer less than $432. From your numbers I assume you are selling the home on your own, and it is more difficult in this market to market for the buyers.
If you do get an offer, there is no assurance that it will close escrow. Many fall out today because of financing.
It seems to me that you need to accept the offer, because it's clean, and you're done with it. Then you can move on with your life.
We are relocating with a job to Tx. We've had our house in the western Chicago suburbs on the market since Nov. 9th. We had ONE showing in Dec. We have gone from $495K to $484,900 to $475K. The co. just offered us....(gulp) $432K!! That stings....bad. We have 30 days to accept or decline. The spring market is around the corner. Any suggestions? We are supposed to close on our new home in TWO weeks. And if we take the buy-out we will owe his co. back $35K!! We needed at LEAST $460 to break even. Should we lower it once again to $450 and see what happens in the next 30 days?? ANY advice would be great. Thank you!
KJ
There is no sign of a turn around in the Chicago market. It seems to be gradually getting worse. Better to take a hit now and not worry about carrying both on the premise that you could have gotten a few thousand more for your house. When you add in the cost of carrying it till it gets sold and the uncertainty when and for what it will sell for, it just doesn't make sense.
I would take the buyout and move on. We just closed on our house in the western suburbs of Chicago and took a big hit, but the market is steadily declining, and we decided to take our hit now and get out. I think it will only get worse as more houses come on the market for spring. When you say you will owe the company $35,000, will you have to cut them a check, or will they maybe give it to you as a forgivable loan over a couple of years. Taking a buyout is also much easier than dealing with selling, no negotiations after inspections, no worrying that your buyer will back out or can't get financing, just sign the papers and its done.
We are relocating with a job to Tx. We've had our house in the western Chicago suburbs on the market since Nov. 9th. We had ONE showing in Dec. We have gone from $495K to $484,900 to $475K. The co. just offered us....(gulp) $432K!! That stings....bad. We have 30 days to accept or decline. The spring market is around the corner. Any suggestions? We are supposed to close on our new home in TWO weeks. And if we take the buy-out we will owe his co. back $35K!! We needed at LEAST $460 to break even. Should we lower it once again to $450 and see what happens in the next 30 days?? ANY advice would be great. Thank you!
KJ
You dont have the ability to go back and counter the companies offer?
I have never heard of a company buyout being negotiable. It is a take it or leave it offer and it is usually time sensitive. Buyouts will usually pay less than you normally would get by selling it yourself, but sometimes it is worth it as it is no hassle. I have taken two company buyouts and prefer it to selling as it is so easy. My buyouts did not entail losses to me since market was different than today. Today's market makes all these decisions much harder to make
Thank you all for such good advice. At this rate I do think it's best to get out as quickly as possible. We have 30 days to decide. My realtor suggests to drop the price to $450K and see what happens before the 30 days is up. Can't hurt, eh? Although, that may be dumb because as some of you pointed out what if the buyer backs out, etc. Hmmmm...my ulcer hurts.
Thank you all for such good advice. At this rate I do think it's best to get out as quickly as possible. We have 30 days to decide. My realtor suggests to drop the price to $450K and see what happens before the 30 days is up. Can't hurt, eh? Although, that may be dumb because as some of you pointed out what if the buyer backs out, etc. Hmmmm...my ulcer hurts.
Did your agent work a net sheet for you to see what you'll net if you sell the home at the listing price of $450?
If your commission is 6% you'll only receive 423 after commission and before closing costs, repair costs, etc. So that's less than the 432 from your company.
If the commission is 5% it's only 427.
If it's 4%, then good luck in finding a buyer, and if you do you'll still get only 432 after commission.
And that's assuming you get full price, which you won't unless the home is priced under the market.
It seems to me that trying to sell it is a losing proposition for you.
Thank you all for such good advice. At this rate I do think it's best to get out as quickly as possible. We have 30 days to decide. My realtor suggests to drop the price to $450K and see what happens before the 30 days is up. Can't hurt, eh? Although, that may be dumb because as some of you pointed out what if the buyer backs out, etc. Hmmmm...my ulcer hurts.
If you lower your price to $450K, after you pay realtor fees, will you not actually end up with less then the company has offered?
What am I missing but both of these are less then the offer for your company offer of $432,000. Given these figures you'd be better taking the company offer.
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