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After looking for years, I found a home I want. I don't have to move. My husband doesn't want to. But he couldn't find one negative about this house and agreed if the price was around what I think it's worth to make an offer. Except that it is WAY overpriced. 20-25%. It has been on the market over 60 days. I think the realtor must be suffering from dementia to agree to list at this price. I see they are trying to get close to what they paid in 2004 but it just isn't worth it. I have a solid comp that supports my price and a few listings that further support it. Nothing much is selling in that price range here. I have been working with a realtor but since I have been looking for so long, I just called a local realtor who I knew would keep quiet. I don't know if she has a lot of experience negotiating. I think she is a part time realtor.
SOOOOO...do I wait until they drop the price or go in at market now and explain. My agent contacted seller's agent a few weeks ago to kind of feel out the situation and the agent is quoting 2 year old comps. Seriously?
Make the offeryou want to make and reference the comps that support it. They’ll either continue to be delusional about their price, or they might get wise and accept your offer.
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I have been working with a realtor but since I have been looking for so long, I just called a local realtor who I knew would keep quiet. I don't know if she has a lot of experience negotiating. I think she is a part time realtor.
The listing price is set by the seller. In most cases, the seller wants what the seller wants. I think most sellers will not be persuaded by your reasoning and comps. They may need time to become reconciled to reality. (OR you may be wrong, the property for some reason may appeal to few buyers, and eventually the right buyer will come along).
Make the offer you want to make. The seller's agent is required to present it. Don't be surprised if you can't persuade the seller he is wrong.
Beyond the excellent answers given already, I'm trying to figure out where in the US has gone down in value 20-25% in the last 2 years
This could be a case of seller stupidity. 100% financing with the sales price including closing costs.....top of the market to boot.
OP, your seller is fishing because he is trying to avoid a short sale. As others state, it doesn’t matter how much logic you provide with your offer, if there’s no roadmap to avoid a short sale, there’s no roadmap to a ratified offer. You may need to wait it out, just know short sale purchases take infinite patience and not meant for the average buyer.
No, not a short sale. Seller is empty nester who bought at the peak and is trying to recoup. They built a house just out of state. Everyone is leaving our state, (Illinois) due to taxes and impending fiscal eruption. (We can't leave yet). I can show you listing after listing in my area where the seller has had to drop the price numerous times. I have a feeling the sellers think they live somewhere else. I am sure they are seeing the stuff saying that markets elsewhere are on fire like I am.
I guess it was stupid to call this agent. I just didn't want some realtor hounding me and I didn't think she would. I am in a quandary. My realtor friend from out of state says my agent should be calling the seller's agent feeling them out and seeing if making an offer would even be reasonable. She has been emailing her and texting me. I think she is afraid to deal with that agent because she is much more experienced and has worked in the area for probably 30 years. This lady is young and only became a realtor to sell her husband's (a builder) properties.
Another reason they are pricing the house so high is because they put a lot of $$ into it per sf. But they just aren't going to get it out. That's the way it works in real estate.
No, not a short sale. Seller is empty nester who bought at the peak and is trying to recoup....
If they are close to having more loan than value, that's what a short sale is.
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