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If they have asked for extensions for both the loan and closing, I'd be very concerned that they actually had the ability to close. And I also would not budge on the item that was disclosed if they signed. You've already made your adjustment.
Hopefully selling quickly isn't important; but I would pass on these buyers. I think they are going to ask for the moon every chance they can if you give in now.
Yes, selling a house is stressful for most people. A lot of people say to leave the emotions out, it's a business transaction only. That's easy for them to say but the reality is different. People have an emotional attachment to their homes and it's nearly impossible to keep that from entering the transaction. Sometimes it ruins an entire deal that would otherwise have resulted in a successful and equitable sale.
All I would say is to be guided by the advice of your agent, who hopefully is a Realtor. For example, you may be dealing with something that has to be repaired under your local laws. I don't know if this is the case since we don't know anything about the "defect," but it might not be as simple as opining that they "accepted it." It's an issue that you need to determine so be led by the advice from your Realtor or attorney rather than Ya-Hoos like me on a forum. As they say, our advice is worth exactly what you paid for it . . . .
I would also caution that nothing has been "accepted" until the papers are signed and the money is in the bank. There's lots of outs along the way, including inspections and repairs. If they don't want to accept the number of repairs you're willing to make or your partial offer of money, they can walk. They don't have to buy the house.
All I can say is try not to let your emotions get in the way of the smart thing to do. If you're willing to not sell the house and keep it on the market, then play hardball. You might win and sell the house, but the chances are that you won't win and the buyers will walk to a different sale. It's a gamble which way they'll go.
You may end up keeping the asset in a declining market and lose more on the next offer after you chase the market lower. You will keep lowering your listing price to stay with the comps and then find the next offer at a price far less than the $11K you're trying to save right now. Are you willing to take this chance?
Then again, maybe a fairy godmother will pop out tomorrow, tap the roof of your house with their magic wand, and produce a full price buyer for you in one day. I think that's unrealistic since any other buyer is going to do their due diligence and discover the same defects your first buyers found. The only difference is that they might be willing to accept the defects and therefore ignore them. However, that is also unlikely since almost anyone in this country today is well aware of the buyers' market and the subsequent power of their position.
After all of that, be sure to speak to your agent about your decision and consider their advice. The agent may have insight into the buyers and/or their agent that could help you do what you need to do.
I hate to say it but my husband was right. When they made the initial offer I got really excited and convinced him that we should accept their offer as is. He told me we should counter offer something but I insisted on just signing the offer as is. He told me this was a bad move and that they would read this as a sign of desperation. Thing is we are not desperate but we may have wasted a lot of time with these buyers.
My husband said that just because they say they are putting down $45,000 does not mean it is the truth, but, I thought they had to have some sort of proof of what they have, otherwise what good is writing all of that down on paper if you don't really have it???
I've never sold a home but my husband is older than me and I should have listened to him. I am learning a lot.
Thing is we are not desperate but we may have wasted a lot of time with these buyers.
Doesn't that tell the entire story? Doesn't this mean that you don't have to sell the house and that you can stay there for as long as you want until you get the price you want? It sounds like you can afford to lose the buyers and take the chance with the market, so you have nothing to lose by playing hardball.
Again, be sure to have a looooooong talk with your Realtor, not only about price, comps, the future of your local market, negotiating strategy, and her/his insight into the buyers but also your desire to hold your price. This is the person you trust since you listed with them, so pay attention to their advice and then make a decision on what to do.
ON EDIT:
Quote:
Originally Posted by momobear
My dad said that the only people who should try selling a home now are people who need to sell. My husband agrees with this too.
I appreciate your comments Garth. It just does not seem fair to me.
Let me explain myself. If you were buying anything else in the world you could buy it for whatever price you wanted. Meaning that there will always be people paying a fair/average price for something, people who are willing to pay more for the same exact thing and those who get a really good deal (for whatever reason) on the same exact thing. Not everyone selling something are in the same condition or ever will be or have the same circumstances. I don't know if I am explaing myself correctly.
BTW, my agent is great to work with but he was out of town today.
I appreciate your comments Garth. It just does not seem fair to me.
Not everyone selling something are in the same condition or ever will be or have the same circumstances.
momobear71, There's no way you could ever know how much I agree with you and can empathize with you in this situation. We each have our stories, trials and experiences.
I do understand the other part of what you're saying, but there's really no solice that I can offer other than to say that if you don't need to sell, don't sell. The market may not come back in the next couple years, but it will come back over time. The thing is, will it come back in enough time? I don't know. Only you can guess if it will.
If you don't sell, at least you have a roof over your head. At least you have a place to live. At least you have a home that you love, which has cared for you and that you can care for. There are others in this world that can't say the same thing.
This world is not fair, especially in the world of business. There are also buyers out there that are not fair. You can't get away from that. All I can say is to try to make the best out of things.
There is a saying that people can tell that fair deal has been reached if both parties are unhappy with the outcome - or something close to that. That probably doesn't make you feel any better, but perhaps it might help you in your dealings with the other side.
You may not win everything, but maybe you can win something. What more can we ask for than that?
I do wish you the best of luck and hope that you come out of this with some sense of winning.
... but that the new roof they want is a matter of opinion and is not defective.
This is the first time you've mentioned the big repair, and this might be your opinion, but if the buyer cannot obtain home owner's insurance because the roof is bad, that's your problem! You might have home owner's insurance currently, but a buyer obtaining a new policy may not be able to get approved. Hopefully your agent advised you to get a couple or three estimates from reputable roofing companies to see what the issue is, otherwise, you're buying a new roof or you can't sell your house to any buyer who needs home owner's insurance.
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