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Old 07-25-2011, 05:41 PM
 
Location: Atlanta, GA
105 posts, read 138,020 times
Reputation: 104
Quote:
Originally Posted by codydog2 View Post
You have to decide if the property is worth it to you. The sellers might not be able to come down anymore. If they are right on the edge of breaking even, coming down more might not be worth it to them or they might not have the funds to make up the difference.
Supposedly they're already selling the home at a loss but it's hard to verify since he purchased and renovated the home on his own. Not to say I don't believe him but anyone will say anything just to get a buyer to feel some "remorse".

Quote:
Originally Posted by maurenemm View Post
My recent experience is that some sellers can and will wait for the price they want (or closer to what they want). The sellers of the house we bought were willing to wait a year. Their plan was to sell their house and buy into a retirement community. They didn't have much equity in the their home so they didn't feel like they could (or wanted to) drop the price much. There were no children in the house and they were retired so I think they could fairly easily cope with keeping the house neat and clean.

We first looked at the house about 4 months before we decided to put an offer in. We couldn't get it out of our minds and everything else paled in comparision. I'm still not sure if we got a good value or not. (Appraisal came in right at our agreed upon price.) But, we love the house and it should suit our needs for many, many years.
I think we feel the same way about this home and in the long run, the price shouldn't make a tremendous difference especially with the low interest rates right now. I think what's more bothersome is that we've come over 30k in price and they've only budged a little less than 10k.
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Old 07-26-2011, 06:07 PM
 
Location: southwest TN
6,591 posts, read 6,886,850 times
Reputation: 10600
Quote:
Originally Posted by baruchel23 View Post
Supposedly they're already selling the home at a loss but it's hard to verify since he purchased and renovated the home on his own. Not to say I don't believe him but anyone will say anything just to get a buyer to feel some "remorse".

Why would you care if he's taking a loss or making a profit? Seriously, whether it's true or a lie is irrelevant.

They lived in the home so there's no loss, IMO. I don't get the concept that people don't want to have paid to have lived in a home, they want back everything they put in. Heck, if they were renting, they'd get nothing back, so they have to write it off as rent expense. Sheesh, the mentality of people today.

I think we feel the same way about this home and in the long run, the price shouldn't make a tremendous difference especially with the low interest rates right now. I think what's more bothersome is that we've come over 30k in price and they've only budged a little less than 10k.
Again, it's either worth the money you've gone up or it isn't. No matter how much/little they budge in price is irrelevant. Do you want it and at what price are you willing to go?
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Old 07-26-2011, 06:14 PM
 
Location: Atlanta, GA
105 posts, read 138,020 times
Reputation: 104
Quote:
Originally Posted by NY Annie View Post
Again, it's either worth the money you've gone up or it isn't. No matter how much/little they budge in price is irrelevant. Do you want it and at what price are you willing to go?
I agree about not taking into consideration what they paid for it or how much money they put into the home. We've made over 3 attempts and it seems that they're not going to come down anymore or negotiate. They're set on their initial reduction. For curiosity, I'd like to know if it's because they'll have to bring money to the table (at a lower price) or if they're just being ignorant (for lack of a better word) of what type of market it is.
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Old 07-26-2011, 07:27 PM
 
Location: Southern California
3,116 posts, read 3,796,788 times
Reputation: 3488
Quote:
Originally Posted by NY Annie View Post
Again, it's either worth the money you've gone up or it isn't. No matter how much/little they budge in price is irrelevant. Do you want it and at what price are you willing to go?
I totally agree with this!
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Old 07-27-2011, 07:21 AM
 
Location: southwest TN
6,591 posts, read 6,886,850 times
Reputation: 10600
Before you even begin with your first bid, have it in your mind the highest you are willing to go. Write it down if you need to. Stick with it.

When we bought our house - during the entire process over 3 years - we always had a "highest" that we were willing to go. We discussed everything from our POV - first bid and then 2nd which was final. That was it. Meet it or we walk. And we did more than once. The house we bought we nearly didn't - they countered our 2nd - and final - offer. We said no, last offer stands. A week went by and I thought we had walked on a perfect property. But they did accept our last offer.

There is more than one home that's right for you. Never let that out of your mind.
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Old 07-27-2011, 01:23 PM
 
2,058 posts, read 1,869,092 times
Reputation: 1391
Quote:
Originally Posted by middle-aged mom View Post
What's the seller's motivation for moving? What happens if they do not sell? Are they upside down on their mortgage?
Check this.
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Old 07-27-2011, 01:27 PM
 
Location: El Dorado Hills, CA
2,938 posts, read 3,559,358 times
Reputation: 2723
Your realtor should be able to check the mortgage amount (or rather, the intial mortgage amount and date it was taken).

But in the end, the sellers are willing to sell at a particular price. They will sell the house when they find a buyer willing to pay that much. Either you are willing and will buy it, or they will wait for someone else that is willing. Maybe they just won't sell, it's their choice. And it's your choice.
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Old 07-27-2011, 05:16 PM
 
Location: Atlanta, GA
105 posts, read 138,020 times
Reputation: 104
We've already set the max we would pay for the home and it seems that this number won't be met so we are moving on. Also, the home was previously purchased as a foreclosure and according to their agent, they purchased an unfinished property left by a builder and put money into it. I know how much they purchased the foreclosure for but can't confirm the dollar amount of the improvements.
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Old 07-27-2011, 08:46 PM
 
Location: El Dorado Hills, CA
2,938 posts, read 3,559,358 times
Reputation: 2723
The cost of the home and the money spent on renovations are NOT the market price. The market price is that price that someone will pay for the house. Period.
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Old 07-27-2011, 10:56 PM
 
Location: Atlanta, GA
105 posts, read 138,020 times
Reputation: 104
Nina, I understand. Like I've said already in my previous post, I'm curious as to why the seller isn't budging anymore. If it's because he would need to bring money to the table in order to close, then my opinion of him is different than of him just not understanding today's market.
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