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We have an offer coming in for way less then we wanted. $135k less than anticipated, but the market here is killing us. Foreclosures are coming around like crazy.
My husband has a job in another state starting in February so we do have some time. We are still walking away with a profit. So if we wait we take a chance of maybe getting more, maybe less. We have a qualified buyer, solid, will rent back to us but a very good negotiater.
Do we just get over the loss of profit in todays market and run with it or wait for another buyer?
We live in a very desirable, unique area that will for sure bounce back,,,but when??
How much loss is worth it for the sanity of knowing we can move on with our new life?
Just curious on feelings
ouch... what does your agent say? that is hard to swallow, but I don't know the price of your home, your market, the comps... be hard to give any advice on something like this.
But, if the market is really bad there, and you can live with the profit you do get, it will be behind you. You won't have to worry about it anymore. and you can focus on the next stage of your life.
Boy that sure sounds like a big price hit, but I know some areas are seeing those kind of offers. In a better market, I normally advise my sellers to counter offer, because buyers usually expect some type of counter. If you accept the first offer, the buyers will be wondering if they could have gotten it for less...In this situation I would talk to your agent and see what he/she advises is best for your particular area. Maybe you could counter back at a higher price and also offer some other type of incentive - paying their loan costs, offering lawn service or pool service for a period - something that shows you really want to work with the buyers.
It is hard to comment on whether you should take a $135k drop in your home price. How well is your home really priced? How long has it been on the market? Have you had any lookers? How many homes in your price range have sold recently? Is $135k more than 10% of the correct value of your home? how anxious are you to sell? How much is peace of mind worht to you? School is back in session and we are coming into the holiday season in a couple of months. Counter offer and see what happens. They could just be trolling for a real good deal and think they have you. good luck and let us know what happens. Jay
msheiny - Congratulations on getting an offer!!! Your agent is really in the best position to negotiate this contract for you. We know that the offer is $135k below your asking price. The BIG question, though, is how far below Sold Comps is it? If it's close to what comparable homes have been selling for then you may not want to counter too high. On the other hand, if the offer is well below the comps, then the buyer is probably expecting to have to come up on his offer quite a bit. A lot depends, too, on the choices the buyer has in his price range.
Hope you get it sold at a price you can live with!
Ok, to clarify we will still be walking with a profit of over $200k....
The comps are killing us because we are being forced to price with the foreclosures.
We have an offer coming in for way less then we wanted. $135k less than anticipated
On what basis were you expecting the anticipated price? When did you price the house?
Can you confirm that the most recent "solds" were foreclosures--and are these the comps you are using? Or are the foreclosures the active listings that are your competition?
Just curious! These are great questions, but the more info you provide, the better!
we listed for what i feel now was too much. So we lowered to a more market value. The last house in our area that sold in our square footage was still much lower than what we may be taking. It was a foreclosure. some other homes our size are listed, not sold but are also foreclosures. One other that is a resale the couple is desperate and may settle so low it would hurt us even more in the long run.
Its just such a weird market now.
but, we still walk away with a profit. We also have only been on the market a little over a month, so we did get an offer in somewhat of a resonable time.
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If it's close to what comparable homes have been selling for then you may not want to counter too high. On the other hand, if the offer is well below the comps, then the buyer is probably expecting to have to come up on his offer quite a bit. A lot depends, too, on the choices the buyer has in his price range.
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