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Gosh as a buyer and seller it feels like we are getting shafted coming and going. We live in NY and are moving to Pa. We have a few properties to sell.
Last week one buyer bailed on the deal on the day BEFORE the closing ; yes, 25 hours before closing!! So after being in contract for almost a year, we are back to square one.
Then our own house had an agreed price with a buyer but the appraisel came in 20,000 below the price, so we agreed to drop it and keep the buyer.
The house we would love to buy seems to be priced $150,000 HIGHER than a comp that sold in Feb!! The house is priced at $370,000 and the comp sold in feb for $229,000.
Maybe we will just move into a camper and rid ourselves of the stress. I woudlnt mind if it was all about $5,000 difference, but nope.
I have often advised people that are relocating, if they do not know the area they will be relocating to real well then live in a rental for the first year while you learn your way around the area.
The house we would love to buy seems to be priced $150,000 HIGHER than a comp that sold in Feb!! The house is priced at $370,000 and the comp sold in feb for $229,000.
Anyone can ask anything they want for their property. Perhaps this is what the seller's paid or needs or just wants out of the sale. Not that this is your problem.
You need to know why the comp house sold and closed at $229K? Was it a one off bank-owned property or short sale? Is it really comparable to the subject property- the one you love? What's the trend for the area?
Why was your property under contract for a year? Did the buyers have a house to sell? Did they have a mortgage contingency? Is there earnest money at risk here or did the contract allow the buyer to back out 25 hours before the scheduled close? The longer a sale pends, the greater the risk that the sale is not going to close.
We get to keep the earnest money. It was supposed to be a cash sale, but the buyer was buying a bigger commercial property behind our property. That was sold in Jan ; that too was delayed. He did not have a proeprty to sell ; Once he saw the payoff amounts on our mortgages and saw that we would be walking with some money, that is when he pulled the plug.
We know nothing about the comp property ; could have been a foreclosure or short sale ; but if that is the case, it means that similiar comps would be used at the home we are selling also. I totally agree that anyone can ask anything ; but will they get it?? That is the huge deciding factor.
Why am I guessing that the OP is doing all these transactions without an agent?
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