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Old 07-18-2012, 01:22 PM
 
62 posts, read 161,134 times
Reputation: 20

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Quote:
Originally Posted by BizzyIzzy View Post
We plan to make an offer tomorrow. Still unsure what to offer though... I've written a friendly cover letter referencing the closest comparable so they understand our offer better. Let's hope my agent will allow me to send it along with the offer.
Let us know how the letter works. There's a few places that I saw that were really overpriced according to comparables and I wanted to try the letter approach. I just didn't know if that would help soften the blow of the lowball offer.
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Old 07-18-2012, 01:26 PM
 
28 posts, read 35,974 times
Reputation: 15
They countered 117k they pay closing. Not sure the letter worked.
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Old 07-18-2012, 02:37 PM
 
Location: Dallas TX
14,335 posts, read 20,592,632 times
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How much are the closing costs? In PA they are crazy, so we got our sellers to pay half.
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Old 07-18-2012, 03:20 PM
 
28 posts, read 35,974 times
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Closing costs are 3k. They also included their washer and dryer which wasn't in the initial listing. We countered back at 102k.
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Old 07-19-2012, 09:32 AM
 
Location: southwest TN
8,179 posts, read 14,281,076 times
Reputation: 14787
I sure hope you made your offer subject to an inspection.
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Old 07-19-2012, 09:45 AM
 
28 posts, read 35,974 times
Reputation: 15
They've come back with 114k, they pay closing and we get the washer and dryer. They say this is their final offer.
We are first time home buyers, and I'm beginning to think maybe we've got this all wrong. Maybe in my area, homes are really worth what people are asking? Noone seems effected by the housing bubble/crisis. This is the 10th poorest county in the country - they paid 86k in 2006 and want 114k in 2012.

The one thing about this home that keeps me coming back is that I'm fairly certain this home will pass through usda appraisers. It's the only home in our price range that I'm certain will pass. We have the cash down to do a conventional loan, but since we keep it out of the banking system they won't let us put it down on the home. (thank you USA PATRIOT act). I don't want to buy a home 14k cheaper and pay the same amount because of PMI.
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Old 07-19-2012, 09:50 AM
 
Location: The Triad (NC)
26,900 posts, read 58,020,547 times
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Quote:
Originally Posted by BizzyIzzy View Post
they paid 86k in 2006 and...
and then did damage to the property (by way of the started and left idle projects).

Quote:
I don't want to buy a home 14k cheaper and pay the same amount because of PMI.
Financing is important but try to keep it separate from valuation.

On that point... I'll repeat my theme in this thread:
Go hard with the low ball (70's or 80's) price or walk away.

Offer them their $86,000 back (with no contingencies or appliances or points)...
and a firm time limit to accept. If no... "tyvm and good luck... we're heading down the road"
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Old 07-19-2012, 09:54 AM
 
Location: BNA -> HSV
1,892 posts, read 3,284,958 times
Reputation: 1464
What kind of washer and dryer is it? You may already be around the price you want to pay when you factor in their concessions. $114k - $3k closing - W&D ($2000?) = $109k and you wanted to pay $108k. If this is the property you really want, I'd go ahead and accept their counter, pending inspection. You run the risk of pissing them off and losing the property if you counter again.

Are there any other comps your buyer's agent can pull?
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Old 07-19-2012, 09:56 AM
 
Location: BNA -> HSV
1,892 posts, read 3,284,958 times
Reputation: 1464
Quote:
Originally Posted by MrRational View Post
and then did damage to the property (by way of the started and left idle projects).

Financing is important but try to keep it separate from valuation.

On that point... I'll repeat my theme in this thread:
Go hard with the low ball (70's or 80's) price or walk away.

Offer them their $86,000 back (with no contingencies or appliances or points)...
and a firm time limit to accept. If no... "tyvm and good luck... we're heading down the road"
I'd laugh and tell you to keep walking on down the road then. It is obvious the sellers are not desperate to sell...I think you'd just be wasting your time w/ that strategy.
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Old 07-19-2012, 10:11 AM
 
62 posts, read 161,134 times
Reputation: 20
Quote:
Originally Posted by BizzyIzzy View Post
They've come back with 114k, they pay closing and we get the washer and dryer. They say this is their final offer.
We are first time home buyers, and I'm beginning to think maybe we've got this all wrong. Maybe in my area, homes are really worth what people are asking? Noone seems effected by the housing bubble/crisis. This is the 10th poorest county in the country - they paid 86k in 2006 and want 114k in 2012.
And that really sucks that they want you to pay so much more than they did, but is it worth more now than it was in 2006? I agree with another poster, have your buyer's agent do a Comparative Market Analysis (if they haven't already done one) with hopefully more than the one comp for 108K. I know people say they're not useful, but also pull up the tax assessment. If all those signs indicate it's not worth the 114K they're asking for it, don't budge.
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