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Wow. I'm surprised to see a list for less than what the seller paid. Most sellers think that's against the law, or something. (Not that I blame them. If you're going to lose money, why not just mail the keys to the bank?)
If you don't want to make offers on both, you could make an offer on one, and tell them you're making another offer on another house in 24 hours, at which time their offer expires.
Or, you could just notify them you have $500,000, and you're willing to entertain offers. Who knows? Maybe they'll get into a bidding war, and you'll spend even less than that amount.
Wow. I'm surprised to see a list for less than what the seller paid. Most sellers think that's against the law, or something. (Not that I blame them. If you're going to lose money, why not just mail the keys to the bank?)
If you don't want to make offers on both, you could make an offer on one, and tell them you're making another offer on another house in 24 hours, at which time their offer expires.
Or, you could just notify them you have $500,000, and you're willing to entertain offers. Who knows? Maybe they'll get into a bidding war, and you'll spend even less than that amount.
I have been listed for less than we paid for 3 months. Just got a second offer today that we are trying to iron out. (still don't know if he is accepting our counter) Not everyone selling is trying to make a profit.
LinusK - just because a seller lists for less than what they paid doesn't mean they're upside down and should just give the keys to the bank. Some people actually put 20% down and are losing their investment money (down payment, improvements, etc.). It sucks when you play by the rules and still get burned!
LinusK - just because a seller lists for less than what they paid doesn't mean they're upside down and should just give the keys to the bank. Some people actually put 20% down and are losing their investment money (down payment, improvements, etc.). It sucks when you play by the rules and still get burned!
You don't say what is owed on either house. The second may have remortgaged so the price they paid may have nothing to do with it.
My vote is that neither would accept, both would counter.
Based on the information you provided, If you love both homes I would try the 2nd seller first. if they don't accept then go to the first seller. you have nothing to lose.
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