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Status:
"Censorship a degree of power"
(set 9 hours ago)
Location: Glen Mills
938 posts, read 1,228,702 times
Reputation: 617
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I know that there must be several different formats of the Home Inspection. Inspections I've seen may state what should be done now, in the near future and possible normal maintenance. You understand I am sure that these safety issues once disclosed to you may have to be written into a revised sellers disclosure. This serves a purpose but not advantageous to you the seller. Properties can be compared to other properties of like and kind and in similar condition. This should give you a basis for your negotiations. If they are so far under what would appear to you and your realtor as a reasonable price then indeed its a game. A game you do not have to play. Have it be stated to the buyer that at that price you are certain there would be many takers and that perhaps an open house may determine how many more would be interested at a price more attractive than theirs. You would like them to consider very carefully what their final offer will be because if they do not come back with what you construe to be a fair offer you will terminate the agreement in writing. You point out that they have been afforded a very aggressive discount and obviously that already took into consideration those items needing attention. My Realtor can furnish comparable properties and by you also being a Realtor and your partner a savvy Attorney you will certainly see the fairness of the originally agreed price and if you do not then I feel it best for us to further test the market. You have 5 days to present your last and best offer then I will move on and terminate this agreement in writing.
This explains a lot. It sounds like they're just trying to take advantage of you by using the inspection as a ruse for lowering the price. Sure, if an inspection would find some hidden defect that was unknown that would be one thing, but to attempt to negotiate a lowered price due to exterior siding or some other obvious defect would be completely uncalled for. You have to assume that your prospective purchasers have more insights into buying houses than most in the general public. They may not even need the services of an inspector to verify which conditions of the house may need upgrading or replacement (make sure you get a copy of the inspection report before you do any further negotiations as to price). Heck, in all of the houses I have purchased, I have always inspected the houses myself and did not even use an outside inspector. Some price adjustment may be warranted in your case, but don't let them snow you about the need to adjust for any obvious defects--they knew about those when they made their initial offer.
Last edited by jackmichigan; 09-21-2013 at 04:22 AM..
Status:
"Censorship a degree of power"
(set 9 hours ago)
Location: Glen Mills
938 posts, read 1,228,702 times
Reputation: 617
Sellers have faults too
Okay you accepted an offer several thousand dollars less (double digit reduction) than your original asking price. Point: You invited the game being played by not pricing your property realistically. If we own and think of ourselves as sellers buyers are never fair and vice versa. Everybody back up determine a fair market value for your home and then look for a buyer at that price. If you set your price because people offer less than asking and inflate it a little more because you feel you can always adjust it downward you are author of the problem you are facing. How many times have you heard: "Price your home realistically!!!!". The buyer in this case might simply be saying they knew they could never get that price. Let us go the other extreme and hope we wind up at a fair price. Lawyers are paid pretty well and my guess he could find more entertaining ways to spend his time. He wants to buy just not at your price. I would really like to hear what the price your Realtor recommended you list. It is then you can tell who should take the rap here. I here it now: "I recommend you list at 260K" "I cannot let it go for that price" "Let us try 340K we can always come down" ughhh!!!!!! I suggest everyone take a chill pill and you do homework about correct selling price.
Okay you accepted an offer several thousand dollars less (double digit reduction) than your original asking price. Point: You invited the game being played by not pricing your property realistically. If we own and think of ourselves as sellers buyers are never fair and vice versa. Everybody back up determine a fair market value for your home and then look for a buyer at that price. If you set your price because people offer less than asking and inflate it a little more because you feel you can always adjust it downward you are author of the problem you are facing. How many times have you heard: "Price your home realistically!!!!". The buyer in this case might simply be saying they knew they could never get that price. Let us go the other extreme and hope we wind up at a fair price. Lawyers are paid pretty well and my guess he could find more entertaining ways to spend his time. He wants to buy just not at your price. I would really like to hear what the price your Realtor recommended you list. It is then you can tell who should take the rap here. I here it now: "I recommend you list at 260K" "I cannot let it go for that price" "Let us try 340K we can always come down" ughhh!!!!!! I suggest everyone take a chill pill and you do homework about correct selling price.
Being that that is not the case at all here. We were told to list at 100k higher than we closed at. We had NO idea what the house was worth. We have multiple offers higher than "260". All three real estate companies in town think it is worth more than a certain price point and our accepted offer was lower than that. Our realtor is absolutely clear that we should not sell at that low price under any circumstances. Like I said, I have no attachment to the house. I didn't buy it and I have nothing invested in it. It is cash to me either way, but I won't be taken for a ride either.
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We saw the inspection report and there are no huge issues that weren't apparent from a simple walk through of the property. We are going forward with some of the repairs and small things that need to be done in case this deal doesn't work. We are preparing to give them a reasonable amount back for some of the other things. If it doesn't work, it doesn't.
Status:
"Censorship a degree of power"
(set 9 hours ago)
Location: Glen Mills
938 posts, read 1,228,702 times
Reputation: 617
Real Estate Negotiation
It sounds to me you are definitely on the right track and Good Luck in your negotiating. I find homes listed out of range of the neighborhood is the single most concerning problem as a listing agent. You know when I do a listing presentation I think of valuation like pricing the children or the family pet only difference you live in this particular item. I want to say what every seller wants to hear but I do not go that route. Keep in mind whether you listen to your Realtor or not probably some calls will come as a result of your listing and for those opportunities we are grateful and like others have said we can use yours to sell someone else's. Think of the ramifications of a person who listed just 180 days ago and a buyer who did not pull the trigger. There is a great deal of financial opportunity foregone if you do not make the right decision right from the onset of the listing. I said in another forum that as a child I remember my mom saying that you can have a snack and then you have to go to bed. I heard the snack part. Apply this idea to a listing presentation. Be attentive, Be inquiring, Be well advised, and be certain that your objective is to sell your home and most of all do not be hard headed or unreasonable. Discuss your options and determine the course that gets you to where you want to be with the minimum of pain and maximum success. Good Luck -- hope you win.
We saw the inspection report and there are no huge issues that weren't apparent from a simple walk through of the property.
That's usually not the case with most home inspections.
Quote:
We are going forward with some of the repairs and small things that need to be done in case this deal doesn't work. We are preparing to give them a reasonable amount back for some of the other things. If it doesn't work, it doesn't.
I don't understand why their realtor didn't write out a request for repairs after the inspection. You decide what you will repair, if anything, and your realtor writes a response. Nothing should be left up in the air as to what either party will or won't accept.
An update: We ended up dragging out another 2 months with those buyers, never going to contract. Eventually, we had enough and dropped them and returned to another set of buyers who had made an offer at the same time.
We are now due to close in a week with the new buyers who have been much more reasonable and have not had any trouble with our house and their FHA loan (obviously the other buyers were full of it).
I would've thought any buyer with a 25% reduction in price was full of it, congrats and thanks for the update.
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Sellers have faults too
