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Old 10-15-2013, 03:57 AM
 
79 posts, read 100,238 times
Reputation: 62

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We have had our home on the market for just about 1; month. Five parties have at least asked for disclosures and expressed intent to write an offer, but none have. Obe party still wants our house but can't get a loan approved for anything close to our house bc one iscselfvemployed. Another party is es rly on in tge process and still securing financing ( also self employed). The 3rd party seemed convinced our crawlspace had been underwater at 1 time & hasn't budged with an offer even though we have explained this has never been the case and you do a home inspection when u make an offer. Another party, everyone but the wife wants our house. And the 5th, they want to know if we will consider a contingent contract & their realtor hasn't even responded to my agent asking if their house was even listed.

I asked my agent ifv we should drop t hth e price (we already dropped it 5k) and she says to hold up for a bit because no one has said anything about the price. There is very little inventory in my area and my house is a better investmemt than other homes in the area, but only our area's agents know this. A couple of these agents are not local, and don't know about these things.

Just frustrated & want to at least get an offer so I can put an offer on our next house.

Why don't these peeps even write a lowball offer? We have alresdy written & lost two!
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Old 10-15-2013, 04:03 AM
 
Location: Cary, NC
30,492 posts, read 53,430,148 times
Reputation: 28777
Quote:
Originally Posted by MB0909 View Post
We have had our home on the market for just about 1; month. Five parties have at least asked for disclosures and expressed intent to write an offer, but none have. Obe party still wants our house but can't get a loan approved for anything close to our house bc one iscselfvemployed. Another party is es rly on in tge process and still securing financing ( also self employed). The 3rd party seemed convinced our crawlspace had been underwater at 1 time & hasn't budged with an offer even though we have explained this has never been the case and you do a home inspection when u make an offer. Another party, everyone but the wife wants our house. And the 5th, they want to know if we will consider a contingent contract & their realtor hasn't even responded to my agent asking if their house was even listed.

I asked my agent ifv we should drop t hth e price (we already dropped it 5k) and she says to hold up for a bit because no one has said anything about the price. There is very little inventory in my area and my house is a better investmemt than other homes in the area, but only our area's agents know this. A couple of these agents are not local, and don't know about these things.

Just frustrated & want to at least get an offer so I can put an offer on our next house.

Why don't these peeps even write a lowball offer? We have alresdy written & lost two!
Most people will not write a low offer. They figure it is not worth the time, as many owners are extremely emotional about the offers they receive.
You should read the threads here where people range from petty to vicious about low offers on their homes.
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Old 10-15-2013, 05:37 AM
 
Location: Bloomington IN
5,261 posts, read 6,618,447 times
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They are not writing an offer for a few reasons. First, several are not ready, willing and able buyers. They don't have financing. This includes the buyer with a house to sell. They cannot get financing without selling their current home, and they have not (in all likelihood) even listed their house yet.

The other two simply do not want your house. I'm sorry to be blunt about it, but it is the truth. The wife doesn't want it. The other buyer is convinced there is a problem although you say there is none. Move on and forget about these two.

It maybe a good investment, but there is an emotional aspect to buying a home. Buyers will often ignore the business side of house buying in favor of the emotional side. An entire industry is built around that idea--staging of homes.

You just need to wait until a ready, willing and able buyer connects with your house emotionally. Perhaps there is something your agent can do that illustrates the good investment for out of area buyers BEFORE they see the house. Does he/she communicate this to non-local agents? How does s/he communicate that. Is there some type of brochure available in the home for buyers that will show them this information?
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Old 10-15-2013, 06:00 AM
 
Location: Brentwood, Tennessee
36,476 posts, read 35,231,152 times
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Be thankful. Most of the "buyers" you've described are actually just dreamers who don't need to be looking for a house yet.

Be VERY careful is you accept a contingency. What happens if you get a contingent offer, then sign a contract on a home you want but YOUR buyer's offer falls through? Then you'll be in a panicked situation.

Just be patient. It does sound like your home is NOT as great an investment at the price you have it. So reduce the price if you want to sell NOW but make sure any offer is not contingent on the sale of THEIR house.
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Old 10-15-2013, 06:56 AM
 
189 posts, read 424,472 times
Reputation: 307
What you are going through is normal. I always buy in a "starter home" neighborhood when I move to a new community. I do this because I don't like being house poor (I like my mortgage to be less than 30% of my take home pay to allow me to do other things in life). The downside of this for me - my target market when selling is that first time buyer, or a buyer moving from a condo to a home. My god, selling to a first time buyer is the worst. As said above, a lot of dreamers. What I alwas get a lot of is someone who thinks they can afford the home because they spoke to a mortgage broker who said they can be approved for $x, so they look at homes in that price range. They are gung-ho about making an offer, until they realize that the mortgage of $x means they can't have cable, they can't go out as often, they can't go on vacation, etc. It's good they decide not to write the offer and take on debt they can't really handle, but it's frustrating as a seller because you just want to sell and move on.

Hang in there, your buyer will come.
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Old 10-15-2013, 10:04 AM
 
Location: Dallas TX
13,884 posts, read 19,801,667 times
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I think you have to weigh your options. What is most important to you? Making money off the sale? Selling quickly? Both?

I went through what you were going through, we were relocating to another state and had a very short window to get the kids in school and find a place to live. We couldn't afford two mortgages. Hubby and I talked and to us it was most important to sell the house quickly and not take our time to sell at a higher price. We drastically cut the price and sold within a few days.
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Old 10-15-2013, 11:25 AM
 
79 posts, read 100,238 times
Reputation: 62
Thx everyobe. We are going to drop $10k andsee. Can't go much lower though.
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Old 10-15-2013, 11:49 AM
 
532 posts, read 1,022,123 times
Reputation: 620
Let us know how it goes! I'm also considering a price drop, though I don't feel like the comps merit one. Also getting tired of waiting for the house to sell, but I don't know if things are slow right now because things are slow right now, or if it's the price that is the issue. I don't want to drop the price only to still have no interest because things are just not moving in my area. It's not like all the rest of the houses in my neighborhood had sold, they're all sitting too.
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Old 10-15-2013, 04:30 PM
 
189 posts, read 424,472 times
Reputation: 307
Quote:
Originally Posted by starla View Post
It's not like all the rest of the houses in my neighborhood had sold, they're all sitting too.
That's what I'm experiencing too. I am getting close to my closing for a cash offer, but they are refusing a couple of redlines from my lawyer re: the due diligence period and I'm ready to let them walk. I'll take it off the market and wait until February then. I am comfortable waiting for things to rebound, but are you? That's what you should calculate in a price reduction. If a price reduction is far greater than your carrying costs, then why do it unless something is pushing you out the door?
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Old 10-15-2013, 06:07 PM
 
5,197 posts, read 5,779,393 times
Reputation: 13038
One month and no offers? That is not really unusual in today's 'average' market.

Like has been said, you sort of have to make the decision: sell it at a less than 'hopeful' price, or let it sit and see what happens.

Seems like you have made the decision (by dropping the price by $10,000) that selling it is more important than hanging on for a 'hopeful' price which you may never get, regardless of how long it is listed.

Good luck. Mostly you just have to be patient. So far you have seen the 'dime a dozen' tire kickers. Even with the lower offer you will still get those, and the 'could we add a fourth bedroom and a third bath and ...' crowd. Eventually a REAL buyer will show up. Even then, getting them through financing will be a PIA, and more than likely one or two deals will fall apart before you actually get one through to closing. Don't take it personally, and no, there is nothing 'wrong' with your house.

It just takes time. People are nervous, and scared, and the shenanigans in Washington are just adding to the angst.
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