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About 1.5 months ago, my husband and I made an offer on a house that is a relocation property, and has been on the market for close to 2 years. After going thru the house very thoroughly, we offered what we felt it was worth, however, we could not come to terms with the relo. company (current list price=$435k, our final offer=$380k, they came down to $410k). They have since taken the house off the market to do some cosmetic work (costing $5-7k), and then relisted it for the same price about a month ago (did not: change agents, reset DOM, or post list pictures of the update).
The weekend after it relisted, they held an open house, and the "fill in" realtor running the open house told us to "keep checking back" because the house is a relo. property, and they have been trying to get the company to lower the price, but that since it's a relo. prop. it's a "numbers game". (We did not tell her we had already been thru it, or made an offer, etc.)
We would really like to get this house, but feel strongly that it's not worth more than our offer (+ $$ for update made), especially considering some of the necessary updates it still needs, the fact that it's been on the market so long, schools aren't great, it doesnt have appliances, etc...any ideas on what we should do next? I can't help but feel like there's something that I'm overlooking, or a "strategy" we should try, especially since it continues to sit, vacant. Any ideas would be greatly appreciated. Thanks in advance.
We would really like to get this house, but feel strongly that it's not worth more than our offer (+ $$ for update made), especially considering some of the necessary updates it still needs, the fact that it's been on the market so long, schools aren't great, it doesnt have appliances, etc..
I think your question is misleading. The answer to your question is simply: offer more.
What you really want answered is: help us get this house at the price we want to pay. Short of shooting the seller, holding hostage all their children, or some other "out there" response, there is nothing to do. You offered, they countered, you either meet their counter or you walk.
Dealing with banks, relo companies, ect. can be frustrating. Has your agent reached out to the other agent and put together some comps to justify your price? The only thing that could possibly be done is that the listing agent is somehow successful in convincing the relo company that they are overpriced. That will sometimes work but really, the companies mostly just want their price and are content to sit on it until they get it.
About 1.5 months ago, my husband and I made an offer on a house that is a relocation property, and has been on the market for close to 2 years. After going thru the house very thoroughly, we offered what we felt it was worth, however, we could not come to terms with the relo. company (current list price=$435k, our final offer=$380k, they came down to $410k). They have since taken the house off the market to do some cosmetic work (costing $5-7k), and then relisted it for the same price about a month ago (did not: change agents, reset DOM, or post list pictures of the update).
The weekend after it relisted, they held an open house, and the "fill in" realtor running the open house told us to "keep checking back" because the house is a relo. property, and they have been trying to get the company to lower the price, but that since it's a relo. prop. it's a "numbers game". (We did not tell her we had already been thru it, or made an offer, etc.)
We would really like to get this house, but feel strongly that it's not worth more than our offer (+ $$ for update made), especially considering some of the necessary updates it still needs, the fact that it's been on the market so long, schools aren't great, it doesnt have appliances, etc...any ideas on what we should do next? I can't help but feel like there's something that I'm overlooking, or a "strategy" we should try, especially since it continues to sit, vacant. Any ideas would be greatly appreciated. Thanks in advance.
You offered what you feel it's worth. Is your offer close to market value?
A relocation company has two appraisals done a home, plus a real agent's market analysis completed prior to taking over a home and putting it on the market. Using those three values, they set a price. You are way below the professional opinions offered to them. Come up with very recent, current comparable sales to prove your offer is fair and see what they say.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by NY Annie
I think your question is misleading. The answer to your question is simply: offer more.
What you really want answered is: help us get this house at the price we want to pay. Short of shooting the seller, holding hostage all their children, or some other "out there" response, there is nothing to do. You offered, they countered, you either meet their counter or you walk.
Yes, if they are not willing to drop the price any more they are not in a hurry, and someone is likely to coma along and offer more in time. Their willingness to already drop from $435k to $410k seems very reasonable, here any home at that low price level would have multiple offers over asking and sell the first day. Your market is apparently not the same, which means there should be plenty of other homes on the market to consider.
I like how the next 20 posts are repeating what I've already said. Buyer has to come up in price. End thread.
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