Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
there are a few things from your comments make me think you might want to think.
1 off market lising, thus you may not be getting a true FULL market value sale.
2 you don't seem happy with the deal
thus,
Take a step back, are you getting the FULL market price with strong terms....
If you like the deal, feel it is strong , then offer them some money , it does not have to be 500, just a number that makes them feel good.
If you don't like the deal you have a few choices.
1 say sorry we are out the deal is off , we do not accept your terms. and then go get a better deal.
2 tell them you think the deal is already too good and are only going through with it because you gave your word, and that if they want out they can get out with no burden.
3 suck it up just to close and accept the new price.
t.
key to off MLS deals ....
disclosure, honesty, setting realistic expectations. (I can't stress that enough), and not worrying about the small things as long as the "big deal" remains intact and undiminished
Thanks for your feedback! I did forget to note that the buyers are past their 7-day option period, so it's safe to say that the ball is in our court, so to speak. I will strongly consider giving them a $500 concession, but will be hesitant to reduce the price drastically IF the house doesn't appraise.
Counter with $300. It's a used house and you didn't promise perfection (did you have a seller's disclosure?) Did you have a good comparative market analysis done before this all happened?
And be glad you didn't get THIS list of special stips, which is making the rounds in our neighborhood -- after we finished laughing hysterically, we just have to shake our heads . . .
Some of you may remember my posts about listing my house as Coming Soon. We found a solid buyer a couple of weeks ago. We had the house listed for $237k and the buyers countered at $225k. We agreed on $230k.
Fast forward to today... after this past weekend's inspection, they now want us to make some minor repairs or come down $500 on the price. WHAT??? And most of these repairs are laughable: fix ceiling nail pops; replace cracked outlet cover; fix slow drain; closet door ball-catch at top missing; put closet doors back (they're in the attic). And some are things that I need to get pro help with (below). Are these expensive repairs?
You remind me of the guy I worked with once who complained about his property taxes.
He paid $7K a year on a 144 unit apt complex where he made a clear profit of $300K a year.....
About slapped the stupid out of him....Just pay the $500 and be glad...................
Counter with $300. It's a used house and you didn't promise perfection (did you have a seller's disclosure?) Did you have a good comparative market analysis done before this all happened?
And be glad you didn't get THIS list of special stips, which is making the rounds in our neighborhood -- after we finished laughing hysterically, we just have to shake our heads . . .
That is obnoxious and very gutsy in my opinion. I can't even imagine putting a request like that in writing and think it's going to fly
I guess I'm more surprised at their request being as the market is so competitive. I can guarantee you that if I made this same list of requests where I want to buy, I'd get laughed off the block. Because there are 20 other offers around the corner.
If you don't like the deal you have a few choices.
1 say sorry we are out the deal is off , we do not accept your terms. and then go get a better deal.
2 tell them you think the deal is already too good and are only going through with it because you gave your word, and that if they want out they can get out with no burden.
3 suck it up just to close and accept the new price.
Number 1 puts the seller in breach of contract and the legal repercussions that come with it. Either party can ask to change the terms whenever they want and the other party can either agree or disagree but both parties are locked into the original agreement either way. Number 2 makes the earnest money completely irrelevant, never give up the earnest money for nothing. Number 3 is the only good/realistic option and it also isn't the only option available.
The seller can accept, deny, or counter.
1) If you accept then you agree to make the repairs or pay the $500.
2) If you deny then the original deal is still on and the buyers will have to decide if they want to proceed or not, if they don't the seller keeps the earnest money.
3) And if you counter it is up to the buyer to accept, deny, or counter back, otherwise known as negotiating.
The best way to handle that list of items IMO is to take the $500 because the rebar, brick/drywall repair, and roof items could cost you more. Nothing on the list is unreasonable you need to get your emotions out of the deal or you are going to blow it.
Number 1 puts the seller in breach of contract and the legal repercussions that come with it. Either party can ask to change the terms whenever they want and the other party can either agree or disagree but both parties are locked into the original agreement either way. Number 2 makes the earnest money completely irrelevant, never give up the earnest money for nothing. Number 3 is the only good/realistic option and it also isn't the only option available.
The seller can accept, deny, or counter.
1) If you accept then you agree to make the repairs or pay the $500.
2) If you deny then the original deal is still on and the buyers will have to decide if they want to proceed or not, if they don't the seller keeps the earnest money.
3) And if you counter it is up to the buyer to accept, deny, or counter back, otherwise known as negotiating.
The best way to handle that list of items IMO is to take the $500 because the rebar, brick/drywall repair, and roof items could cost you more. Nothing on the list is unreasonable you need to get your emotions out of the deal or you are going to blow it.
I really can't afford to scare off my buyers. This contract is the only hope that I have in getting my offer accepted on another house... and I hate that.
Lower the price by $500, that way if you get a lower appraisal you will come down to the appraised value and not have paid anything for the repairs they want.
As a former Realtor (now retired) I can pretty much assure you that if you just give them $500 (instead of lowering the price) you could go back to your house 5 years from now and they will have pocketed the money and not done one thing on their repair list.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
