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We had a good hundred people show up at our open house.
Then you are in the catbird's seat here.
Though you don't want to go through the whole showing thing again, with that much interest you and your buyers both know there will be another offer along soon enough.
So you offered $8K to offset needed repairs. They want $20K discount. Figure out what you are willing to knock off for repairs and counteroffer. $10K? $12K?
I would also include that you will continue to show the property and take back-up offers. Otherwise, you could fuss around with these folks all summer.
Maybe it's that my purchasing experience is only with short sales. There is no repair negotiations. There is low balling and I was waiting for that, but my buyers didn't do it. So it's a bit of a different animal I guess. Hopefully another 1k will get me out of my house!
Though you don't want to go through the whole showing thing again, with that much interest you and your buyers both know there will be another offer along soon enough.
So you offered $8K to offset needed repairs. They want $20K discount. Figure out what you are willing to knock off for repairs and counteroffer. $10K? $12K?
I would also include that you will continue to show the property and take back-up offers. Otherwise, you could fuss around with these folks all summer.
Thank you. This is good advice. I'm going to call my agent with it.
My gut says you're sitting on a hot buy. Well within HomeReady pricing (3% down) range. I think you have a bottom feeder. I would tell your buyers (via agent) the home inspection is not to renegotiate the contract, but to make sure they can handle defects not readily seen. Now, most buyers try to make it a second chance negotiation, but your agent is who controls the offers you entertain. They could easily say, "sellers will entertain closing cost assistance, but the home inspection needs to be for informational purposes only" (buyer can still walk, but don't come back to the seller for more money).
Your biggest mistake was the Realtor you hired. In a limited market of firt-time buyer homes, anyone can list and sell one. A good agent is the gatekeeper of what comes in.
sounds like they are picky and want perfection....for free/cheap.
There is new construction on my block if they want perfection for 700k+. That was another thing- the asking price was supposed to reflect needed small repairs.
My gut says you're sitting on a hot buy. Well within HomeReady pricing (3% down) range. I think you have a bottom feeder. I would tell your buyers (via agent) the home inspection is not to renegotiate the contract, but to make sure they can handle defects not readily seen. Now, most buyers try to make it a second chance negotiation, but your agent is who controls the offers you entertain. They could easily say, "sellers will entertain closing cost assistance, but the home inspection needs to be for informational purposes only" (buyer can still walk, but don't come back to the seller for more money).
Your biggest mistake was the Realtor you hired. In a limited market of firt-time buyer homes, anyone can list and sell one. A good agent is the gatekeeper of what comes in.
Yes, that's exactly what it was supposed to be. I went with her because she was my buyers agent for my current home. I've also reached out to her over the years for advice and she has always made herself available to me. So, I had some earnedloyalty, which is probably a poor business decision. I'm no business woman. She did say exactly what you said here, so I'm not sure how we ended up with the negotiation dance. But, I did not shop around for an agent like I should have. With that said, she spoke with the buyers agent last night and the buyers will buy with these 1k repairs. So they say right now
There is new construction on my block if they want perfection for 700k+. That was another thing- the asking price was supposed to reflect needed small repairs.
Then stick with your asking price with the $8K allowance.
Have your agent explain that the asking price and $8k was to reflect that this was an older home that would need some repairs, but that you had a lot of interest at your Open House and you're not ready to drop the price $20K quite yet.
Thanks again for all the advice. The update is that we're doing about 1k in repairs. We're fixing up some flashing and pointing on the chimneys and for the ungrounded outlets we'll ground what can be ground, put GFIC or two prong outlets on what cannot be ground, and give them the 2k estimate to run ground wire. That seems to be ok with them...for now. We're set to got to P&S on Tuesday. I've been so stressed out.
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