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Old 10-27-2017, 03:41 PM
 
Location: northern va
1,378 posts, read 1,724,502 times
Reputation: 1061

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Quote:
Originally Posted by DomRep View Post
Let's see...

Home that sold on 10/31/2016: $380K. 4 bedrooms, 3 full baths, 2 half baths

Home that sold on 11/30/2016: $400K. 3 bedrooms, 3 full baths, 1 half baths. End unit w/2 car garage

Home that sold on 5/1/2017: $385K. 3 bedrooms, 3 full baths, 1 half bath

Home that closed on 10/5/2017: $440K. 3 bedrooms, 3 full baths, 1 half bath. End unit w/2 car garage. Stainless steel appliances, granite counters, new hardwood flooring, the works. It was listed originally at $465.

Maybe we should have gone in at 425K and let the appraiser figure it out, but how would we know if the listing agent isn't getting back to us.
What kind of comps are there outside of the neighborhood because I don't see an appraiser feeling warm and fuzzy about the first 3 you listed, way too old settlement date.

The one that closed on 10/5 I could see an appraiser using, but that doesn't help your case with your offer price.
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Old 10-27-2017, 03:41 PM
 
Location: On the sunny side of a mountain
2,814 posts, read 5,999,460 times
Reputation: 5128
Did your offer include a time frame as to when they needed to respond by?
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Old 10-27-2017, 05:10 PM
 
14,291 posts, read 16,120,504 times
Reputation: 21031
Quote:
Originally Posted by DomRep View Post
House that sold for $380K didn't have an island like this one does, but it seemed to have some sort of granite on their counter top (unlike the one we put an offer in). It also had an extra bedroom and an extra half bath. It has a smaller deck, and I can't tell based on pics/description if it has a walk in closet. But it has the same shower/tub set up. That was about 1,990 square feet.

The one that sold for 400K was about 2,000 square feet, it was also an end unit as opposed to it being an interior like the one we put an offer on. Deck looks similar, 4 beds, 3 full baths, 1 half bath, two car garage. No granite. I can understand why this went for $20,000 more because it appears they put a premium on it being an end unit.

I couldn't find pics of the one that sold for 385 earlier this year but it was slightly bigger and has an extra half bath.

All of these homes are in the same school district, same townhouse community so it's the same set up, 1 car garage, driveway, high ceilings, etc.

So that's where our offer is coming from. Not only is this home smaller, it's also got one less room and half bath than the others but yet it's priced at 425? Eventually we'd like to put granite on the counter tops and maybe get a stainless steel fridge. Other than that, it's move in ready. But I'm not seeing the extra 30K.

As far as contact, e-mail/voicemail. Didn't help that it took almost 3 days to get back to our agent to answer if the house was even still available.
Stay on top....I'd call rather than email since this agent took 3 days to respond that isn't acceptable imo.
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Old 10-27-2017, 10:01 PM
 
26,087 posts, read 21,689,596 times
Reputation: 8474
Seems like a good offer to me. Prices are always a matter of negotiation and agreement, not absolutes.
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Old 10-28-2017, 03:58 AM
 
3,120 posts, read 1,172,798 times
Reputation: 7536
Quote:
Originally Posted by arjay57 View Post
Seems like a good offer to me. Prices are always a matter of negotiation and agreement, not absolutes.
And I absolutely agree with this statement!!
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Old 10-29-2017, 02:15 AM
 
7,383 posts, read 6,242,413 times
Reputation: 15381
Quote:
Originally Posted by DomRep View Post
Let's see...

Home that sold on 10/31/2016: $380K. 4 bedrooms, 3 full baths, 2 half baths
Home that sold on 11/30/2016: $400K. 3 bedrooms, 3 full baths, 1 half baths. End unit w/2 car garage

Home that sold on 5/1/2017: $385K. 3 bedrooms, 3 full baths, 1 half bath

Home that closed on 10/5/2017: $440K. 3 bedrooms, 3 full baths, 1 half bath. End unit w/2 car garage. Stainless steel appliances, granite counters, new hardwood flooring, the works. It was listed originally at $465.

Maybe we should have gone in at 425K and let the appraiser figure it out, but how would we know if the listing agent isn't getting back to us.
First two properties being a year old, have no bearing on the current value and not acceptable. The second home and third home would need price adjustments made for the differences between the homes.

Note second and forth homes, appear to be the same home, and the difference of 10% increase can be the value increasing in the near year between sales. This is the reason year old sales are not important in finding current value.

As they have not got back to you, you need to consider your offer has been rejected and it is far enough from what they will take, they are not going to waste time with you. If you want the home, make an offer they will accept. Your offer is dead.
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Old 10-29-2017, 07:26 AM
 
7,262 posts, read 10,178,166 times
Reputation: 8738
Is it acceptable at all for this posters realtor to tell the selling realtor to let them know if a better offer comes in? I'm not sure whether or not that is done.
It sounds to me like the poster has a good feel for the prices vs. sizes/finishes in the neighborhood. I personally don't understand why anyone would rely on the appraiser to "sort it out". That seems like it could both suck up a lot of time and is a bit of a gamble.
Sounds like its priced high, poster made a good offer. Since its early days the sellers may want to wait to see if they can get more. Poster should keep looking but again, it would be nice if the other realtor gave them a shot to increase their offer IF they get a better one. Of course price isn't everything. Does the poster here have a great credit rating etc. such that its a good bet their offer won't fall apart? Personally I think that adds to the value of the offer.
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Old 10-29-2017, 09:46 AM
 
Location: MID ATLANTIC
7,117 posts, read 16,106,461 times
Reputation: 7075
My $.02: If you really want this home, bid on it like you mean it. They aren't responding because they are hoping for a better offer to come along to play against your offer and waiting out the full weekend. Likely telling interested parties they will be reviewing offers Monday morning. Your gamble (your offer) is that there won't be any other offers. That's hard to predict without knowing the average days on market and how competitive of the market you are in.

If you were a family member and I knew you really wanted the home and you were making an offer before the weekend, I would put a sundown clause in your offer. This means the offer expires in 24 or 48 hours. This is my opinion, but this can also backfire. But, if you really want the home, you are correct, the appraiser will determine if the sales price is supported by value.

The other item I can't recall is if you asked for closing costs. That also impacts how seriously your offer is taken. Two items to think about - if this is the first house in your search you have found you wanted, all future homes will be measured against this home. It will be the one that got away. Hence, my "bid on it like you want it". For sellers, the first offer they receive is many times thein best offer. But because it came in too soon after going on the MLS, there's a fear of not getting every last dime out of it.
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Old 10-29-2017, 09:54 AM
 
Location: MID ATLANTIC
7,117 posts, read 16,106,461 times
Reputation: 7075
Quote:
Originally Posted by Giesela View Post
Is it acceptable at all for this posters realtor to tell the selling realtor to let them know if a better offer comes in? I'm not sure whether or not that is done.
It sounds to me like the poster has a good feel for the prices vs. sizes/finishes in the neighborhood. I personally don't understand why anyone would rely on the appraiser to "sort it out". That seems like it could both suck up a lot of time and is a bit of a gamble.
Sounds like its priced high, poster made a good offer. Since its early days the sellers may want to wait to see if they can get more. Poster should keep looking but again, it would be nice if the other realtor gave them a shot to increase their offer IF they get a better one. Of course price isn't everything. Does the poster here have a great credit rating etc. such that its a good bet their offer won't fall apart? Personally I think that adds to the value of the offer.
If the appraiser can support the contract's sales price, the value will be there. More and more, borrowers are interpreting a value that matches a sales price as the contract dictating value. But in reality, the appraisal that "comes in on the money" is nothing more than the appraiser saying the sales price is supported. At least that has been my observation. 5% is nothing, unless you are over-paying.
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Old 10-29-2017, 10:40 AM
 
Location: Columbia SC
6,798 posts, read 5,342,495 times
Reputation: 8855
Nothing to do but wait for a reply. If not one within a few days, have your agent hound the seller.
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