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Old 11-22-2017, 08:37 AM
Status: "Coffee!" (set 3 days ago)
Location: Cary, NC
29,528 posts, read 52,095,671 times
Reputation: 27804


Originally Posted by DomRep View Post
Just an update: our 2nd offer was officially 415K with 3% closing. We were told by the listing agent (who seems to be more responsive now that a) we're legit and the only buyers and b) the house has been on the market 5 weeks) that the seller was looking for a 415 net and she could either do 415 with no closing, or the list price (which is 425) with 10K closing. While we didn't submit another contract, we decided to go up to 420 with 3% closing. Seller countered with 410 and no closing.

So that's where we're at. The listing agent said there are no other offers on the table, so we're essentially bidding against ourselves here. It's basically a game of who will blink first.
So, you are $2600 apart.

Good luck!
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Old 11-22-2017, 11:06 AM
Location: BNA
459 posts, read 185,934 times
Reputation: 1121
Originally Posted by oldtrader View Post
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.
They have bearing in determining a number of side factors—a trend of DOM, how consistently popular the neighborhood has been, and what sort of improvements have been done from the last time those units sold.
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Old 12-03-2017, 07:00 AM
Location: northern va
1,460 posts, read 1,815,711 times
Reputation: 1159
how'd this work out ?
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Old 12-05-2017, 08:42 AM
2,099 posts, read 3,242,460 times
Reputation: 1234
Originally Posted by kww View Post
how'd this work out ?
Our last offer was $420K with 3% seller closing, and we've stood firm on that offer. We haven't had any contact with the listing agent in the last two weeks.

There is an end unit that is in the same community that we're looking at. It was on the market for two weeks and then taken down because of the hollidays, so we're trying to see if we can do an off market deal where we cover full closing.
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Old 12-05-2017, 11:28 AM
Location: Jersey City, NJ
477 posts, read 612,010 times
Reputation: 447
Originally Posted by DomRep View Post
Our last offer was $420K with 3% seller closing, and we've stood firm on that offer. We haven't had any contact with the listing agent in the last two weeks.

There is an end unit that is in the same community that we're looking at. It was on the market for two weeks and then taken down because of the hollidays, so we're trying to see if we can do an off market deal where we cover full closing.
Be careful, off market deal --the listing agent at the time you viewed the property and your buyer agent are still owed commissions... not sure you are going to save much.
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Old 12-06-2017, 02:40 AM
7,747 posts, read 6,637,164 times
Reputation: 16517
A lot of people are not in a big rush to sell, and do not see any advantage in taking a lower offer, and can hold out till they get their price.

The price and what a buyer will accept, should always be based on a 90 day on the market price. In other words, they do not need a quick sale, and you thinking the property has been for sale for 5 weeks, so they should be desperate to sell can be a long way from the truth.

My wife and I are considering placing our home on the market about mid year 2018. It is a 4 level (without a basement) custom contemporary home with features such as a 25 ft window wall in the living room. 1 1/2 baths, 3 bedrooms, a large family room on lower garden level with own deck. The room has a nice corner section with large river rocks set up for a wood stove. Living room, dining room, and family area and an alcove used as an office with 2 computer stations. 3rd level, is a very large bedroom with a fancy bath room, with a garden tub with jets, and a shower. 4th level is 2 bedrooms, bath, and another room we have set up as a media room with large screen t.v., as the main control system for streaming movies,etc. It is large enough we have convertible sofas with 2 twin beds at one end for extra company. a 14'x 40' terrace off of living room and the dining setting room. 3,700 sq. ft., luxury home. There are moss rock pillars on back of home, and a moss rock fireplace corner wall, and a pillar with a stone bench used for placing very large plants in the living room. These moss rocks are large irregular and very unique, go give a very modern setting.

There is a barn, and 2 stables, with rail fence around the property. Fantastic mountain view. It is the most unique home in the area, and a lot of people know we live in the area of our home and want to know if we know who owns it. To live in it, we have had to install 3 chairlifts to get us between floors, and in our late 80s, we are thinking it may be time to move to a one floor home for safety as we age. Hate to do it, but age dictates some sacrifices. It sits on 5 acres with our home sitting back 500 feet from the county road that separates the county from the best part of our town.

We will put it on the market, at the appraised value and will be firm, and we know we will get our price. Having spent from 1972 till I finally retired as an investment real estate broker, I kind of know what I can do and cannot do. The county recorders office, does a great job of estimating the increased value on property in the area, and in 2016 prices increased 12.5%, and this year I expect about the same. Holding the home as prices increase 1% or so a month, is not a hardship. Presently median home sales price is $335,000 and that includes homes that are 60 years old small homes, to large luxury homes. Current inventory for sale in town or close is almost zero, they sell as they come on the market.

Home has been appreciating greatly last 3 years, so holding a year waiting for a buyer, would not disturb us. We can afford to build a new one story home, and pay cash without any strain. We can afford to keep the home vacant while waiting for a buyer if we build before we place on the market.

I am using us as an example, that everyone does not panic if they have to wait a few months for a buyer. I still have a large 4 inch by 7 inch stamp with a heavy border that says rejected. I used to use it for under price offers for my clients properties. I bought, exchanged and sold my clients properties about like a stock broker handles clients. Same clients over and over again. I never had one listing expire, as we were realistic in pricing, and held for our price. I was involved in properties in several western states, to as far away as Costa Rica, and Belize. I may make a multiple property exchange, involving properties in several states and as far away as Belize for one of the properties. They may be commercial property, to be built single family homes, along with farms and ranches. And some businesses. I sometimes acted as a buyer and seller in my own account to be able to make some of the transactions I made.
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