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Old 02-15-2019, 09:44 AM
 
982 posts, read 128,436 times
Reputation: 658

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Oh, for heaven's sake, accept the offer, or counter it with 3% closing costs and all the rest the same. If they need 90 days closing, it's well worth the wait. If the couple is approved for their loan, wants the house, and it looks like it's going to go through, then save yourself headaches - and, yes, expense! - and accept their offer. JMO but based on experience.
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Old 02-15-2019, 10:09 AM
 
Location: Denver CO
19,905 posts, read 10,816,009 times
Reputation: 29386
Quote:
Originally Posted by johngolf View Post
Bottom line is they offered $6K under you listing price.
Only if the listing price was $100,000

5 percent in closing costs, not 5 thousand dollars
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Old 02-15-2019, 10:10 AM
 
1,007 posts, read 236,849 times
Reputation: 2060
Quote:
Originally Posted by MeSoBe View Post
Do you take the first offer on a home?

Home was placed on the market Feb 7th. We received an offer Feb 11th. They are first time buyers using an FHA loan, asking for 5% toward closing and 1k toward any repairs. They offered the asking price.

There have been four showings to date with more two more scheduled as of this post. The whole thing has me wondering - is it ever a good idea to take the first offer?
What is your time table? Have you already purchased another home and are carrying two mortgages?
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Old 02-15-2019, 02:03 PM
 
2,814 posts, read 677,469 times
Reputation: 2292
Quote:
Originally Posted by MeSoBe View Post
Thanks for the perspective. You are most likely right.

We continue to book showings and have another offer and have begun negotiating a third. The 2nd is likely to hit the mark.

Real estate is an interesting subject and experience. It's also pretty exciting. This could actually be fun if I wasn't buying or selling. I see why this appeals to people as a career.

Thanks to everyone for their perspectives.
Totally agree. I used to be an appraiser and I would love to find a way to go back to the real estate industry but I don't really want to be an agent OR and appraiser. I just want to sit with agents and talk deals. Do you think they would pay me for that?
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Old 02-15-2019, 02:37 PM
 
296 posts, read 377,762 times
Reputation: 371
5% on closing seems excessive, is that normal anywhere? Around here asking for closing is pretty normal, but it's generally 2-3%

As for 1k for repairs in the initial offer, lol, get out. I suppose then they would ask for some more repairs after the inspection in addition to the 1k. No.
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Old 02-15-2019, 03:21 PM
 
208 posts, read 362,004 times
Reputation: 252
Happy to state a better deal was reached. Both seller and buyer are happy. Woot!

I gotta find a way to do this. Anybody looking for an intern?
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Old 02-15-2019, 03:23 PM
 
208 posts, read 362,004 times
Reputation: 252
Quote:
Originally Posted by nkull View Post
5% on closing seems excessive, is that normal anywhere? Around here asking for closing is pretty normal, but it's generally 2-3%

As for 1k for repairs in the initial offer, lol, get out. I suppose then they would ask for some more repairs after the inspection in addition to the 1k. No.
Those were my thoughts. I hope they find a home that makes them happy.
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Old 02-15-2019, 05:27 PM
 
6,340 posts, read 3,534,414 times
Reputation: 13535
Quote:
Originally Posted by Coldjensens View Post
No. It was a low-ball offer. So low it was insulting. We told the realtor we would not make a counter offer and we were not interested in further discussions with the offeror. If we could not get what we wanted for our house, we did nto want to sell it at all.

By July, we decided we would pull the house off the market if we did not have an acceptable offer by August 1. We did not want to start our kids in school and then move and the prime selling time (spring) was pretty much over. We were no 100% certain about moving anyway, but we could always try again next year.

The realtors called the lowball guys realtor and told him we were pulling the house off the market, so if he was actually interested he had better make a realistic offer now. He did and we negotiated an acceptable price. Worked out well for us because by the next spring real estate prices had leveled or dropped a little and over the following two years plummeted dramatically.
You made a capital error by considering a business transaction to be insulting, which is a personal thing. I note that you were also inconsistent in your business strategy of telling your agent you were not interested in further discussions with the offeror; that is called "cutting off one's nose to spite their face." Apparently your agent either ignored your instructions or convinced you that your approach was faulty and, in doing so, got your bacon out of the fire and your house sold.
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Old 02-15-2019, 06:19 PM
 
Location: San Francisco Bay Area
4,407 posts, read 2,336,110 times
Reputation: 8598
Quote:
Originally Posted by kokonutty View Post
You made a capital error by considering a business transaction to be insulting, which is a personal thing. I note that you were also inconsistent in your business strategy of telling your agent you were not interested in further discussions with the offeror; that is called "cutting off one's nose to spite their face." Apparently your agent either ignored your instructions or convinced you that your approach was faulty and, in doing so, got your bacon out of the fire and your house sold.
What error? Did you not read Coldjensen's post carefully?

S/he said, "The realtors called the lowball guys realtor and told him we were pulling the house off the market, so if he was actually interested he had better make a realistic offer now. He did and we negotiated an acceptable price. Worked out well for us because by the next spring real estate prices had leveled or dropped a little and over the following two years plummeted dramatically."

It doesn't sound like an error was made, because it "worked out well for us."
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Old 02-15-2019, 07:14 PM
 
6,340 posts, read 3,534,414 times
Reputation: 13535
Quote:
Originally Posted by SFBayBoomer View Post
What error? Did you not read Coldjensen's post carefully?

S/he said, "The realtors called the lowball guys realtor and told him we were pulling the house off the market, so if he was actually interested he had better make a realistic offer now. He did and we negotiated an acceptable price. Worked out well for us because by the next spring real estate prices had leveled or dropped a little and over the following two years plummeted dramatically."

It doesn't sound like an error was made, because it "worked out well for us."
The error, as I wrote, was in taking insult (a personal sentiment) from a business transaction. Did you not read what I wrote? If Jensen's instructions were followed as indicated above, there would have been no outreach and no deal. It sounds like the cooler head of the agent prevailed, rescuing a deal the perceived snub would have scuttled.
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