What you want (or need) does not set the price...right? (agent, sale)
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Seller bought ten years ago. Has listed this property for sale off and on for four of those years, always overpriced. He received, I believe, one valid offer back in 2006, which he turned down...we have never made an offer but made several visits - it's a nice little income property but nothing terribly appealing. And, as I said, overpriced.
At some point he re-financed and took out cash. So he is probably now upside down or close to it. In fact, I know he needs some cash to pay the capital gains - his agent told us that.
He listed last week for $325k (down from $550k at its high.) We offered $275k cash, closing in five days. He countered with 312k. We offered $290k, firm, End of Story. He wants $300k...
The tax value on this is $276k (recently updated) and no broker will touch it - nor will the local banks. It's too odd a property and comps are non-existent.
So now his strategy is to take it off the market and price it up, because he thinks we talked him down only because of the initial price. Sigh.
I'm sorry we offered the $290k, quite frankly, and think $280 would have been more appropriate, or even back to $275.
What you need does not equate to what people will pay!
What you need does not equate to what people will pay!
So true and one thing that agents fight against all the time with sellers. Everyone wants to buy a bargain, at rock bottom price, but when it comes time to sell, they want pie in the sky prices for that same property!
Human nature? I guess so. The "golden" window is between 30-45 days after listing. Sometimes though the sellers are willing to wait, this sounds like someone who is not dealing with reality or does not care to really sell his property.
There are plenty of good deals out there with lots of sellers who are ready to sell, go find one, good luck!
Actually, not. We are looking for a multi-family. The last comp they can find on a multi-family was OUR last purchase back in 2004!!! I'm setting my own comps, for goodness sakes!!
LOL at Serial Seller! I mean COME ON. The property has been listed for FOUR YEARS (although of course it only shows up as four DAYS on MLS right now...) I called the city to get some code questions answered and they did not even have to look it up - he knew the address! For all I know, though, he could be the BIL of the Seller, it's a small place down here.
He's now had TWO offers in FOUR years...
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