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Old 12-18-2009, 10:18 PM
 
8,205 posts, read 11,918,472 times
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Well, in a manner of speaking, anyway.

I made an offer on a house at $78k under asking price (about 15%). The sellers countered by coming down $53k, leaving us $25k apart. Rather than increasing my offer (as suggested by my agent), I countered back with my original offer in a take-it-or-leave-it gesture. The sellers just agreed to my offer and I am now in escrow on a SFH in Las Vegas.

So, I will be retiring on February 3, 2010 (the day after my 54th birthday), and relocating from D.C. to Las Vegas and moving into our new house on February 5th.
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Old 12-18-2009, 10:22 PM
 
Location: Alaska
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Congrats!
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Old 12-19-2009, 01:56 AM
 
71,641 posts, read 71,777,271 times
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Quote:
Originally Posted by MadManofBethesda View Post
Well, in a manner of speaking, anyway.

I made an offer on a house at $78k under asking price (about 15%). The sellers countered by coming down $53k, leaving us $25k apart. Rather than increasing my offer (as suggested by my agent), I countered back with my original offer in a take-it-or-leave-it gesture. The sellers just agreed to my offer and I am now in escrow on a SFH in Las Vegas.

So, I will be retiring on February 3, 2010 (the day after my 54th birthday), and relocating from D.C. to Las Vegas and moving into our new house on February 5th.
you lucky devil..... im slated for may 2011 to pull the plug
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Old 12-19-2009, 05:34 AM
 
Location: DC Area, for now
3,517 posts, read 12,053,898 times
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Why wouldn't you just accept their offer? The offer is a contract on the table...
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Old 12-19-2009, 05:56 AM
 
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I've heard a lot about how much lower the home prices in Vegas are now, post-bubble. Could you tell us a little bit about the house? Age, size, etc.
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Old 12-19-2009, 07:12 AM
 
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Quote:
Originally Posted by JohnZ963 View Post
I've heard a lot about how much lower the home prices in Vegas are now, post-bubble. Could you tell us a little bit about the house? Age, size, etc.
The house is a 3br/ 2.5 bath SFH built about 20 years ago and located in a guard-gated country-club community called Spanish Trail. Here is some info on Spanish Trail:

Las Vegas -- Spanish Trail (http://www.homesparadise.com/homes/nevada/las-vegas/spanish-trail/ - broken link)


And here are some more pictures of the community:

Las Vegas -- Spanish Trail photos (http://www.homesparadise.com/homes/nevada/las-vegas/spanish-trail/photos.php - broken link)

As far as prices in Las Vegas in general, there are some incredible prices in other areas of the city. (I won't necessarily call them"bargains" because although prices have stabilized after falling about 50% over the last couple of years, they are predicted to fall a little further next year.)

You can pick up a condo for the price of a car, or a SFH for about $80 - $100 per square foot. For example, here is a listing for a nice-looking 4br/3ba 2500 sq. ft. house with a pool for only $210k ($83/ft):

8414 Chinook Candy Ct, Las Vegas, NV, 89113 - MLS #981285 - Single Family Home real estate - REALTOR.com®
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Old 12-19-2009, 07:16 AM
 
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Quote:
Originally Posted by Tesaje View Post
Why wouldn't you just accept their offer? The offer is a contract on the table...
I'm not sure I understand your question. Are you asking why I rejected their counter-offer and insisted that they accept my original offer thereby saving me an additional $25,000? If so, I think that the answer would be self-evident.
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Old 12-19-2009, 07:19 AM
 
Location: DC Area, for now
3,517 posts, read 12,053,898 times
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Quote:
Originally Posted by MadManofBethesda View Post
I'm not sure I understand your question. Are you asking why I rejected their counter-offer and insisted that they accept my original offer thereby saving me an additional $25,000? If so, I think that the answer would be self-evident.
Did I get confused? Did you mean they countered with 53k less than the original asking price? If so, then it is self-evident. I read it the other way around that they offered 53 less than your offer.
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Old 12-19-2009, 08:39 AM
 
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Quote:
Originally Posted by Tesaje View Post
Did I get confused? Did you mean they countered with 53k less than the original asking price?
Yes, that is correct.

But at the risk of confusing the situation a little more....that wasn't their "original" asking price. They had previously reduced their asking price by $50,000 in October and another $75,000 earlier this year.

So all together, I purchased the house for $203,000 under their original asking price.
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Old 12-19-2009, 08:42 AM
 
Location: DC Area, for now
3,517 posts, read 12,053,898 times
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Quote:
Originally Posted by MadManofBethesda View Post
Yes, that is correct.

But at the risk of confusing the situation a little more....that wasn't their "original" asking price. They had previously reduced their asking price by $50,000 in October and another $75,000 earlier this year.

So all together, I purchased the house for $203,000 under their original asking price.
Lost Wages is one of the worst hit areas - big run up during the frenzy and a big fall. Big benefit to you.
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