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They asked for, and we granted, and extension until 6:00 PM tomorrow (Fri). So we wait a little longer. Maybe it is good news - they must be running numbers and negotiating with the bank. Right?
Right. Or re-considering the foreclosure property they like almost as well. Or arguing over just how much of their "nest egg" they can afford to sacrifice to a house purchase. Or messing with your minds because they're evil--or smart. They know they're in a buyers' market and that if they cause you enough agony, you may "throw in some extras" you weren't thinking about throwing in yesterday. They may be hoping that time extensions (which cost them nothing) will gain them some credibility and compassion--make you think they really want your house and have truly tried to meet your price but darn it (sigh) just can't, and surely you wouldn't throw away your chance at the home of your dreams for a mere $30K or so they can't raise.....
Don't be surprised if they ask for another extension, and then another, if they're in fact playing mind games. Ask any realtor how often real estate transactions turn into games!!! (The best realtors know how to "read" the people on both sides and bring about a mutually acceptable compromise.)
The positive slant on this, of course, is that your buyer didn't walk! He's still interested!!
It took us 17 increasingly painful months to sell (May 2007, San Diego). The last three months were pure hell for everyone--the banks weren't lending even to those qualified, so we were holding our house for a buyer who might never come up with his loan. The experience was so miserable that we actually ran away together seven months before close. We sincerely hope your experience is different, but in case it isn't, here's our advice, friend:
Keep your cool. Be prepared to make bigger and smaller compromises as the process unfolds. Never allow emotions, especially pride ("that's insulting, I'm indignant, my house is worth much more than that"), to color your decisions. Your best friend at this point is your agent. Deal exclusively through her, never directly. This is when agents really earn their money. Let yours earn it.
And good luck!!!
Jan & Bill
Last edited by the Parkies; 12-03-2009 at 09:11 PM..
Well, actually the man was out of town on business and just got back late this afternoon. I think we'll get an answer Friday. He already lost one house he wanted. If he wants to play a waiting game, we'll wait. His tax incentive runs out in April.
Well, actually the man was out of town on business and just got back late this afternoon. I think we'll get an answer Friday. He already lost one house he wanted. If he wants to play a waiting game, we'll wait. His tax incentive runs out in April.
But so does yours, and he knows it. Can't wait to hear from you on Friday, GuyFriendly! That lamp is still burning.......
Our original list price: $375K
His first offer: $319K
Our Counter: $359K and share appraisal costs
His (2nd) Counter: $331,500
So we came down $16K and he came up $12.5.
We can't accept that before inspections, etc. because he can always ask for us to do more out of our pocket...
So we'll probably counter his counter of our counter of his offer.
We've about hit the bottom of what we will accept, so we'll probably offer $358K and all appliances incl refrigerator, deep freeze, and Maytag washer and dryer to convey.
I am doubtful now that he will accept. But we'll see. Maybe he is playing hardball. At least we know our limit and if he won't meet it, then we say goodbye to him and wait for the next offer.
It seems like it would be easier if we could just sit down together and talk it over instead of all this faxing offers back and forth. The process is neither efficient nor logical.
This all depends on what you paid for the property. In this market the mind set should be if you can get out without losing money do it. This is what is wrong with this country. We buy houses for an investment and what we can get out of it, not for a home.
This all depends on what you paid for the property. In this market the mind set should be if you can get out without losing money do it. This is what is wrong with this country. We buy houses for an investment and what we can get out of it, not for a home.
With inflation, we are asking essentially the same (adjusted) price that we paid for it and 30%+ less than it was "worth" (insert LOL) 2 years ago at the peak of the unbridled exuberance.
With inflation, we are asking essentially the same (adjusted) price that we paid for it and 30%+ less than it was "worth" (insert LOL) 2 years ago at the peak of the unbridled exuberance.
Than you are asking too much in a down market. What does worth mean---to you- or to the buyer. Don't get greedy and move on. Are you upside down on the loan?
Than you are asking too much in a down market. What does worth mean---to you- or to the buyer. Don't get greedy and move on. Are you upside down on the loan?
What loan? No.
And we are not greedy, don't be ridiculous. If the comps are going for $367+ then our $359 is reasonable, not greedy.
By the way the real estate agent that "adjusted for inflation" should have adjusted for deflation. I think Arizona had a deflation in housing costs of around 11% or so. Not trying to be confrontational just being practical. I am looking to sell my townhouse and I know that I will not get out of it for what it cost me. I have 2 options. Try to sell now and take a loss or hold and rent until housing comes back in this area. Neither is a good choice but I will do what I need to so that I can move on. Good Luck to you and hope and prayers are with you.
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