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Well, here's the very latest we've experienced in trying to sell our house in today's economy.
The latest ploy to get sellers to come down in accepting lowball bids: Seriously interested buyers are researching accidents going back 20+ years in and around our area of Stony Brook (think 1+ square mile give or take) and using whatever accident happened years ago in order to leverage down the selling price of our house. Accidents happen all over, no area is exempt. Just think of some accident dating back over the years and imagine people using that as an excuse to rip you off.
We took an offer last week and hours before the house inspection these buyers very suddenly and mysteriously backed out. Turns out they found out about a very old accident that goes back years and years and supposedly that's what made them change their minds. That was their excuse. All along we've been hearing all kinds of excuses from people who have backed out on offers we've accepted over the past 2 months. But they've never had the nerve to come back and make a lower rebid offer.
Now they're back today, one week later, with yet another offer but $10K less than literally last week citing the accident that took place years ago as their excuse for the reduction in offer.
Needless to say, in this economy, there are hardly any people looking around at houses anymore. That being said, we've decided to counter their reduction and see how we do. If they turn it down, we won't be doing any kind of business with them from this point on. We already know they're game players. And if they agree to our counter and then pull even one more slimey unethical trick, they're done. Finito. In the meantime, we have another offer on the table that's for less money. And another showing to a couple who is serious about the house in a few days. Things are heating up. But just as suddenly things can cool down. A scary waiting game.
I realize that this is a business transaction and that it shouldn't be taken personally. But really, where do you draw the line between what is ethical and unethical, and how much lying crap are sellers expected to swallow?
Well, here's the very latest we've experienced in trying to sell our house in today's economy.
The latest ploy to get sellers to come down in accepting lowball bids: Seriously interested buyers are researching accidents going back 20+ years in and around our area of Stony Brook (think 1+ square mile give or take) and using whatever accident happened years ago in order to leverage down the selling price of our house. Accidents happen all over, no area is exempt. Just think of some accident dating back over the years and imagine people using that as an excuse to rip you off.
We took an offer last week and hours before the house inspection these buyers very suddenly and mysteriously backed out. Turns out they found out about a very old accident that goes back years and years and supposedly that's what made them change their minds. That was their excuse. All along we've been hearing all kinds of excuses from people who have backed out on offers we've accepted over the past 2 months. But they've never had the nerve to come back and make a lower rebid offer.
Now they're back today, one week later, with yet another offer but $10K less than literally last week citing the accident that took place years ago as their excuse for the reduction in offer.
Needless to say, in this economy, there are hardly any people looking around at houses anymore. That being said, we've decided to counter their reduction and see how we do. If they turn it down, we won't be doing any kind of business with them from this point on. We already know they're game players. And if they agree to our counter and then pull even one more slimey unethical trick, they're done. Finito. In the meantime, we have another offer on the table that's for less money. And another showing to a couple who is serious about the house in a few days. Things are heating up. But just as suddenly things can cool down. A scary waiting game.
I realize that this is a business transaction and that it shouldn't be taken personally. But really, where do you draw the line between what is ethical and unethical, and how much lying crap are sellers expected to swallow?
Take the $10,000 less because if it takes a few more months the market will have moved down more than that amount. Now if you don't need to sell then don't bend to the buyers needs.
Why dont you tell me something positive about todays home sellers? They are out for blood and want to sell their outdated, overrun, overpriced home for extravagant prices!!! Unfortunatly for them, the only idiots that would consider buying these homes cannot get exotic loans anymore. Plain and simple, most long island incomes do not reflect the average selling prices. First time home buyers (including educated professionals that make above average incomes) cannot responsibly afford the asking prices, home owners believe that they are entititled too. In other words, without the help of a corrupt mortgage brokers or an exotic loan, your home is unaffordable to most first time home buyers. Sounds like you missed the boat. Add 3% increase per year to what your home was actually worth in 1999 and maybe you will sell it.
Jamie1219 - My house isn't for a first time home buyer as you stated and took for granted. This wasn't our first home. We already went through owning a starter house before we bought this one. It's a move-up house for someone who already owns (or who has more $ than a starter-outer) and wants a decent sized family house - it's got space and updates, is in a nice neighborhood, and perhaps they're interested in a top school district.
I have to agree with you that most people who have had their houses up for sale in my area were looking to make a killing and to finance their retirement. Now there's hardly any inventory up for sale in Stony Brook. The sellers finally took the hint and took their houses off the market. Making a lot less competition for us.
We understand the economy and how tight things are for everyone - it's tight for us too. And our house is priced right, that's why we've had a lot of action on it, but buyers are scared to death mainly of the economy tanking into a full-blown depression, losing their jobs, etc. It is definitely a scary time for all.
You're right saying that our home is unaffordable to most first time home buyers. Our house is not for them. First-time home buyers can barely afford to buy just the ground a house is built on, never mind the entire structure built upon it. With our first house we had to borrow money from family, had a mortgage that was steep, and never treated ourselves to going out to dinner the first few years. Money was tight. We were just starting out. That's how it is in the beginning. Unfortunately many people who want to buy their first home aren't willing to give up their luxuries in order to buy a house. Too bad for them. But that's how it's done.
Our pricing for our house has been more than fair. After all, we're not just going to give our house away. I'd rather rent it out than do that. Actually where it's priced right now, it's at the 1999 or lower price you talked about, and that's without adding in your 3% increase you stated in your last sentence. And we still anticipate taking a $50K hit on top of that.
Most first-time buyers really want a house that is actually a "move-up" house and not a starter; they want a pretty neighborhood, a 3 - 4 bedroom, 2.5 bath house with all the bells and whistles - they're looking to bypass getting started in the housing market, and they want to buy a house that would normally take people at least 6 - 10 years to grow into after owning a starter. In that sense, they're the greedy ones. Plenty of those types have come through my house as well.
It sounds to me as if you're a first-time starter house home buyer. If so, good luck to you.
A girl crossed Nesconset Highway around 10:30 PM about 12 years ago or so and was killed by a car.
It was dark, the speed limit was 55 mph, and more than likely the driver didn't see her. Pretty stupid, unfortunately, of her to do something like that.
But that's no decent reason to drop an offer $10K - plenty of houses are in the area where that happened. Does that mean every house within a mile or so should be devalued at all?
A girl crossed Nesconset Highway around 10:30 PM about 12 years ago or so and was killed by a car.
It was dark, the speed limit was 55 mph, and more than likely the driver didn't see her. Pretty stupid, unfortunately, of her to do something like that.
But that's no decent reason to drop an offer $10K - plenty of houses are in the area where that happened. Does that mean every house within a mile or so should be devalued at all?
1) What's your, general, proximity to the accident site ? Does the house have to use this immediate site and or area, for car travel ?
2) Is it "safe", for car and pedestrian traffic there ? Is there an intersection, where, there are no traffic lights/signs ?
Our proximity to the site of the accident by car is about 3 miles away, and if you're a bird, maybe 1.5 miles. If you live in the Three Village area it's pretty difficult to avoid driving on 347 at times. After all if you shop at the mall or Border's or other stores it's either 347 or 25. Where my house is located is inside a regular neighborhood where the entrance is not directly on Nesconset Highway such as the Three Village Club. Many people jog, walk, and push their baby carriages on our neighborhood streets. No problem there. My regular neighborhood has no traffic lights. None. We do have stop signs though. No idea if the people have kids.
Hard to believe that people would find an old accident that took place a few miles away and cite it as a reason for backing out of a deal. But then we've been hearing all kinds of excuses and outright lies.
Most people live within a few miles of a main highway or a road that has a lot of traffic. Pretty difficult to avoid on crowded LI. Accidents happen all over and frequently. It's possible to find an accident for nearly every location. But to use it as a reason to back out of a deal and then come crawling back with a lower offer one week later? That could happen to any of you out there who are trying to sell.
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