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Old 08-07-2009, 04:39 PM
 
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I made a cash offer at 9% below the asking price. The seller won't even negotiate on that offer. The broker said that there were two higher offers, which would require mortgages, which were turned down. First of all, at my offer of just 9% below list, I don't think the other offers could have been much higher. Secondly, I thought cash meant something, but the broker says there's not much difference between cash and a buyer with a pre-approved mortgage, which the other offers had.

Doesn't a cash offer carry more weight than that? And isn't it strange that the seller is turning down offers so close to the asking price?
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Old 08-07-2009, 04:44 PM
 
Location: under the beautiful Carolina blue
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I'm thinking about selling and I'd rather have the cash. Just MHO. I wouldn't want to risk waiting for a mortgage, you just don't know these days.

9%, kind of a lot though. But I'd make a counter offer.
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Old 08-07-2009, 04:55 PM
 
Location: Nassau, Long Island, NY
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Is the house already well-priced for the market? We can't tell if they are being delusional or not. Sounds like the RE agent is trying to get you to offer more. If I were you I would sit tight and see what happens. How long has it been on the market? If it is new on the market, the owner may be kind of cocky and need to be knocked down a peg or two (if the house is NOT already well-priced).
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Old 08-07-2009, 05:08 PM
 
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Quote:
Originally Posted by I_Love_LI_but View Post
Is the house already well-priced for the market? We can't tell if they are being delusional or not. Sounds like the RE agent is trying to get you to offer more. If I were you I would sit tight and see what happens. How long has it been on the market? If it is new on the market, the owner may be kind of cocky and need to be knocked down a peg or two (if the house is NOT already well-priced).
The house was put on the market in mid-May, so it's not new. In June they came down 5%. I think the asking price is fair, but I expected some more flexibility. It's certainly not my dream house but it's in the area I want. And there are hardly any houses in that area of the type that I want. But I'll sit tight.
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Old 08-07-2009, 05:15 PM
 
Location: NJ/NY
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The seller may not be able to come down on the asking price to cover paying off the mortgage and RE fees.
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Old 08-07-2009, 05:28 PM
 
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Originally Posted by newtoli View Post
The seller may not be able to come down on the asking price to cover paying off the mortgage and RE fees.
No it's not that. Their asking price is actually about 20% higher than what they paid seven years ago, so they're making a decent profit. The broker said that they are very interested in another house and that that they need to sell at a certain price in order to be able to afford to buy that house.
I think that if I come up 4 or 5% they'll accept it. I would do it if I were in love with the house. I like it but I don't think that much. It's a tough decision.
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Old 08-07-2009, 05:53 PM
 
7,658 posts, read 17,916,847 times
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Quote:
Originally Posted by lamontnow View Post
I made a cash offer at 9% below the asking price. The seller won't even negotiate on that offer. The broker said that there were two higher offers, which would require mortgages, which were turned down. First of all, at my offer of just 9% below list, I don't think the other offers could have been much higher. Secondly, I thought cash meant something, but the broker says there's not much difference between cash and a buyer with a pre-approved mortgage, which the other offers had.

Doesn't a cash offer carry more weight than that? And isn't it strange that the seller is turning down offers so close to the asking price?
Why would that matter?

The cash is just as green from a Bank ..theres just more.

If its priced well it will attract a qualified buyer.

Crooks
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Old 08-07-2009, 06:05 PM
 
335 posts, read 883,795 times
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Quote:
Originally Posted by lamontnow View Post
No it's not that. Their asking price is actually about 20% higher than what they paid seven years ago, so they're making a decent profit. The broker said that they are very interested in another house and that that they need to sell at a certain price in order to be able to afford to buy that house.
I think that if I come up 4 or 5% they'll accept it. I would do it if I were in love with the house. I like it but I don't think that much. It's a tough decision.
I dont know where you are looking, but it behooves you to look at Prudential Elliman's Q2 market reports on their website. It will list the average discount off of the last list price in the particular area - - that should be your guideline. As an example, Nassau North Shore showed a 12.2% average discount off of last list price during Q2.

DONT GET HOSED.
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Old 08-07-2009, 09:50 PM
 
Location: Long Island
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Originally Posted by modmondays View Post
As an example, Nassau North Shore showed a 12.2% average discount off of last list price during Q2.
I'd like to remind everyone, if I may , that only the OP knows the location and price - we don't know any of the important details.

Key word in the report you quoted is "average". I know of listings that were priced so aggressively by sellers (nice houses!), they ended up selling for more than the asking price! Yes, in this market :-)

As always, reports are averages for an area, not necessarily applicable for a specific house in a specific location.
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Old 08-07-2009, 11:37 PM
 
Location: I'm gettin' there
2,666 posts, read 6,846,442 times
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Quote:
Originally Posted by Elke Mariotti View Post
I'd like to remind everyone, if I may , that only the OP knows the location and price - we don't know any of the important details.

Key word in the report you quoted is "average". I know of listings that were priced so aggressively by sellers (nice houses!), they ended up selling for more than the asking price! Yes, in this market :-)

As always, reports are averages for an area, not necessarily applicable for a specific house in a specific location.
I totally agree with Elke.... if a house is priced right there should be no reason for it to sell at a discount.
Having said that, its been on the market for 3+ months now and has had a price reduction too, my advice is to wait it out if you can for maybe 2-3 weeks if you don't want the house that bad, and then make a counter if available.
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