U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
 [Register]
Raleigh, Durham, Chapel Hill, Cary The Triangle Area
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-24-2008, 11:23 AM
 
Location: Wake Forest
58 posts, read 199,516 times
Reputation: 27

Advertisements

Hi there again,
You probably don't remember me..but way back when I was looking for a house in Raleigh. Well, we found one...but most likely won't get it because our contract is contingent and is about to run up in the middle of March which I am totally okay with because there is a lot more inventory now. Anyway, we are now victims of the housing market in our area. We live in Southeastern Virginia and CAN NOT sell our house. AHHH! So, wish us luck in selling soon because my fear is that we will never sell. My husband has already started working half in Raleigh and half from home here.

Anyway, I have a couple of questions for you all....We do have a realtor, but we want others opinions...and also we aren't really talking about other houses right now since our contract has not expired yet...if that makes sense.

Around here, it is expected that we will pay closing costs....is that true there now or not? When we made our last offer, it was not surprising that we asked for them but I wouldn't say it was a given in the market there at this point...Do you think things are still that way now? We ended up getting half paid with a full price offer.

Also, when we made our last offer, we had the contingency so ended up offering full price for the house. My question is.....are most houses selling for full price or should we offer below the asking price. We are looking in the 175-200 range...We started off in the 150-175 range but had to move up to get what we wanted. I am just wondering if we are really going to have room to negotiate or not.

Finally, part of me wants to do another contingency, but I think my husband is leaning toward not doing that because it is going to lead to limited negotiations. I kind of like the security of it.....Would it benefit us more to just wait until we sell here to put another offer in?

Sorry for all of the questions. My head is just spinning because we are trying so hard to sell our house here and things are just dead unfortunately.

Any advice would be appreciated!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-24-2008, 12:31 PM
 
Location: Cary, NC
2,407 posts, read 10,234,617 times
Reputation: 1374
Virginia, as far as SP vs. LP, it really depends on the specific neighborhood and also the price range. Depending on the location in the 175k range, you are competing against a lot of buyers and quite possibly could be in a multiple offer scenario (as a buyer, this is not good) which would push the price up even more than listing. However, your real estate agent should be able feel it out, show you the comps, and judge how much interest there has been in that property. If it's been on the market for a while, it might be opportunity for good negotiating; if it's only been on the market for 1 day and has had 20 showings, maybe not.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-24-2008, 11:32 PM
 
9,745 posts, read 28,617,223 times
Reputation: 10238
Quote:
Originally Posted by VirginiaMommy View Post
Hi there again,
You probably don't remember me..but way back when I was looking for a house in Raleigh. Well, we found one...but most likely won't get it because our contract is contingent and is about to run up in the middle of March which I am totally okay with because there is a lot more inventory now. Anyway, we are now victims of the housing market in our area. We live in Southeastern Virginia and CAN NOT sell our house. AHHH! So, wish us luck in selling soon because my fear is that we will never sell. My husband has already started working half in Raleigh and half from home here.

Anyway, I have a couple of questions for you all....We do have a realtor, but we want others opinions...and also we aren't really talking about other houses right now since our contract has not expired yet...if that makes sense.

Around here, it is expected that we will pay closing costs....is that true there now or not? When we made our last offer, it was not surprising that we asked for them but I wouldn't say it was a given in the market there at this point...Do you think things are still that way now? We ended up getting half paid with a full price offer.

Also, when we made our last offer, we had the contingency so ended up offering full price for the house. My question is.....are most houses selling for full price or should we offer below the asking price. We are looking in the 175-200 range...We started off in the 150-175 range but had to move up to get what we wanted. I am just wondering if we are really going to have room to negotiate or not.

Finally, part of me wants to do another contingency, but I think my husband is leaning toward not doing that because it is going to lead to limited negotiations. I kind of like the security of it.....Would it benefit us more to just wait until we sell here to put another offer in?

Sorry for all of the questions. My head is just spinning because we are trying so hard to sell our house here and things are just dead unfortunately.

Any advice would be appreciated!
You might find quite a few sellers not willing to take contingent offers. What does your agent say?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-25-2008, 04:06 AM
 
9,680 posts, read 25,764,757 times
Reputation: 4158
If you can't afford 2 mortgage payments at one time, you need to protect yourself with a contingency.

Some motivated sellers will help with closing costs.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-25-2008, 06:06 AM
 
Location: Raleigh, NC
266 posts, read 1,001,798 times
Reputation: 202
Default It's hard to make a diagnosis...

without ALL the facts. Your price range is one of the best selling and many sellers cannot take contingent offers. If you are fairly flexible on location and other factors, it may not be that hard to find and make an offer on a house here AFTER your house goes under contract. Closings generally take place 30 days or more from the time of contract. The alternative is to rent here a while. I hate to see you get stuck with two mortgages, IF the lenders will even make a second home mortgage.
As to bargaining, it is impossible to say as it depends on many factors. The demand for the house is a big one and the financial situation of the seller is another. Sellers will often pick up some of the closing costs if they are financially able to do so. Here closing costs that the buyer pays are typically 2-3% of the loan amount. A big chunk of that is the lender fees, but it varies with the loan type and other factors.
We are about to enter the spring season, so I am going to hope you will have increased activity. Make sure your house there is in tip top showing shape!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Raleigh, Durham, Chapel Hill, Cary
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top