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So we finally received our first low ball offer this evening. We have been on the market since mid-April. Our asking price is $259,900 and we just decided Friday to go ahead and replace the roof ($8,000) - which will be done starting next week. The offer came in at $222,000 (knowing about the roof) and a sale contingent on the sale of their home. Our market is bad, but it's not that bad. Any thoughts?
So we finally received our first low ball offer this evening. We have been on the market since mid-April. Our asking price is $259,900 and we just decided Friday to go ahead and replace the roof ($8,000) - which will be done starting next week. The offer came in at $222,000 (knowing about the roof) and a sale contingent on the sale of their home. Our market is bad, but it's not that bad. Any thoughts?
Thanks,
Lori
Reject it and fire back your original asking price, you'll see if they are interested.
It also depends if you are in a 'want to sale or a 'have' to sale. I'd likely ignore a low ball offer and let if expire.
So we finally received our first low ball offer this evening. We have been on the market since mid-April. Our asking price is $259,900 and we just decided Friday to go ahead and replace the roof ($8,000) - which will be done starting next week. The offer came in at $222,000 (knowing about the roof) and a sale contingent on the sale of their home. Our market is bad, but it's not that bad. Any thoughts?
Thanks,
Lori
Don't get all put out. It is not an act of war. Counter 258,000 and no contingency. See if there is real interest. Think about whether their house is possibly easier to sell than yours.
If you can get to an agreement on price then informally agree that you will honor it and go to contract if they get their home into escrow. Make it clear though that any hard offer that comes in the mean time will get the house.
Work all options...who knows what will actually work.
Her house is on the market for $469,500. We know she is going through a divorce and really wants to keep her children in the same elementary school, which is of course a limited area to pick from. We know all this because we showed her our house, because she happened to drive by when we were outside and started talking to us. All the input is really appreciated. I am very curious to hear what everyone has to say. We are to respond tomorrow, so the more input the better.
Whatever offer you accept, if it's one that contingent upon a sale of their house, make sure you put in a date certain that their house must be closed by. Otherwise you could be sitting there for months or longer held up from getting out of the deal to sell to another. You can always add a clause that says you (not they) have the right to extend the time period.
Were you able to find out why she offered the $222,000 price? A darn near 40 large below asking price offer (provided you are priced to sell in your market) is quite a chunk! Maybe the 8K roof job is a clue? olecapt's post is excellent and right on the money...keep emotion out of it and stick with the hard facts. I know it's a pain as we went through it several months ago. Good luck to you.
It depends on how much of a rush you are to get out of your home. Are you relocating, have a house to go to already or for financial reasons? It is and offer, but too low. I would counter and have your realtor work on the negotiation to get as much as possible with comps in the area to substantiate your asking price. Of course there is always room for negotiating and being that you are going to be shelling out an additional 8,000for the roof that seems like an awful lot. I would just deduct the 8,000 from the asking price and negotiate and counter if you aren't in a hurry.
Agreed...it depends what your situation is...are in you in a position where you HAVE to sell, or can you stay strong? Remember its just an opening offer..at least its an offer..and if nothing comes out of it this time and you offers in a similar ballpark...at least you are getting honest feedback of what others are willing to pay.
Since you are replacing the roof..that is a huge cost...did the potential buyer think because you are replacing the roof that your home is more of a "fixer upper?". Have you given any clues of desperation to your agent..or are you holding strong..maybe the agent sensed some "The owner is willing to deal" on your end, and you really arent?
At this point..the other posters are right..keep your emotions out of this..its a biz deal. You want a home sold..and you got an offer..whats the worst that can happen now...you work with your agent, make a reasonable counter and see what happens..and mention the fact that are undertaking an 8k expense too.
Thanks for the posts. I haven't spoken with our agent yet. We are building a house that is supposedly going to be ready sometime in September or October. So we do need to sell by then, but we do have a little time to play with.
I forget what state you are in. If you are able to do so in your state, rather than accept it with a contingency, see if you can't negotiate the price up and give her right of first refusal instead. This way you can stay on the market. Try negotiating OUT the roof and any other repair clauses in there.
The whole purpose of doing the roof was to get a higher end offer. And a contingency on the sale does nothing for you, only the buyer.
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