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Are you working with a Realtor? Have they pulled actual comps for this neighborhood? How do you know they are overpriced?
Yes, we looked at the comp for recently properties with similar criteria(sqft, lot, bds/bds, yrs bulit)sold in that area. The info was prepared by our agent.
Yes, we looked at the comp for recently properties with similar criteria(sqft, lot, bds/bds, yrs bulit)sold in that area. The info was prepared by our agent.
Well, if they don't want to sell for what you and your agent have determined to be a fair market price, then don't buy the house.
You can't really send thugs over to shake them down and make them sell for less.
Yep, if they really are overpriced, then one of two things will probably happen. Either the house will still be on the market in a while, and you can make another offer when they lower the price, or they can't afford to sell at market value, and the house will eventually get pulled off the market or get foreclosed on (depending on whether they are making the payment or not).
If they are closer to market value than you think, someone will make a closer offer. Then either the house will appraise, or the buyer may come up with cash for the difference. If neither of those things happen, then refer back to my first paragraph.
As meh_whatever said, you can't force them to sell for a lower price than they want to sell for. All you can do is what you did, make an offer. The only better thing I can think of to try would be to make an offer and include multiple good, recent comps showing why you offered that price. Short of that, you either wait and see, or keep looking.
Or even better then the recent sales comps send them the list of the houses that were similarly overpriced and have been sitting on the market for years ))))
Or even better then the recent sales comps send them the list of the houses that were similarly overpriced and have been sitting on the market for years ))))
I wonder whether they listed the price based on other houses in the same area. Some of those houses have been on the market for two years+.
Is there any benefit in letting the house sitting on the market a month or longer before making an offer?
I wonder whether they listed the price based on other houses in the same area. Some of those houses have been on the market for two years+.
Is there any benefit in letting the house sitting on the market a month or longer before making an offer?
Honestly I wonder why agents agree to take these listings - the ones that've gone from agent to agent every six months as listings expire. Clearly they're not going to sell unless something changes, or something completely unforeseen and unlikely happens.
Honestly I wonder why agents agree to take these listings - the ones that've gone from agent to agent every six months as listings expire. Clearly they're not going to sell unless something changes, or something completely unforeseen and unlikely happens.
I agree.
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