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I know a lot of seller's who would like to be in your position right now! A solid offer after only a month!
It's tough to make a realisticl assessment without all the details, but generally it sounds like you are going do ok if you accept this offer. And if your market is trending down at all, the comps could continue to get worse for you, as you mentioned.
How familiar are you with the housing market in the area where you will be moving? Do you think you will be able to purchase there and feel good about the price you pay for your new home?
All the best with your incoming offer..maybe let us know your realtor's take on the situation...and what you decide to do!
I would take it and go. I wouldnt wait any longer. Or else you will lose more!
JMO of course. We took a lower profit and I am so glad I am now comfortably
renting and waiting for our dream home to drop in price.(already has 50k!)
The sad fact is your competition is foreclosures and bank owned homes. These companies can afford to take a loss just to unload the properties. Or at least they can better afford the loss than an individual. People care about price and value for their dollar. They are going to do the best they can with the money available. If that's your house, it will sell. If that's the bank owned property, it will sell.
That's a huge hit and I feel bad for you. But unless you can afford to put your life on hold and stay where you are till things improve(maybe years), this may be the best offer you get. And don't forget the pleasure of living in a model home! Or you may get a better offer tomorrow. How do you ever know what to do? I'm betting those repos will start going down in price too.
we listed for what i feel now was too much. So we lowered to a more market value. The last house in our area that sold in our square footage was still much lower than what we may be taking. It was a foreclosure. some other homes our size are listed, not sold but are also foreclosures. One other that is a resale the couple is desperate and may settle so low it would hurt us even more in the long run.
Its just such a weird market now.
but, we still walk away with a profit. We also have only been on the market a little over a month, so we did get an offer in somewhat of a resonable time.
It sounds like your area is really being hit by a slump in the real estate market. Waiting will not improve this for a LONG time (at least a year or more). I would maybe counter offer with a higher price, but not a lot higher. You can't look back to the market high and say I should have sold then. It is over for now and prices are more realistic now and will stay that way. Good luck, Jay
The sad fact is your competition is foreclosures and bank owned homes. These companies can afford to take a loss just to unload the properties. Or at least they can better afford the loss than an individual. People care about price and value for their dollar. They are going to do the best they can with the money available. If that's your house, it will sell. If that's the bank owned property, it will sell.
That's a huge hit and I feel bad for you. But unless you can afford to put your life on hold and stay where you are till things improve(maybe years), this may be the best offer you get. And don't forget the pleasure of living in a model home! Or you may get a better offer tomorrow. How do you ever know what to do? I'm betting those repos will start going down in price too.
Nope...tain't true Yerllowsnow. There is a compex contractural and fiduciary relationship between a loan servicer and the mortgage holder. They are actually driven harder to get the best price than the standard private seller. And their client is vastly more able to call them on it than any normal seller.
It is one of the reasons short sales and REOs are a pain. The mortgage servicer often can't respond without getting permission from the mortgage holder and must do provable due diligence before going back to the mortgage holder. You will on occasion find a holder who has instructed the servicer to sell it...which often leads to a dutch auction. But it is rare especially in expensive homes.
PS - There is a certain peace of mind that you will get when your house is sold and that is worth more than money can buy. Do you want to end up like the desperate couple you mentioned? Jay
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Take it and run...
