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basically your whole thread is predicated upon the belief that, "seriously, you know the market there."
It is not a "belief" as I have been watching the market, what houses have been selling for, how much it would take to replace this house not to mention replacing all the inventory they wanted. Plus, the time element of playing with counters since their closing date was not negotiable. The buyer was not going to live in the house but his adult kids were supposedly. It is cheaper to buy here than rent, much cheaper. We live in a town of 8,000 people so knowing the market is not rocket science. We have no regrets about not countering. Plenty of houses in his price range so now, maybe the realtor can show him something in that price range.
It is not a "belief" as I have been watching the market, what houses have been selling for,
Then you should have no trouble getting it sold, right?
Quote:
how much it would take to replace this house not to mention replacing all the inventory they wanted.
Plus, the time element of playing with counters since their closing date was not negotiable.
The buyer was not going to live in the house but his adult kids were supposedly.
It is cheaper to buy here than rent, much cheaper. We live in a town of 8,000 people so knowing the market is not rocket science.
We have no regrets about not countering.
Plenty of houses in his price range so now, maybe the realtor can show him something in that price range.
The cost to replace a house with like house in the same city does certainly have to do with a home's value. Seriously, if deals like they want are out there in their price range, why were they at our doorway. When we house shop, we look only at the price range that we can afford. I blame the realtors for dragging these people through houses they cannot afford to buy or worse yet those that could not get a loan for a dollhouse what yet a home. What they offered was what a desperate person would sell a house for and we are not desperate. If the house would have been empty and we had jobs elsewhere, they would have had a deal. Guess their timing and that of the realtor was off. Why should we let someone steal our house away and not have enough money to replace like with like or not even close enough money to do so? I can't think of a darn reason!
My real estate agent friend told me that the value of a home is whatever someone is willing to pay you for it when you are selling it. The value is not what you or anyone else thinks its worth, only what someone will pay you for it right now. If it cost you $500,000 to build that home but people will only pay $300,000 for it, the value isn't $500,000 but $300,000.
Im with OP - some buyers have such ridiculous offers that it is seriously irritating. Wise or not, if you do not feel the need to counter - tell them to go pound sand.
... We had an offer that was almost 25% below our fairly (seriously we know the market here) priced home and on top of that they wanted all the newer nice appliances, ALL window coverings and we had offered SOME, the expensive 8 x 10 area rugs from each room and a closing date that was firm with no wiggle room. ...
There a lot of bottom feeders in the market now, they throw out really low offers and see if you go for it. If you really need to sell, you could counter offer for a little less then your sales price and see what they do. Personally I'd raise my price on the counter offer, since they want more included than your were originally offering.
I have been told that my initial offers were insulting when we were shopping 2-3 years ago. It was nothing for me to consider making an offer 25% below the asking. I refused to negotiate on 2 of those offers and the seller came down. We didn't buy those homes because the inspections revealed stuff we didn't even want to consider. The home we DID buy, I made an offer 30% below asking and raised to 25%.
It sounds to me as though you were personally insulted by their offer. It's business.
As for why would someone look at a property in a higher price range than they could afford, ummm, why would you price your home higher than you expect to sell it for? It's called negotiation for a reason. You start higher, then negotiate. I never looked in my price range; that was where I expected the negotiations to take me.
OP - you may know the market, but you don't know the buyer. Failure is accomplished by trying, and so is success. Success on the other hand can ONLY be be accomplished by trying.
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