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They countered by coming down $24k off asking (but keeping some amenities like their $5k fridge lol), leaving us apart by less than $15k! So yeah, obviously not insulted. Still not quite to completely common ground, but I countered with my max and asked my realtor to let them know I can't come up any more at all in price, but that I'm very willing to negotiate other terms of the offer, so there's hope!
Meanwhile they apparently have another offer that just came in... Crazy... This house has been on the market for, what, 2 days now? So maybe it's actually good enough to command the premium it's asking... In which case I can't afford it anyway, so it's back to the hunt... We'll see tomorrow
Oh yes its always us greedy sellers. If you cant afford the price then MOVE ON!!! if your close then make an offer and go from there. And I have no sympathy for buyers who are in trouble now with their creative financing. they should of known what they were getting into and now want someone else to bail them out. how is it a sellers concern back then about what a buyer can afford. people need to know what is expected from them in good and worst case scenerios.
Most buyers who are in trouble as you say are the ones who can't sell their own house.
You say "if you can't afford the price, move on!"...who are you to determine what the market is. If you have no buyers at your list price, you will lower plain and simple. Whether its a house, car, appliance, etc, etc, buyers always should try to pay the lowest price. That's called the free market if you didn't know.
If you are bitter because you can't sell, well that's not the buyers' fault and you know it.
They countered by coming down $24k off asking (but keeping some amenities like their $5k fridge lol), leaving us apart by less than $15k! So yeah, obviously not insulted. Still not quite to completely common ground, but I countered with my max and asked my realtor to let them know I can't come up any more at all in price, but that I'm very willing to negotiate other terms of the offer, so there's hope!
Meanwhile they apparently have another offer that just came in... Crazy... This house has been on the market for, what, 2 days now? So maybe it's actually good enough to command the premium it's asking... In which case I can't afford it anyway, so it's back to the hunt... We'll see tomorrow
Ok, so they paid 322K in 2002 and now they are asking 469K? No, their not greedy...
at a modest 4% appreciation from '02, the house should be valued around 391K. They came down to only 452K? Did they put 80K approx. into the house to justify the premium? I don't know. Probably not. Listen, if someone wants to buy that house, go for it. Seems like the owners are being somewhat rewarded for buying at the right time (2002).
Ok, so they paid 322K in 2002 and now they are asking 469K? No, their not greedy...
at a modest 4% appreciation from '02, the house should be valued around 391K. They came down to only 452K? Did they put 80K approx. into the house to justify the premium? I don't know. Probably not. Listen, if someone wants to buy that house, go for it. Seems like the owners are being somewhat rewarded for buying at the right time (2002).
How does 469K - 24K =452K? And aren't you the one who preaches that the market determines the price! It sounds like the house has more than one interested buyer and in a very short time on the market. Maybe its not that far out of line price wise.
Incidentally, I'm not sure what to think about their original purchase - they bought it in 2002 for $322 - but the docs say the house was 2200 sqft. The attic is finished out now, and it's 2950 sqft. If I'm right and the current owners finished that attic (it looks very recent), they paid $141/sqft for it - which, at the time, was a RIDICULOUS price (now it would be very reasonable). Or maybe they just updated it and a previous owner already had it as used square footage, in which case they paid $110 (about the norm in '02). For reference, my current home is in the same neighborhood, we paid $105/sqft at about the same time.
I don't think I can really gain any good insight into their total loan amount, though; they've clearly spent a lot of money on updates, and I have no way of knowing if they took out a home equity loan for it.
You're right, you don't know. I know someone that put a bid in on a house that was bought fairly cheap. The owner didn't have negotiating room because they'd taken out a HELOC that was a little less then what they paid but instead of using it towards the house, used it on other things. When they sold they walked with $5,000.
Quote:
Originally Posted by defiance
They countered by coming down $24k off asking (but keeping some amenities like their $5k fridge lol), leaving us apart by less than $15k! So yeah, obviously not insulted. Still not quite to completely common ground, but I countered with my max and asked my realtor to let them know I can't come up any more at all in price, but that I'm very willing to negotiate other terms of the offer, so there's hope!
Meanwhile they apparently have another offer that just came in... Crazy... This house has been on the market for, what, 2 days now? So maybe it's actually good enough to command the premium it's asking... In which case I can't afford it anyway, so it's back to the hunt... We'll see tomorrow
Possible the next offer is also low. Who knows, maybe you were the high bidder? Keep your eye on it, if it dissappears, you know it went, if it doesn't, you never know if their agent will call you in a month or so.
Too early to know if the owners will take low offers. With so much interest, they probably won't until they have to at which point the offer may be high due to the market going down.
How does 469K - 24K =452K? And aren't you the one who preaches that the market determines the price! It sounds like the house has more than one interested buyer and in a very short time on the market. Maybe its not that far out of line price wise.
You're correct, my math was wrong. Ok 442K. S
1. Is there a real offer from a qualified buyer near list price? Or is this possibly a realtor blowing smoke trying to keep the price up? It happened to me so that was my first thought. Games are played on both sides.
IF there is a legitimate offer from a qualified buyer (which there might be), then you really have to ask yourself how badly you want that house.
Again, lets see the details and make a determination from there.
1. Is there a real offer from a qualified buyer near list price? Or is this possibly a realtor blowing smoke trying to keep the price up? It happened to me so that was my first thought. Games are played on both sides.
IF there is a legitimate offer from a qualified buyer (which there might be), then you really have to ask yourself how badly you want that house.
Again, lets see the details and make a determination from there.
Hmmm ..... 442K? must be some of that new math. where exactly did you go to school? LOL
Don't mean to start arguments, and I appreciate the advice from all sides. Given the number of tours that were happening around mine, I'm thinking the 'other offer' probably is real, but in that case one of two things is happening -
1) it's an offer in the same or lower range than mine, in which case I was in first and have no worries, or
2) it's an offer higher than mine, in which case I'm underestimating the value of the house, I can't afford it, and I need to move on anyway.
I'd hate to miss out on such a nice house, but I have to be willing to let it go or I'll get myself in trouble
(to clarify, 469 was asking, 445 was their counter - without fridge - but $5,000 is too much responsibility for me in a fridge anyway :P heheh)
As for the quick movement on this house, I am surprised by it... The market in my neighborhood hasn't cooled as much as some of what I've read here, but it's normally nowhere near THIS hot. I think the agent must be doing some really good promotion work. Which makes sense - my realtor told me about it the day before it went on the market, so she was already spreading the word.
I don't know where you live but where I live historic homes are in HIGH demand, commanding prices above $1M whereas the average home price in the area is in the $210K range. I also can't imagine the bottom falling out of the historic home market since most of the buyers are doctors, lawyers and such. By virtue of their limited numbers, I believe historic homes will always be in demand by people who can afford their upkeep. I would love to own one but definitely out of my price range.
Whether its historic or not it doesn't matter, the house list price is indicitive of a bubble in that area (322K vs 469/445K now). You don't appreciate that much in 5 years because its historic. Only 2 reasons I could see: 1. bubble run-up pricing or 2. MAJOR renovations on the house which could command more $$. From what the OP stated, major renovations to justify that premium wasn't the case so I'd be leaning towards #1.
I'd be curious to find out what market this is in and more details of the offer.
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fridge lol), leaving us apart by less than $15k! So yeah, obviously not insulted. Still not quite to completely common ground, but I countered with my max and asked my realtor to let them know I can't come up any more at all in price, but that I'm very willing to negotiate other terms of the offer, so there's hope!
