Urgent need help, selling a house (appraised, 2%, negotiations, agent)

[okaythen01]

Hi guys I am selling a house, it's my first time.



I just got an offer it's about 15% below what I am asking. (and I am
asking 2% higher than appraised value) So how do you do it? you always
meet in the middle? Or I can just insist on my number, I mean it's
appraised value I am not asking an unfair price. So insist on it and
make them up their number? and later maybe meet in the middle or what?



How long should I make them wait until they lose interest on your house and move on to the next? a week? maybe I will insist on my number and wait for them.



The house is near some major transportation station, city is building
stuff nearby but very slowly. So in the future it will go up for sure.
The last 2,3 years it have been going up slowly. Also before they even
make the offer they were asking for house blueprints, just give it to
them it's ok right? They wanna use the location as another branch for
their office, sounds like they got a big company. They went to see the
house for 3 times so far. Sounds like they are pretty interested in the house.

But they need to renovate it some, so they will spend some money I guess.




thanks guys

[glamatomic]

Mods: Please move this thread to the Real Estate Forum from the General U.S. forum!

To begin with, assuming you have a Seller's Agent, first of all I would ask them for their advice.

As far as the negotiation process goes, when DH & I bought a house a few months back- we came in with an offer lower than the asking price. The seller countered with a price lower than asking but still higher than what we'd offered. Honestly, we went back and forth about 3 times over a 48 hour period before agreeing on a price which ended up landing in about the middle of our initial offer and their asking price. If you're intent on selling, there's no reason to make the buyers wait any period of time- just consider their offer a jumping off point to start negotiations.

However, questions you have to ask yourself, are how desperate you are to sell, how long your property has been on the market and how much interest your property has generated. For instance, if your property hasn't generated a lot of interest to date, perhaps it's best to negotiate with these buyers (but try to negotiate them up from their original offer). On the other hand, if you've only JUST put your property on the market and had a tonne of interest already, maybe it's best to wait to see what other offers you may get.

Your Seller's Agent will know your market the best- and should be able to offer you the best advice in this scenario.

Good luck!

[okaythen01]

agent is telling me to meet the buyer to talk about the price. Says I should have 2 to 3 hours for the meeting. why 2,3 hours? is that normal or they just wanna get you tired and hopefully you will agree and sign the papers?

[manderly6]

Originally Posted by okaythen01

agent is telling me to meet the buyer to talk about the price. Says I should have 2 to 3 hours for the meeting. why 2,3 hours? is that normal or they just wanna get you tired and hopefully you will agree and sign the papers?

You have an agent and they are telling you to meet with the buyers? Something doesn't seem right. And you have all those other questions?

What exactly is your agent doing for you?

[okaythen01]

ya agent told me to meet with the buyer to discuss about the price, he said I won't meet the buyer directly but we will be at 2 different rooms, and agent will try to communicate for us. they shouldn't have said that right? agent's job is to talk about the prices for us.

I don't trust agents that much, so I want other opinions from other people.

[manderly6]

Originally Posted by okaythen01

ya agent told me to meet with the buyer to discuss about the price, he said I won't meet the buyer directly but we will be at 2 different rooms, and agent will try to communicate for us. they shouldn't have said that right? agent's job is to talk about the prices for us.

I don't trust agents that much, so I want other opinions from other people.

Whole thing sounds weird. For most normal home purchases you exchange offers through your agent. No need to be in the same building. They offer X. You counter with Y. Rinse and repeat until you either come to an agreement or one side walks away.

[okaythen01]

ya this is in asia actually, maybe it's a little different here? maybe not? no need to meet the buyer right? agent's job is to talk about the prices for both of us....no matter if it's in Europe, Asia etc.

Maybe agent wanna see if I am desperate, if I agree to meet that means I am kind of agree with the low offer?

[Hemlock140]

Meeting with or even a "go-between" meeting is very unusual. It's also a bad idea, and can mean the loss of a sale simply because one party doesn't like the other. Better to keep it
faceless. Let the agent make the counter offer and get back to you with the results. Whatever you do is a gamble. They may have a second choice that is close to yours for less money, and will walk. They may really want it and come up on the price. You have no way of knowing. Your response is dictated by how long it's been for sale, how much interest there has been, how desperate you are to sell, and how much you need out of it to buy the next one or whatever you will do with the money. When we sold last time we agreed to about 5% less than asking, but did not pay any closing costs. The one before that we got full price, but that was in a hot market.

[okaythen01]

thanks a lot....that's very good tip!

So yeah even if they like to make buyer and seller meet over here in Asia...I guess I can insist don't wanna meet and just have agent discuss about the price with them right? come on that's your job...why should I go meet them and do your work?

[manderly6]

Saying you were in Asia would have been helpful. That may be totally normal there and to not do it could put off buyers. No idea.