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My hubby and I have over 800 BS credit.
No debt..prequalified
Sold a home this year...
We bid on a home posting for 239K. We bid 200 with final of 205k.
Sqftg CMA's in neighborhood 180-200k
MAJOR updates in home made it lovely and gave it an edge
however, we all know it's a buyers market and homes are NOT appreciating.Home lacked 2/3 critical things we wanted,but could ammend ourselves.
Seller bought in 2004 for 190...trying to sell for 239. Took out 70K 8/07!!!
Since homes are not appreciating, we thought our offer-over the CMAs- was reasonable-and shoot, she still is getting over what she bought for which puts her ahead of alot of sellers under 3 years in their home in this market. Were we out of line or is this seller unreasonable?
Did I mentioned the Bid was countered to 238,700 with all fixtures, curtains, bathroom mirrors and cabinets removed and fridge removed after the home boasted these upgrades as features in the MLS?
My hubby and I have over 800 BS credit.
No debt..prequalified
Sold a home this year...
We bid on a home posting for 239K. We bid 200 with final of 205k.
Sqftg CMA's in neighborhood 180-200k
MAJOR updates in home made it lovely and gave it an edge
however, we all know it's a buyers market and homes are NOT appreciating.Home lacked 2/3 critical things we wanted,but could ammend ourselves.
Seller bought in 2004 for 190...trying to sell for 239. Took out 70K 8/07!!!
Since homes are not appreciating, we thought our offer-over the CMAs- was reasonable-and shoot, she still is getting over what she bought for which puts her ahead of alot of sellers under 3 years in their home in this market. Were we out of line or is this seller unreasonable?
Did I mentioned the Bid was countered to 238,700 with all fixtures, curtains, bathroom mirrors and cabinets removed and fridge removed after the home boasted these upgrades as features in the MLS?
I'm sure you want feedback from the pros so I wouln't pretend like I know the answer here, but I am curious about one thing that might help people answer your question. What city / state are you talking about? It does make a difference as contrary to what you read and see on TV not every RE market is a "stinker".
Quote:
Originally Posted by cheleski68
Did I mentioned the Bid was countered to 238,700 with all fixtures, curtains, bathroom mirrors and cabinets removed and fridge removed after the home boasted these upgrades as features in the MLS?
Wow, I didn't know some people took their cabinets with them!
They came down only $300 and are removing items that were listed as part of the listing! Sounds like they need a reality check. I wouldn't worry about being out of line with your offer. What are the comparable homes selling for? That is all that matters. What they paid and took out of the house does not matter and should not be of your concern. You should only be concerned that you are paying a reasonable price given current market conditions. It is your money afterall. Jay
My hubby and I have over 800 BS credit.
No debt..prequalified
Sold a home this year...
We bid on a home posting for 239K. We bid 200 with final of 205k.
Sqftg CMA's in neighborhood 180-200k
MAJOR updates in home made it lovely and gave it an edge
however, we all know it's a buyers market and homes are NOT appreciating.Home lacked 2/3 critical things we wanted,but could ammend ourselves.
Seller bought in 2004 for 190...trying to sell for 239. Took out 70K 8/07!!!
Since homes are not appreciating, we thought our offer-over the CMAs- was reasonable-and shoot, she still is getting over what she bought for which puts her ahead of alot of sellers under 3 years in their home in this market. Were we out of line or is this seller unreasonable?
Did I mentioned the Bid was countered to 238,700 with all fixtures, curtains, bathroom mirrors and cabinets removed and fridge removed after the home boasted these upgrades as features in the MLS?
I'm not an agent but my husband and I are RE investors. IMO, when a buyer has asked for way too much the seller will counter like the seller you just referenced. To this seller, you've asked for too much. Also, I find it interesting that you mentioned what the seller will be getting - as a buyer many times over, I personally think it's irrelevant what a seller gets. Everyone should walk away happy or at least satisfied and that's hard to accomplish when one is worried about what the other person is getting.
My hubby and I have over 800 BS credit.
No debt..prequalified
Sold a home this year...
We bid on a home posting for 239K. We bid 200 with final of 205k.
Sqftg CMA's in neighborhood 180-200k
MAJOR updates in home made it lovely and gave it an edge
however, we all know it's a buyers market and homes are NOT appreciating.Home lacked 2/3 critical things we wanted,but could ammend ourselves.
Seller bought in 2004 for 190...trying to sell for 239. Took out 70K 8/07!!!
Since homes are not appreciating, we thought our offer-over the CMAs- was reasonable-and shoot, she still is getting over what she bought for which puts her ahead of alot of sellers under 3 years in their home in this market. Were we out of line or is this seller unreasonable?
Did I mentioned the Bid was countered to 238,700 with all fixtures, curtains, bathroom mirrors and cabinets removed and fridge removed after the home boasted these upgrades as features in the MLS?
Sounds to me as if you've done your homework. I don't think you're being unreasonable at all. Obv it depends on how desperate the sellers are. Do they have to be out at a certain time? Have they received any offers? How long has it been listed? What (if any) are the recent sales in the neighborhood.
This is where having a quality realtor comes into play. They should be able to help find out these things.
I wouldn't accept anything that took out the light fixtures and such... especially if they are marketing the house as being upgraded with those things. Reminds me of that movie "Money Pit" where Tom Hanks buys a house and the sellers say they're taking everything with them, and they really do remove everything from the house but the walls! If I were you I would go ahead and buy one cheaper and spend the extra money upgrading the house the way you want to.
We bid on a home posting for 239K. We bid 200 with final of 205k.
Sqftg CMA's in neighborhood 180-200k
<SNIP> Since homes are not appreciating, we thought our offer-over the CMAs- was reasonable-and shoot, she still is getting over what she bought for which puts her ahead of alot of sellers under 3 years in their home in this market. Were we out of line or is this seller unreasonable?
It's possible that you weren't out of line AND she's not unreasonable.
In all fairness, none of us can say whether your offer was a reasonable one or not, as we don't know the house, you & your needs wants & circumstances, and the condition of your local market for properties like this one. But you can, and it sounds like you have. Ask yourself a few questions.
Is this the house I must have, or are there others that will work just as well for me?
For other houses just like this one, are the sale prices higher or lower?
For the dollars I am offering, can I realistically expect to get a house as good as this one, or better?
If I pass on this house for a few dollars (few hundred, few thousand, whatever the numbers are) will I be upset about having missed it when it's gone?
You say that the comps by sq ft are right about where you offered, but you also mention that she has some ameneties that others lack. Do you expect to get those ameneties for nothing?
Because at the end of the day, you are the only one who knows whether you paid the right price for the house. As to what the seller paid for it, that's irrelevent. So they will make a profit. So what? What's important is that you get what you want for a price you aren't unhappy about paying. I mean, if you found out that the seller paid 5% more, would you be willing to increase your offer just to make sure she doesn't take a loss? Should she expect you to? Of course not.
Bill, I think the point about the amenities is irrelevant at this point. The items that the seller put in their listing as upgrades are the items the seller is saying they will remove from the home. If they are only going down from their list price by $300 AND removing the bathroom cabinets and mirrors, the light fixtures, the fridge and the curtains then it's obvious they never meant to include them in the first place. Plus, that makes the house harder to move into because you are paying more PLUS you have to pay to replace all of those so-called upgrades that the seller removed.
I have never heard of anyone taking the bathroom cabinets with them, that's just strange.
Bill, I think the point about the amenities is irrelevant at this point. The items that the seller put in their listing as upgrades are the items the seller is saying they will remove from the home. If they are only going down from their list price by $300 AND removing the bathroom cabinets and mirrors, the light fixtures, the fridge and the curtains then it's obvious they never meant to include them in the first place. Plus, that makes the house harder to move into because you are paying more PLUS you have to pay to replace all of those so-called upgrades that the seller removed.
I have never heard of anyone taking the bathroom cabinets with them, that's just strange.
Yeah, I wouldn't accept the removal of anything that the listing shows as an inclusion. But the OP said (here's the exact quote "MAJOR updates in home made it lovely and gave it an edge") that this house had an edge becasue of the upgrades. I'd strike the part about the removal of those things & continue from there. It's all part of the process, right?
Nightmares occur when they swipe the cabinets and you find out on a final walk through the day of closing.
Why try to buy from someone who doesn't want to sell?
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