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We did tell them this and their response was"they really want this house" . They want a Colonial Splanch in Brittany Hills that is completely updated. The love the home.
They also know we are not in a rush which works for them too since they aren't getting married until next October. But they are also scared they will lose this house and they very well might.
Mr Rational, are you an agent?
Mr. Rational is not an agent. He is in fact a renter with opinions...sometimes good sometimes not.
I am an agent. The crucial facts in such a situation are not easily knowable to an outsider. With a young couple I presume financing, and therefore an appraisal, and that is where the rubber meets the road.
If you can get a couple of offers a week just hold out for cash with no financing or a conventional mortgage with a waiver of the appraisal clause.
This is the big problem with FSBO. Particularly on a really nice property such as you have. Can you really sell it again ever week? Or are those two offers the best you will see in the next year? I have no idea but either could be true.
Unless the kids have big financial muscle dump them. They cannot afford the place without financing and in the present climate you are not going to get a premium appraisal.
One of the good reasons for hiring an agent is that it is a pretty complex situation and you really need to know more than most civilians will. Sorry but some deals I do actually earn my pay.
Ok, so from what we know, they are pre-approved for $450,000 and have 20% to put down. We think they brought both sets of parents to possibly get a little more $$$ to purchase. When one of the Mother's was talking to me in my kitchen she said in a joking voice "you have to work with them". I said we are negotiable. I think dropping down $30,000 on a house that is listed 3 days is pretty good.
BTW, the other offer was from a young couple with two children. They offered $429,000. We countered with $445,000. We are not that far apart. I would not be surprised if we heard from them tomorrow
BTW, the other offer was from a young couple with two children. They offered $429,000. We countered with $445,000. We are not that far apart. I would not be surprised if we heard from them tomorrow
As I said you are missing the issue. What happens when you get a $410,000 appraisal?
Let us know how it turns out...these are very interesting...
I am an agent - since that seems important to you to know:-)
I would make one of these offers work - even at less than your "bottom line". To wait and hire an agent would just be crazy. If you get an agent, you don't get to raise the price accordingly. You will still have to list it at the same price. Let's say an agent is actually able to get you the $440,000 you want. Then you have to pay over $26000 in commissions. If you take that into consideration, you have even more room to negotiate with your two potential buyers. You could go as low as $420,000 and have the same net outcome and can sell your house today instead of months from now.
Posters are right about the appraisal issue. Without direct comps, you never know about the appraisal. You need to start thinking now about what you are going to do if the appraisal comes in below the price you and the buyers have agreed upon.
I know Lake Grove. You put too much kitchen in for the area. You won't get that back.
I think what I would have done prior to going FSBO.. and without "Comps" as you say in your neighborhood... is paid a local bank for an appraisal. It would have been a good $300-400 or so spent. It would have given you a benchmark from where to price your home.
Then you could appropriately price your home........and have a back up LOCAL bank appraisal if your buyer runs into trouble with their appraisal typically done via sold comps by an out of town bank. And it happens everyday especially now that younger buyers are using the internet to source mortgages. It's not like the old days when you walked into your local bank and got a portfolio mortgage.
And make sure buyers are pre-approved. Get a copy of the pre-approval letter with their offers. Pre-qualifed is NOT the same as pre-approved and many first timers use the terms interchangeably.
My personal preference if spending that kind of money would be 3V SD.....but that's my genetic SB bias talking.
Geesh.. I remember when your neighborhood was still all woods and scrub.
Ah, FSBO Long Island. A $400K+ house with a high end kitchen is typical nonsense. No one in that price range is looking to pay extra for your kitchen foibles (and I'm sure many people reading this who don't know Long Island think $400K is a lot of money....it's not). Let me guess, this is in some middle-island, solid middle class but not close to $80K kitchen neighborhood, right?
There's an adage in real estate - your first offer is usually your best.
I've never heard of a "soft launch" in real estate - all you're doing is allowing your listing to grow stale. After Christmas people will be thinking "that house is STILL on that market? wonder what's wrong with it".
Serious buyers are shopping now. EVERYONE is shopping in the spring.
$7000 to stage a house is beyond absurd. I spent about $100 to stage my house in Garden City.
We just went through the same thing. Our house was the nicest in the neighborhood, easily had comps in OTHER neighborhoods that were right in line with what we were asking. All the comments, love the house hate the neighborhood. No one was willing to pay that much for the house.
We had to knock off close to $100,000 to sell the house. Never again will I buy the nicest house. You. At have done upgrades, but with other houses not close to yours, you need to seriously consider the offer. How long do you want to sit with it?
Ah, FSBO Long Island. A $400K+ house with a high end kitchen is typical nonsense. No one in that price range is looking to pay extra for your kitchen foibles (and I'm sure many people reading this who don't know Long Island think $400K is a lot of money....it's not). Let me guess, this is in some middle-island, solid middle class but not close to $80K kitchen neighborhood, right?
There's an adage in real estate - your first offer is usually your best.
I've never heard of a "soft launch" in real estate - all you're doing is allowing your listing to grow stale. After Christmas people will be thinking "that house is STILL on that market? wonder what's wrong with it".
Serious buyers are shopping now. EVERYONE is shopping in the spring.
$7000 to stage a house is beyond absurd. I spent about $100 to stage my house in Garden City.
I totally agree with the bold part above. Where did that $7,000 go, anyway? I looked a the pictures and while the kitchen is nice, the rest of the house looks completely outdated to me. For that much money you could have at the very least replaced all of the carpet. I see a lot of taste-specific updates, personally.
I also agree that you should try your hardest to make one of these offers work.
Keep in mind that zillow price estimates are worthless. On my last house the zestimate was $789,000; it sold for $558,000. Not even close to reality and that selling price was in a multiple offer situation where we had 3 buyers bidding. The sales price was also over our asking price, for that matter.
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