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So, I had to post about this. We just listed our home and started looking. We are downsizing- again, don't HAVE to sell but want to cut our expenses and this house is just too big. So at the risk of getting slammed on here for not selling before buying I am posting this.
Things are not all "gloom and doom"_ at least not here in Denver. I wasn't going to start looking but a rare house came on the market in a very desirable area. It is a fixer, but priced low in our budget and we could live there and not do much for a year or two. So, working with our realtor, we made an offer. We based this on sold, recent comps. House was listed at 889- we thought it was a fair price for the sub area, yet was a bit high for sold comps. So we offered 870, 60 day close. We wanted the close as long as possible- wanted 75 days but didnt think she'd go for it. They countered with 883 and 45 day close. We agreed to their price but kept our close- we do'nt want to get in a bad situation and although are pricing our home to sell, 60 days is pushing it even (ave dom here is about 52).
So no response to our offer at all. They let our response time come and go.
I think it is fair but I guess they feel they'll get more (even though based on data we were at higher end price per square foot and EVERYONE is taking a haircut on price). This home had been listed for 1 day. I just can't believe this in this market!! Kind of bummed but it will b better to sell first anyway. Just thought I"d relay that joyous story.
Just try to remember..."Things happen for a reason"!! You may not know the reason today or ever but I do know there is a reason. Been there and done that!!
Either another bidder or they think you will rethink and come in with a higher bid. Depends on what you want but do you want to be in the situation and not have your home sold and start to pay for 2 homes? It is still a buyers market and more desired homes will come on the market. Good Luck with your descision.
our realtor talked to theirs (Same brokerage so even better deal for them!)and said they were firm on their close date- they also had us provide info about our lending co, ability to close and we even wrote a letter stating how much we wanted the home and ability to close. We have the ability to pay both mortgages but do not want to. This is a less expensive home than the one we are selling, by a lot. They are expecting another offer as of yesterday but do not have it. My realtor said they are not going to respond to our counter- again, agreeing to their price-only 6K under list!- but not the timeline. They really want an April close. So annoying. It just stinks that I am fully prepared to take a big cut on my own price due to the market but apparently they are not!
Location: Halfway between Number 4 Privet Drive and Forks, WA
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I think it is fair but I guess they feel they'll get more (even though based on data we were at higher end price per square foot and EVERYONE is taking a haircut on price). This home had been listed for 1 day
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If the house had been listed only one day, the sellers aren't even close to knowing how the market is yet.
Things work out for a reason, and even though our market is somewhat stable, there is no way I'd put an offer on a house until mine I was selling is under contract. You just don't know what can happen, even if you're priced aggressively. This could be a blessing in disguise.
I think it is more the terms (closing date) on this one than the amount you'd be purchasing it for...
oh we are not going back to them. I'm not even looking at any more until we are close to being sold.
Yeah, if you're out making contingent offers with no solid prospects for selling your own home, you may just be essentially teasing yourself with unobtainable possibilities.
Once you've got your selling situation taken care of you'll be in a much stronger and more confident position as a buyer. Good luck!
In a negotiation situation, the buyer and seller need to learn and understand the needs of the other, and work to satisfy both their needs.
You want a longer close, and they want a shorter close. You made a good price counter when you agreed to their price with your longer close.
Would you be ok with going back and offering less money for a 45 day close.
Ask you agent to discuss the situation with the other agent to find out the needs.
While they want to close in 45 days, they may not close for 4 to 6 months if you are also in a slow market. They aren't aware of that yet because they got an offer so quickly. I'm sure they feel the next offer will be better.
If you really want the house, have your agent keep in touch with the other agent to see what's happening and let you know if there is a change of mind.
Don't just give up if you really want it. Give them time to think things over.
Thanks Captain Bill, you always have great advice. I did tell our agent to keep us posted. It is a blessing in disguise I'm sure of it. We could carry both homes but again, I don't want to. We are both in desirable areas and Im sure we can sell quickly but you never know. It is only the beginning of the spring market. It just isn't worth it to have a shorter close at this point.
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