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Yep, go down the $500 and run to the bank with the money. It might be a LONG time before you get another good offer or an offer at all. I've known RE agents who have tossed the money in to make a sale if it's a double or triple ender. Maybe your agent will throw half in?
You don't understand that the Dallas market is sizzling right now and the OP had not even listed the house yet and got this offer from a "coming soon" sign posted on her lawn by a realtor. It hadn't even made it to the MLS yet. Its a crazy hot market here and houses are getting multiple offers.
You came down $7000 already. I think I would say, "Take it or leave it." You're probably asking too little anyway. Have you checked on Zillow: Real Estate, Apartments, Mortgages & Home Values to see what they say your house is worth. Our home has recently gone up more than $20,000. Real Estate is going up right now.
Zillow valuation is a joke. They are often at or more than $100,000 too high or too low. They simply do not have the data available to make anywhere near a true determination of value. Even Zillow tells you that it is only an estimate done by a computer.
The OP has told us several times that having a firm contract is badly needed right now to make a contract on a home they want to buy valid. Some of you are telling them to just kill the deal over $500 which is cheap for the problems found. They would not only kill the deal on the home they are selling and may never get another offer as good, but would be killing the deal on the home they want for their family.
If This house is in Dallas and it's a hot market, this might be your chance to get out of this deal and accept a much higher offer once the house is properly listed.
If your crack in the driveway is more that 1/4'' thick, it indicates foundation problems. I'd get that crack fixed before the appraisal.
I'd then offer the buyer $250 to help out with any additional upgrades to your home via closing cost allocation. I have bought and sold a lot of houses and have never not paid or received "fix it" costs. $500 is low in my opinion.
You don't understand that the Dallas market is sizzling right now...
Which is more reason to pay the $500 because the seller also needs to BUY a home in the sizzling Dallas market. And the seller already said that they need their current home(which they are selling) to be 'under contract' in order for their offer to be accepted when they are on the purchasing end. If they quibble over $500, then their house could fall out of contract. This impacts their ability to BUY a house.
I would pay it and move on. That $500 is worth not having any more showings. I'll never forget my in laws near Ft. Worth having a good offer and negotiations breaking down. That was the best offer they got on the home, and they regretted it. Sometimes a gamble to relist a home works, and sometimes it doesn't.
This is nothing more than a feel good moment for the buyer in which he feels he sucked an extra $500 out of you. It's all about psychology. Some people feel good if they feel they screwed you out of an extra few cents. Give it to them and laugh as you sign the papers.
Some of you may remember my posts about listing my house as Coming Soon. We found a solid buyer a couple of weeks ago. We had the house listed for $237k and the buyers countered at $225k. We agreed on $230k.
Fast forward to today... after this past weekend's inspection, they now want us to make some minor repairs or come down $500 on the price. WHAT??? And most of these repairs are laughable: fix ceiling nail pops; replace cracked outlet cover; fix slow drain; closet door ball-catch at top missing; put closet doors back (they're in the attic). And some are things that I need to get pro help with (below). Are these expensive repairs?
* Re-bar end is exposed in one place of the slab needs to covered.
* Nails are exposed in some places. Missing a portion of one shingle found.
* Kitchen near opening to office area crack on wall. Exterior brick work near window found a hole need to be sealed/caulked.
* Tile has crack in guest bathroom.
* Driveway slab cracked near garage
* Dishwasher is loose in cabinet, needs to fix.
I don't think ceiling nail pops are laughable. YMMV. Slow drain? Oh no way. You obviously haven't lived through a plumbing nightmare with sewage waste covering your entire first floor.
Nail pops and popped cornerbead are a big PITA and will add to the price of repainting your house when the people move in which obviously will have to be done.
They are most likely NOT going to fix ALL these items but I wouldn't want the bolded items either.
It COULD BE the people don't know a single person to call in your town.
I had MY sellers fix some minor issues like that and some MAJOR ones for that reason. But I offered nearly full price - cash- quick close - and it was late 2008. I even had them fix the sink hose since they needed to have a plumber out to fix the rusted out pipe joints to the hot water heater.
Did you ever pay a plumber money only to find he didn't really fix a problem because you didn't even know who to call? Infuriating.
Why is the dishwasher loose I never even heard of that LOL.
WHY AREN'T YOUR CLOSET DOORS ON? I'LL BET YOU MONEY THEY DON'T WORK PROPERLY, RIGHT?
WHY DO YOU HAVE A SLOW RUNNING DRAIN ANYWAY?
Bifold doors? Well they are not the simplest things to fix yourself if you don't know how and it cost me $100 to have a guy come FIX THEM a second time after my SELLERS didn't have them fixed permanently, too. But the REAL problem was finding a guy who could do it right. There's a couple of tricks.
IMO agreeing on the the $500 is a no brainer.
Last edited by runswithscissors; 04-23-2016 at 09:17 AM..
I always expect a buyer to offer a 10% less than asking when I've listed my homes. I think you got a super hot offer and I wouldn't jeopardize because of feeling miffed. OK. Swallow your pride and shell out and get out of there.
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