Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We're in a time crunch. We sold our house (in 7 days!) and want to buy in a specific area. Unfortunately, we're either too late or sellers are asking way too much.
We just had the appraisal on our house we're selling and closing is scheduled for June 29th. We had a house to buy but when the inspection was done, it turned out to be too many issues that we would have had to fork out of our pocket. The seller was asking too much to begin with and we offered $10,000 under and they accepted, but after the inspection, we would have had to reinvest $15,000-$18,000 into it. We backed away and cancelled the contract.
So, we were on the hunt for another house and the listings have been scarce in the area we want. We found a house that is smaller than what we want, but it has been updated with several things, including the kitchen and a new roof 3 years ago.
We made an offer $6,000 under asking because of the price per square foot in that area is only around $90 and they are asking $104. They rejected our offer, so we offered full price. We know the appraisal won't come in any way near what they are asking. What to do then??? We have no idea. Walk away...again??
I don't understand the mentality of people that won't negotiate. I realize everyone wants to make a profit, but it seems to me that you can either be stubborn and hold firm to your price or you can negotiate and sell and move on.
So, we were on the hunt for another house and the listings have been scarce in the area we want. We found a house that is smaller than what we want, but it has been updated with several things, including the kitchen and a new roof 3 years ago.
We made an offer $6,000 under asking because of the price per square foot in that area is only around $90 and they are asking $104. They rejected our offer, so we offered full price. We know the appraisal won't come in any way near what they are asking. What to do then??? We have no idea. Walk away...again??
How do you KNOW it won't appraise? If it doesn't and you are financing, they will have to negotiate or put it back on the market. If houses are as scarce as you indicate, they may be able to get some buyers to come to the table with the cash over the appraisal. And what about the inspection? How do you know what they are going to do with anything the inspector finds?
Why don't people want to negotiate? Lots of reasons. They just hate the idea of it. They believe their house is "worth" what they want. The are emotionally attached to the house. They have some kind of whacky personal issue with the potential buyers. They really don't want to sell. They are illogical. And it goes on and on.
How do you KNOW it won't appraise? If it doesn't and you are financing, they will have to negotiate or put it back on the market. And what about the inspection? How do you know what they are going to find?
We've done comps for similar square footage, year, etc. in that area and what they are selling for now. We're not expecting anything major with the inspection, BUT you never know. We'll see after that.
I'm just in frustrated, panic mode, I guess. I'm beginning to think we shouldn't have sold our house! We thought we would be able to find a house in this particular area but it's been bad timing for us.
We thought about renting but my husband (who's 76) just doesn't have the energy for more upheaval. He's been so stressed. I have to keep him calmed down.
If the home doesn't appraise then you have the option to back out if the sellers will not come down to that price or you pay more to buy. That's up to you. A seller can sell for any price they want. If it doesn't appraise than it's up to the buyer if they want to pay more than what it's worth.
We're in a time crunch. We sold our house (in 7 days!) and want to buy in a specific area. Unfortunately, we're either too late or sellers are asking way too much.
We just had the appraisal on our house we're selling and closing is scheduled for June 29th. We had a house to buy but when the inspection was done, it turned out to be too many issues that we would have had to fork out of our pocket. The seller was asking too much to begin with and we offered $10,000 under and they accepted, but after the inspection, we would have had to reinvest $15,000-$18,000 into it. We backed away and cancelled the contract.
So, we were on the hunt for another house and the listings have been scarce in the area we want. We found a house that is smaller than what we want, but it has been updated with several things, including the kitchen and a new roof 3 years ago.
We made an offer $6,000 under asking because of the price per square foot in that area is only around $90 and they are asking $104. They rejected our offer, so we offered full price. We know the appraisal won't come in any way near what they are asking. What to do then??? We have no idea. Walk away...again??
I don't understand the mentality of people that won't negotiate. I realize everyone wants to make a profit, but it seems to me that you can either be stubborn and hold firm to your price or you can negotiate and sell and move on.
Am I wrong in my way of thinking?
Do you suppose the seller is thinking the same thing ....that you are willing to let the house go for $6K?
I don't understand the mentality of people that won't negotiate. I realize everyone wants to make a profit, but it seems to me that you can either be stubborn and hold firm to your price or you can negotiate and sell and move on.
Am I wrong in my way of thinking?
In an area where the market is as hot as you say, another buyer will soon come along - one that is willing to pay cash or to pay down more if the house doesn't appraise.
From that viewpoint, you're the ones being "stubborn" and you will continue to lose out on bids to buy houses in a place where listings are scarce.
I'm speaking as someone with very recent experience selling a house in a very hot market and then buying a house in another very hot market.
Yea because everyone wants to float a second mortgage for an empty unused house until it sells
As opposed to what the OP is going through?
Take the drivers seat.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
