What would you do with this offer? (2014, appraisal, price)
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We had this happen to us, they low-balled and had a contingency. Our Realtor contacted their Realtor and told them that they really needed to understand that the offer was not even going to be looked at. They came back with a slightly less offensive offer and kept the contingency.
In the meantime we got another offer and negotiated it and accepted while the first offer people were working on offer #3. They were upset that we sold their *dream house* out from under them - well you should have put in a reasonable offer.
They had their chance! They blew it. Totally on them. Were you supposed to wait 10 years for them to get their act together?
We've done what we did, but curious on others' opinions. We listed our house Thursday for $385,000. That might be a bit on the high side; I think sale price will be about $375 or so. We're building new so really in no particular hurry to sell(new house completion 3/18). We had a showing Thursday evening and yesterday got an offer for $340,000 contingent on the sale of their house, which isn't even on the market yet. According to my realtor, who works extensively in both their current neighborhood and ours, they should have no trouble selling their house - last week she had a listing in there that sold in two days. Their proposed contingency expiration date was September 15.
We were concerned about taking a contingency since we are so new to the market, not to mention being insulted by their lowball offer. So we countered at $382,500 and no contingencies.
What would you have done?
Your actions are fine. The thing I would caution you about is being "insulted by their lowball offer". There is no reason to be insulted. This is business, not personal.
So what was wrong with the house you purchased that was listed for half a million dollars and you got it at a quarter million? There has to be something to this story. You can't be that cute!
Nah. Ruggedly handsome would be a more apt description.
I'd counter and if they accepted, then I'd take the contingency, but (assuming this is legal) make them understand that if you receive another noncontingent offer that they'd have 1st right of refusal and require their proof of performance within 10 days . If they could not show an ability to perform, then you'd be able to cancel any agreement with them and move to the other offer. Don't be held hostage.
We've done what we did, but curious on others' opinions. We listed our house Thursday for $385,000. <> got an offer for $340,000 contingent on the sale of their house<> So we countered at $382,500 and no contingencies.
What would you have done?
You are much more polite than I would be. Attempting the steal a house should be a federal crime.
You are much more polite than I would be. Attempting the steal a house should be a federal crime.
Making ridiculous posts on CD should also qualify.
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