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Exactly. The more the OP comes back with more comps, the more he reveals his hand that he wants this home over the others.
It seems to me perhaps you and your realtor need to see if there is a creative solution to the solar panel loan issue. Can the loan be refinanced or are there other ways to increase the net proceeds to the seller?
I need something outside the city limits. The other one is "inside city limits".. Otherwise I would have considered the other one. The layout also does not give us a good option to install a pool that my wife wants. (theres no back door that faces the yard).
If this house was on the west side of the city. I would totally go for it , but its not. You have to drive thru some rough areas to get to the good side. Which we are willing to sacrifice for the market price. Solar panels are not a necessity , and it seems to be more of a burden than a blessing .
They’re stuck with this solar panel bill and they’re trying to get you to pay it off for them. I’m seeing the average cost for solar panels for a home as $11-15k, and another website says 11-40k, so $75k seems to be a stretch. I also see that solar panels typically increase the value of a home by 4%. I could see the panels adding $20k to the value, so 515-520k seems about right.
However, in the long run is that extra $35k by going up to 550k going to make or break your decision. We had to bid on our home 2 years ago and ended up going $20k over asking price, which was already listed $10k above similar comps at the time. 2 years later now and I see homes going for $100k more, so that 20k that I was worried about 2 years ago would have been a silly thing to give up our dream house for.
Our biggest factor though was location, a desirable neighborhood. People want to live here and homes here don’t come up very often for sale. If you have similar homes popping up for 50k less and this isn’t your “dream home”, then you might pass on this one. I know I’d be a little ticked off being stuck with this guy’s solar panel bill.
You make a good point about the long view.
However, no one is stuck with anything. The OP can pass.
I was selling a home in the midst of the '08 housing downturn. I would get irate buyers who would show me comps of homes in foreclosure. I would tell them that my home was not in foreclosure so I am not decreasing my price and they should buy those properties. I knew those buyers wanted my home that was on a desirable street (quiet, no through traffic) in a desirable neighborhood (three realtors lived within one block) for "comps." So, even though I didn't have a solar panel loan, I wanted more than "the market would bear" at the time.
I did in fact find my "ideal buyer" an economics professor, no less. She had rented for many years, loved the neighborhood and was willing to pay more. She, like you, took the long view and has profited handsomely.
People need to look at negotiations from both buyer and seller POV and take emotion out of it.
Location: Sarasota/ Bradenton - University Pkwy area
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Ask to see the seller's solar panel contract because usually things like that contain a clause that states the balance must be paid off if the property title transfers.
Twenty years to pay off solar panels that have a life expectancy of about 25 years, more or less, depending upon climate conditions. Doesn't read as an asset to the property, in my opinion.
We put an offer on a house. Its about 45-60 min from where I live now...
They were asking way way way over anything that selling nearby and the comps in the area are around 500k (with several more acres of land)
Asking price was 575 , we offered 515.
They came back and countered and said if they accept my 515k I have to take over their 75k loan they have on the solar panels they installed 2 years ago. 50k + 25k interest = 20 years 340 month. Or they said 550k and they will pay the panel loan off....
They never disclosed this in the listing. I don't see it appraising 550k and I'm not paying for the solar panels.
It has had no other offers and been on the market for 2 months.
We have moved on! Funny! After we told them no to their offer, they dropped the price 25k .
If they come back after it still doesn't sell. Maybe we will counter with 495k
I wouldn't write it off yet. Would be nice to have a house with a good solar system if you can get it for your price. Often sellers need for the market speak to them before they accept reality.
We have moved on! Funny! After we told them no to their offer, they dropped the price 25k .
If they come back after it still doesn't sell. Maybe we will counter with 495k
Exactly.
Not to be a douche, but in a situation like this if the seller came back my original offer would decrease somewhat depending on how badly I was interested in the property.
I had this happen once. Made an offer on a property I was interested in, based on comps in the immediate area. Seller's agent agreed it was a fair price, but the seller had unrealistic expectations. We left things open if the seller changed their minds.
Fast forward about three weeks and the seller's agent (reluctantly) approached me. I made an offer about 5% below the original offer, which I told the agent I was going to do as I had moved on and my interest had waned on this property.
Seller was mad when they got the offer, and let it die by not responding. Property went off the market a month or so later when the listing contract expired. Too bad.
Im over them! Even if they came crawling back! They can keep it. Ill wait a year if i have to. Im in no rush to sell my house. Im in the Austin area and will have no problem.
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