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Personally I don't think we are too far apart. Our initial listing was 165 and after a month we dropped to 160 which is definitely on lower end of comp range. The buyers initially offered 150 plus closing. We countered at 160 plus closing and their agent said that he had authority to go up to 155 plus closing. Apparently they are cash poor and have a loan approved for 155 and can't go beyond that. They can't pay any of the closing costs apparently.
I am of the mindset to see if we could meet at 156/157 and pay closing. It isn't too much less and I just want to get moving. We aren't necessarily pressured to sell right now and the money we get from this house, which isn't going to be too much anyway, is going to buy furniture for the new house. So my husband thinks we have time to wait. Our agent thinks that bc we have gotten a lot of showings then we should certainly get another offer.
So they put an offer in. It was pretty much a lowball offer and we countered. And they countered but it is still lower than what we think is reasonable. But I don't think they can go any higher (bc of their loan approval) so I think that deal will fall through Our agent is recommending that we hold firm on our price bc we are still getting a lot of showings and my husband agrees. I, on the other hand, would like to get this thing done and over with.
The amount of the loan approval doesn't always mean what you think. I know someone going through a mortgage broker and just had the broker resend a loan approval based on the offer amount, even though he was able to be approved for a higher amount. Of course it still is possible they could not afford more, but the amount on the approval won't tell you that.
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Our agent is recommending that we hold firm on our price bc we are still getting a lot of showings and my husband agrees. I, on the other hand, would like to get this thing done and over with.
