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Location: Nothing could be finer... I'm in S. Carolina!!
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we're in tx but are moving back to sc next july to settle down.
this house that my husband and i really like has been for sale for a year and the starting price was $379,900. they kept it listed w/ an agent for about 7 months. it didn't do anything. they took it off and did the fsbo thing and lowered the price to $359.
we went to see it (no realtor yet) and wanted to meet them to get the scoop on their situation. we loved the house and found out that they had bought a piece of land where they want to move and are building a house to retire in (just started building) but are waiting to move until their house sells and/or their new house is finished. it sounded like a nice situation for us. we told them that we were moving and wouldn't be back until july and while we love their house, probably wasn't smart of us to buy a house to not live in for a year (and of course it wasn't, but my philosophy is there's nothing wrong w/ looking!). they were super nice people and we could tell they liked us too, so i wasn't surprised to get a phone call later. they had worked out a couple options for us to help us and help them.... option 1 was for us to buy the house and them rent it from us until they're ready to move. option 2 was for us to put a deposit down or something to hold the house with plans to buy it closer to time and they would obviously not try to sell the house anymore.
it was nice of them to offer this and i was super excited, but the price was still the same. so we declined but on good terms - and we didn't haggle only b/c i was nervous about the situation still and knew that after we negotiated on price, their offers would probably not still stand and we'd be left with an empty house.
today i get an email from the owners saying they are about to relist the house w/ an agent and wanted us to know first incase we are still interested (how nice!). they said their offers (including the $359 price) still stands and they've talked to their realtor about us too. but - the listed price? $369,900.... obviously they are not budging here so far which makes me even more nervous about negotiating renting and all of that.
there are no sales within the past 12 months in the neighborhood and i do think the house is overpriced. there's a 4 bed, 2 bath listed for $299 which isn't as nice but is their competition. this house has 3 bed, 2 bath. they have their priced raised b/c of their pool and significant landscaping they have done that is very taste specific. also, both houses are interior lake lots, but this house is in a slightly better interior location and on a flat lat whereas the other is on a sloping lot and is not as far into the neighborhood - closer to the entrance which isn't as desirable. but not $70k more desirable (or $60k in our case).
i really don't want to get involved with a realtor either or even haggle on price or ask a realtor what a fair price would be b/c i would feel obligated to move on it if help was provided. i kind of just want to know what i could get it for and if it's the right price (which i don't even know if my right price is fair nor do i know what the right price for me is yet) - then we might would consider.
however, we're still many months out from moving back home and i just know if we started haggling over price, the offer to rent back from us (and we would trust them to take care of the house) would be withdrawn b/c no one stays friends after you haggle, especially b/c i think they're house is worth significantly less than they think it is.
so after all that (thanks if you're still with me), what do you think i should do and how should i respond to the seller? we really do like them and want to stay on good terms b/c if the house were still for sale in march, we would definitely make an offer on it and maybe if they like us, they will play ball w/ us a little more? not sure - but either way, i want to write back something nice and wish there was a way i could figure out exactly what we could get it for without actually having to buy it....
3 things could happen:
You offer "your" price - they accept, you buy a house.
You offer "your" price - they decline, you don't get the house.
You do nothing. You don't get the house.
Location: Nothing could be finer... I'm in S. Carolina!!
1,294 posts, read 6,485,070 times
Reputation: 421
haha! that's a good way of putting it.
but if option 1 does happen - which would be great, what happens if we end up with an empty house until july?
and i don't know what "my price" is! i guess i'd just have to really think about what i'd feel comfortable paying (i means we, hubby has some input i guess...haha).
Tell them that you are serious about buying the house but that it is your policy to have an appraisal done before you buy anything. Ask them if they would be so kind as to let the appraiser in.
If you need some input on finding a professional, competent appraiser, PM me with the location of the property (city) and I'll send you a list ....
but if option 1 does happen - which would be great, what happens if we end up with an empty house until july?
But they would rent from you, right?
I don't know, but you have to do what is right for you. I closed on a house in Tucson in March and didn't move until July. I needed to wait until the boys were out of school.
Location: Nothing could be finer... I'm in S. Carolina!!
1,294 posts, read 6,485,070 times
Reputation: 421
schousse, thanks very much! i emailed our real estate friend and she's going to do a little research for me to see what she thinks a fair offer would be and if that's something we would feel comfortable w/ offering. then we'll look at getting an appraisal maybe. i will definitely pm you if needed, thanks so much for the offer!
Just a couple of thoughts....July is a VERY long time from now. There is a lot of economy and real estate adjusting taking place between now and then.
Second, these sellers are on the hook for quite a bit more than the 10k difference between the FSBO price and their listing price with agent fees.....making the 359 too high. Add to that the unlikely event of the sellers getting a full list offer (when they've already been on the market and remained unsold)....so deduct a reasonable % off that, and THEN the realtor fees to see what they "might" net from an eventual sale. Finally, as you point out, their only competition is priced quite a bit below their idea of "market price."
My gut says, "do nothing." Would you still be in love with the house if you KNEW you paid 60k+ too much? Just my 2 cents.
schousse, thanks very much! i emailed our real estate friend and she's going to do a little research for me to see what she thinks a fair offer would be and if that's something we would feel comfortable w/ offering. then we'll look at getting an appraisal maybe. i will definitely pm you if needed, thanks so much for the offer!
Just a couple of thoughts....July is a VERY long time from now. There is a lot of economy and real estate adjusting taking place between now and then.
Second, these sellers are on the hook for quite a bit more than the 10k difference between the FSBO price and their listing price with agent fees.....making the 359 too high. Add to that the unlikely event of the sellers getting a full list offer (when they've already been on the market and remained unsold)....so deduct a reasonable % off that, and THEN the realtor fees to see what they "might" net from an eventual sale. Finally, as you point out, their only competition is priced quite a bit below their idea of "market price."
My gut says, "do nothing." Would you still be in love with the house if you KNEW you paid 60k+ too much? Just my 2 cents.
Fisher, nobody on this board is in a position to tell you what that house is worth, much less what they owe and how much they'll accept. We have never seen it and don't know the Lake Hartwell market. Those who speak with such certainty on what a house they've never seen is worth in a market they don't know...well you decide for yourself what advice to listen too and how much it's worth.
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