You call that a serious offer on my house???

[HeatherH]

Yeah. Right.

Got an offer today - offered 70K LESS than selling price, AND they think we're going to give them ANOTHER 20K at closing to "fix things"!!!!!

AAAAAAAARRRRRRRRRRRGGGGGGGGGGHHHHHHHHHHHHHHHH!!!

:banghead:


Not. on. your. life.

We're going to counter, but I'm SURE it won't go anywhere.

Thanks for letting me blow off steam -

[kristavws]

I'm not surprised, as it is now completely a buyers market. The fact is there are LOTS of houses on the market, and very few qualified buyers. We ended up taking 50K less than the original asking price on our house. I don't mean to sound depressing, but this was our personal experience.

The fact that you received an offer is a good sign! I will keep you in my prayers, as I know what a trying time it is when you have your house on the market. We once had an agent call to ask if she could show the house that day. I told her, "Sure," and asked her what time. She replied, "How about now," about the same time I glanced out the window and saw her and her client standing in front of my house. We were all still in our PJs!

Good luck in selling your home.

Krista

Krista

[Diane in CO]

Wow....that is just crazy! Praying that you get an offer that is REASONABLE :grouphug:

Diane

[missplacedalaskan]

CRAZY!

We are getting ready to put our house up for sale. I am praying people get serious REALLY quickly!

(((Heather)))

[BamaTanya]

When we sold our last house, we turned down a low offer. Flat. A couple of weeks later, the same bidders offered again -- a VERY reasonable offer that we accepted.

You never know. . .

:grouphug:

[Shannon831]

It's just the market. They can offer as low as they want (I'm speaking globally here), because they have nothing to lose. We sold our house for 45k under asking and we felt lucky. We actually lost money at closing. We had moved cross country and carried the house for 6 months in one of the worst markets around (central Florida). I felt absolutely blessed to get out from under the house at all. I really thought that a foreclosure was in our future.

Friends of ours, also in a relocation move, were offered 50K under asking and eventually settled at 25K under.

If I were you, I'd give some in the counter offer, but sell the house as is. That way when it's done, it's done. No fixing this and that, while also going so far under asking.

Good luck with the negotiations!

[ilovebooks2]

I am not surprised. I agree--it really is a buyers market. We have friends who not only took an offer for much less than they wanted, but they had to go to the table with 20k just to make the deal. They desperately wanted to sell and saw that the market was only getting worse, so that is what they felt they had to do.

I will pray for you also, that you get just the right buyer who will see the great worth in your home and fall in love it!

[Michelle in MO]

troubles me how so many people are taking advantage of others in this housing situation! We have some dear friends who have been trying to sell their home for over a year now. People have made the most ridiculous offers, and I really believe some of them have no scruples; I think they're just trying to take advantage of people in a difficult situation.

I hope your house sells soon. I would counter-offer, and beyond that----I don't know what advice to give, except that I'll add you to my prayer list of people to pray for. :grouphug:

[Quiver0f10]

It's just the market. They can offer as low as they want (I'm speaking globally here), because they have nothing to lose. We sold our house for 45k under asking and we felt lucky. We actually lost money at closing. We had moved cross country and carried the house for 6 months in one of the worst markets around (central Florida). I felt absolutely blessed to get out from under the house at all. I really thought that a foreclosure was in our future.

This was us, except it was closer to 9 months from the time DH moved here till we closed and we ended up losing $15k at signing. We had very little time left before we would have had to either file or foreclose.


I hope you sell soon! :grouphug:

[Brigitte]

We got an offer on ours a few weeks ago for 76% of our asking price. We turned it down flat. As it turned out, that was all the person was preapproved for. I feel sorry for her (though not as sorry for us right now), because she just will not be able to buy anything at that price.

If ours does not sell by the end of the summer, we are going to rent it again.

[lynn]

When we sold our house in Tucson the first offer was full price plus $10,000 of which they wanted back in cash for their closing costs and down payment. We never responded to that one. They called our RA and asked why we didn't counter. The nerve of some people and this was a sellers market then. Don't get offended or frustrated some people are just testing the waters to see how desperate people are. I would not even counter offers like that.

[Jennifer in MI]

Yup - people are just testing you to see how low you MAY be willing to go. I wonder if that's all they were preapproved for and they thought they'd give it a try. If your house had been on the market for a while without offers, really, they have nothing to lose!

We ended up selling our house last year for $35,000 less than asking and we felt lucky.

We got into a much bigger house for $120,000 less than their original asking price. But, we paid only $10,000 less than what they were asking at the time of our offer.

Good luck with this offer!!!

[Elisabeth in IL]

When we sold our house in Tucson the first offer was full price plus $10,000 of which they wanted back in cash for their closing costs and down payment. We never responded to that one. They called our RA and asked why we didn't counter. The nerve of some people and this was a sellers market then. Don't get offended or frustrated some people are just testing the waters to see how desperate people are. I would not even counter offers like that.
Am I missing something? What is wrong with a full price offer plus $10,000? Aren't they giving you $10,000 more which you basically give back so in effect it comes from the mortgage company? Maybe I am reading this wrong....?

[HeatherH]

Yup - people are just testing you to see how low you MAY be willing to go. I wonder if that's all they were preapproved for and they thought they'd give it a try. If your house had been on the market for a while without offers, really, they have nothing to lose!

That's what I think, Jennifer - this is a VERY young couple, wife is a Realtor, her parents live in our very small, very exclusive town. It's incredibly hard to touch a home here (we have 1.4 acres) for under 300K. I think they are just "fishing". And we've only been on the market for 3.5 weeks!!!!

My realtor talked me down last night - we're sending a counter today, but I don't think it's going to go anywhere - although as someone else said, who knows?

All I know is - I got a beautiful manicure and pedicure yesterday, and today I go to spend time with dh in Chattanooga with no kids!:001_tt1:

Real Estate is off my mind for now . . . . . . :D

[Sharon in SC]

We got an offer on ours a few weeks ago for 76% of our asking price. We turned it down flat. As it turned out, that was all the person was preapproved for. I feel sorry for her (though not as sorry for us right now), because she just will not be able to buy anything at that price.

If ours does not sell by the end of the summer, we are going to rent it again.

Our offer earlier in the week was for $40K less than asking. We turned it down. In our particular market, while homes are staying on the market longer on average, they are selling for 5% MORE than they were this time last year! No way, Jose, are we going to give lowball offers the courtesy of a counter under *those* conditions. Not knowing what your market is like, I don't know how to counsel you but your REA should be in a good position to advise...

We're convinced the man who offered on our house was not a family man looking for a home but a fella who saw this terrific turn key job (*we've* done all the work to upgrade, etc) and figured he'd take advantage of a vacant home (assuming the sellers were desperate to sell) and put it right back on the market to make a profit. Think again, buddy-ro!

We basically responded with, "We're too far apart right now with the present offer. Should you decide to make another offer more in keeping with our asking price we'll be happy to take a look at it." :)

As Brigitte said, dh said after he lowball offer that he'll rent it out before he'll give it away to someone else!

Still praying, Heather!
Sharon

[Sharon in SC]

be sure to let me know when your home goes on the market and we'll add you to the WTM homes for sale prayer list! http://www.welltrainedmind.com/forums/showthread.php?p=328909#poststop

[Sharon in SC]

Don't get offended or frustrated some people are just testing the waters to see how desperate people are. I would not even counter offers like that.

:iagree: on all counts (testing waters, trying to see how desperate a seller is, etc)

[lynn]

Am I missing something? What is wrong with a full price offer plus $10,000? Aren't they giving you $10,000 more which you basically give back so in effect it comes from the mortgage company? Maybe I am reading this wrong....?

This was in a hot market 3 years ago when offers were 20% or more over asking and sold in hours. Compared to other offers this one was not in the league at the time andto ask for closing costs in a market that buyers and sellers pay for their own closing and to ask that whatever was left of the $10,000 would go towards the buyers down payment.

[Quiver0f10]

Am I missing something? What is wrong with a full price offer plus $10,000? Aren't they giving you $10,000 more which you basically give back so in effect it comes from the mortgage company? Maybe I am reading this wrong....?

I am so glad it isn't only me. I have no idea what was wrong with this?

[Quiver0f10]

This was in a hot market 3 years ago when offers were 20% or more over asking and sold in hours. Compared to other offers this one was not in the league at the time andto ask for closing costs in a market that buyers and sellers pay for their own closing and to ask that whatever was left of the $10,000 would go towards the buyers down payment.


Oh, I see. But they were giving you the 10K, so they weren't really asking for closing cost to be paid by you. I don't undertand real estate LOL.

[Debbi in Texas]

I am right there with you. Our house has been for sale for over a year. It is now listed at $8,000 less than what we gave for it. We replaced the roof, redid the plumbing all the way to the road, added fencing, plenty of other things.

We just want it gone. We have a renter moving out today. He can't come up with the $400 rent.

[lynn]

Oh, I see. But they were giving you the 10K, so they weren't really asking for closing cost to be paid by you. I don't undertand real estate LOL.

It's something like they were giving to us but asking for it back.

[Linda in Oregon]

It's something like they were giving to us but asking for it back.


Well, technically it was a full price offer. Offering more than asking price and then asking for it back to cover closing costs, etc. is actually a pretty common thing. At least according to the various real estate agents we've worked with .... and we've bought and sold 4 houses. It's all how you work the numbers....all about what you walk away with in the end....and as far as I see it - you would have been getting what you asked for *and* helping them out. Nothing wrong with that unless you expected to get more than your asking price.

[Sharon in SC]

you would have been getting what you asked for *and* helping them out. Nothing wrong with that unless you expected to get more than your asking price.

that's the way I see it.

[elegantlion]

Yeah. Right.

Got an offer today - offered 70K LESS than selling price, AND they think we're going to give them ANOTHER 20K at closing to "fix things"!!!!!

AAAAAAAARRRRRRRRRRRGGGGGGGGGGHHHHHHHHHHHHHHHH!!!

:banghead:


Not. on. your. life.

We're going to counter, but I'm SURE it won't go anywhere.

Thanks for letting me blow off steam -


Sending you some cyber chocolate and a cyber massage to help keep your blood pressure low. Our last house deal gave me more grey hairs than anything else in life.

We had a realtor come out and look at our house. she told us we shouldn't put it on the market until all of the remodeling is done. If I had money and time for the remodel I wouldn't need to sell it.

I'll hold the wall while you bang your head. It's a padded wall so it won't hurt.

[tess in the burbs]

we had an agent one time convince us to offer way low on a house. they countered. we countered. they countered and we ended up pretty darn close to their asking price ;-)

now our last agent was all about giving them their asking price but asking for 10K in closing cost/carpet money. :tongue_smilie:

either way we ended up with a good deal and both sellers got what they needed/wanted.

so don't give up yet. you never know...it's most likely the agent and their generational thinking about how to make offers

[HeatherH]

Sending you some cyber chocolate and a cyber massage to help keep your blood pressure low. Our last house deal gave me more grey hairs than anything else in life.

We had a realtor come out and look at our house. she told us we shouldn't put it on the market until all of the remodeling is done. If I had money and time for the remodel I wouldn't need to sell it.

I'll hold the wall while you bang your head. It's a padded wall so it won't hurt.

Awwww. . . . . .thanks! At least I have IRL pretty nails and feet . . .. . :D

Sent the counter just a minute ago. Not giving up hope, who knows????

Maybe their parents will cough up the 70K???

[Quiver0f10]

Well, technically it was a full price offer. Offering more than asking price and then asking for it back to cover closing costs, etc. is actually a pretty common thing. At least according to the various real estate agents we've worked with .... and we've bought and sold 4 houses. It's all how you work the numbers....all about what you walk away with in the end....and as far as I see it - you would have been getting what you asked for *and* helping them out. Nothing wrong with that unless you expected to get more than your asking price.

Thats what I was thinking, too, but thought maybe I missed something.

[girligirlmom]

In 1996 we offered $40K less than the asking price. Realtor thought I was crazy or was upset that she was getting less of a commission, but put in the offer for us. Even dh thought I was crazy and thought we might lose the house but agreed no way were we willing to pay the asking price and end up not having 20% to put down. The owners actually had an offer about $10K higher than their reduced asking price when we saw it, that they rejected but then their asking price was $40K higher.

I knew it was a divorce situation, she had left him unexpectedly in the summer while he was at work and the neighbors had tried to find his work number to let him know. He had moved out in December. We saw it July 1st the year after she had moved out. I knew I had bargaining room because they needed to sell.

We were preapproved, had 20% to put down and it was our first home so we could close at any time (no ties to selling another home). We ended up splitting the difference and agreed to close within 6 weeks. We came up $20K they came down $20K and they did pay for minor repairs - stretched out wall to wall carpet that needed to be reset and fascia that had blown off in a storm.

In the end they came down almost $60K from their original asking price (higher than the asking price when we saw it) and accepted our offer.

PM me if you want real numbers to make sense of this.

[Linda in Oregon]

Thats what I was thinking, too, but thought maybe I missed something.


The only other thing I can think of when doing a transaction like this is to make sure both agents agree to take their commission out of the asking price only - excluding the additional amount tacked on to be kicked back to the buyer.

To the Original Poster (HeatherH).....sorry this got hijacked a little.....and I really hope your potential buyers come through for you with a suitable offer.

[Jeanne in MN]

We've always made lowball offers and if they are rejected no big deal. We know what we can afford, we research to see what the tax value is (although there has to be leeway for that) and we know how long it's been on the market. We don't mean to offend and we have been rewarded for our efforts so it can work and because it does, people will try it. Try not to take it personally-just think of it as business. I think it was wise to counter-offer, but if they still dink around then let them go-they aren't serious enough.

Good luck!!

[Mama2Three]

The market has really changed in most places. My mom just listed her home (she just remarried and moved in with her new DH). But she's asking what she paid for it a year ago + cost of fixing it up, rather than pricing it competitively for today's market. In the end, I'm afraid that she'll end up worse off by having a property that lingers on the market (never a good situation) and costs $1000/mo for mortgage, etc. I hate to try to be a voice of reason, and I really wish her (and you!) all the best, but please remember that a house is only worth what someone will pay for it. :grouphug:

[HeatherH]

OK, in case anyone is following this still -

I called said buyer/realtor on my way to Chatt. last week. Told her what our bottom line was.

Then I asked her, "Do you know what we paid for this home 3 years ago?"

"No - I just couldn't find it. . . . "

Sheesh!!!! Go back to realtor school, honey child!!!!!!!

Haven't heard from her again, and don't expect to. BUT - we had 2 more showings over the holiday weekend -

:D

[Sharon in SC]

OK, in case anyone is following this still -

- we had 2 more showings over the holiday weekend -

:D

I'm still with you, Heather! Two showings on the holiday weekend - I think that is spectacular, my friend! As for us, we await to see if we hear from folks who saw our place Thursday but ran out of time to write up an offer before someone in the party had to leave town for the holiday weekend. They indicated they'd be doing so at the end of the holiday.....

[lynn]

we had an agent one time convince us to offer way low on a house. they countered. we countered. they countered and we ended up pretty darn close to their asking price ;-)

now our last agent was all about giving them their asking price but asking for 10K in closing cost/carpet money. :tongue_smilie:

either way we ended up with a good deal and both sellers got what they needed/wanted.

so don't give up yet. you never know...it's most likely the agent and their generational thinking about how to make offers

We don't mess around. We make one decent offer give 24 hours then move on. You'd be surprised how many people will jump if they know it's no negotiating. Same with repairs do it right or we walk. They have a house to sell and so do many others.

[Brigitte]

I'm still with you, Heather! Two showings on the holiday weekend - I think that is spectacular, my friend! As for us, we await to see if we hear from folks who saw our place Thursday but ran out of time to write up an offer before someone in the party had to leave town for the holiday weekend. They indicated they'd be doing so at the end of the holiday.....

Oh, I do hope they come back with an offer! If they do, send that good Karma up our way. If we don't get something on our place by the end of the summer, we will have to rent it out again.

OK, in case anyone is following this still -

I called said buyer/realtor on my way to Chatt. last week. Told her what our bottom line was.

Then I asked her, "Do you know what we paid for this home 3 years ago?"

"No - I just couldn't find it. . . . "

Sheesh!!!! Go back to realtor school, honey child!!!!!!!

Haven't heard from her again, and don't expect to. BUT - we had 2 more showings over the holiday weekend -

:D

Two showings on a holiday weekend is awesome. Our hasn't been shown in a couple of week. Ugh.

[Sharon in SC]

Our hasn't been shown in a couple of week. Ugh.

Take heart, Brigitte, by a story my REA told me last week. She closed on a home in our area in the last month that had gone a good little while without any showings. It was finally shown, got an offer from that showing and then another waiting in the wings! It only. takes. one. :D

[sarah in tenn]

a couple of suggestions to think about...
Know the absorption rate in your area- the number of houses on the market divided by how many have sold in a month gives you the amount of time it takes to sell at a certain price.
Know your competition. Drive around to the 10 houses most like yours.

Ask your realtor for the numbers in your area regarding market now vs. a year ago:
% down in price
# of sold per month
# of listings

Many people hear the news nationally, and think it applies to every area. There are a few places that are having a very hard time: NY, CA, FL, NV for instance.
In your counter offer you can site the facts in your favor.
Lastly, your selling your home is a business transaction with a commodity for sale in competitive market. This understanding can help with separating from the emotional attachment factor, but it is always good to vent.

sarah

[HeatherH]

Might have an offer coming in - buyer's agent says they're going to crunch numbers b/c house needs updating, and make an offer in a couple of days.

so -

Part of me wants to :party:

But the other part of me is :scared: that the offer will be too low. Our house does need updating, we just don't happen to care about that. I think I'm just hitting hard reality that we may not get what we paid for it 3 years ago. . . . .:glare:

[Renee in FL]

Might have an offer coming in - buyer's agent says they're going to crunch numbers b/c house needs updating, and make an offer in a couple of days.

so -

Part of me wants to :party:

But the other part of me is :scared: that the offer will be too low. Our house does need updating, we just don't happen to care about that. I think I'm just hitting hard reality that we may not get what we paid for it 3 years ago. . . . .:glare:

I would say that most people aren't getting what they paid for their houses. Ours has lost roughly $30K in 5 years.

[HeatherH]

You're right -

I just struggle with perspective. When we sold in CT in 2005, we sold for 100K over what we bought it for in 2000. In 24 hours.

Anybody want to kick me in the pants? Or tell me to quit whining?:blushing:

If you do the long-term math, we're still ahead. . . . and I'm grateful that we're not "upside-down", like most people are.

[chaik76]

Since others have mentioned renting in this thread, how do you do that??
We're upside down right now...we owe more than the house is worth, because everything has dipped. We came in with very little equity to begin with, but our house was just reassessed at quite a bit less than when we purchased three years ago.
I would love to rent and buy a foreclosed property in the area (there are some very cheap ones) until it is a seller's market again, but dh thinks that this isn't wise (we will eventually go under if we stay in this house).
So...any pointers on renting out? Did you advertise, go with a manager? Do something else?
Btw, hoping you get a wonderful offer on your house!

[HeatherH]

Hey chaik -

No advice, just


:grouphug::grouphug::grouphug:

Lots of 'em.

[chaik76]

Hey chaik -

No advice, just


:grouphug::grouphug::grouphug:

Lots of 'em.
Thanks!

[Sharon in SC]

Possible offers are the next best thing to actual offers! :-D I'm excited with you and for you!

[TengoFive]

We're right there with you. Our house has been on the market for 2 years. DH was laid off and we found a job 6 hours away. We bought a house where the new job was and luckily his company has paid the interest on the loan for 2 years. Now they're wanting to stop (who can blame them?) and we've got to sell this place. Anyone looking for something historic in the Charlotte, NC area? We're getting really close to a foreclosure at this point.

Oops, didn't mean to hijack the thread...
I really hope they come back with something more reasonable or another great buyer finds you.

[Sharon in SC]

We're right there with you. Our house has been on the market for 2 years. DH was laid off and we found a job 6 hours away. We bought a house where the new job was and luckily his company has paid the interest on the loan for 2 years. Now they're wanting to stop (who can blame them?) and we've got to sell this place. Anyone looking for something historic in the Charlotte, NC area? We're getting really close to a foreclosure at this point.

Oops, didn't mean to hijack the thread...
I really hope they come back with something more reasonable or another great buyer finds you.

Would you like to be added to the prayer list of WTM folks with homes to sell? (http://www.welltrainedmind.com/forums/showthread.php?p=355777#poststop)

[sandellie4]

We basically responded with, "We're too far apart right now with the present offer. Should you decide to make another offer more in keeping with our asking price we'll be happy to take a look at it." :)

We had to do that too. We felt that a lot of the offers were "fishing" and didn't make counter offers on the really low ones. We did have to sell for less than we were asking, a lot less, but we also bought a house for a lot less than we had anticipated....