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it looks like a beautiful home. can't help you re: the price bec. i'm not familiar w/ KY but the house is great.
rpachigo. Glad to hear you are countering!!!!! Ofcourse buyers are going to lowball right now. Can't blame them, can we? I think I would do the same as you are and try $345K and see what happens. You will be able to tell if they really want the house. Someone on here once wrote you can figure out what they are willing to pay by what they orginally offer. Usually it's somewhere close to the middle of their offer and the asking price. So, they may be willing to end up at $325K
Do you have legal representation? a Realtor? Have you checked the comps in your neighborhood? How anxious are you to sell? I would hold out for a certain bottom price that you have in your
head, and not settle for anything, unless you are in financial straits. I am a realtor, so I would
advise that you seek some legal/licensed advice. Otherwise, this is just the first of many questions and possible dilemmas you will face on your own. Good luck!
of course you should counter, unless you are willing to accept 300K. You should get a counter to your counter, or you may get accepted. but also Be prepared for the possiblity of no reply to your offer. This happened to me and at the time I was pretty upset that I did not get any counter.
Nice home. good luck. Why do you think so many in Kentucky voted for Hillary?
First, I moved from Kentucky to Texas so I'm no longer there. Kentucky's alright but it's not for me. Why so many voted for Hillary, I haven't a clue as I don't keep up with politics much. We are represented by a realtor who recommended countering at 345000 which we did and will wait to hear their reply. I do want to sell it because I want to get my equity out b/c it is paid off. Ashland does not have much, make that any real new developments to speak of. It is a town where its best days are behind it - so there are not any real comps to speak of. We were in a "subdivision" of about 20 houses and there are only two for sale - mine and and my neighbor's. Theirs has one fewer bedroom and about 1000 sq. ft less so that's not a good comp and they're listed at 290000 I believe. The most recent sale was about a year ago and a house similar to ours sold for 367000. But I have a feeling we're gonna end up at around 325000 as someone earlier mentioned. Thanks for the advice and compliments on the house.
I'd lower the list price to attract more buyers before I'd settle for $300K. The $345 counter sounds fine, but don't be suprised if the buyer just walks. That's the MO of quite a few buyers these days.
My husband and I just got an offer yesterday for $250k, we are listed at $300k. I guess these buyers are trying to get the most for their money. We countered and they came back with $265k, then again to $275k. Oh yeah...and they want $7k in closing costs. We countered again and haven't heard anything back yet. Good Luck rpachingo, let us know what happens.
We had a lowball offer - we were at $469,900 and the offer was at $411,000 (plus $5k closing and a zillion things they wanted from our house). We countered pretty high, but gave them the closing costs & a few of the things they wanted). We never heard back from them. Hindsight, we should have countered a bit lower, but we had just put our house on the market & not ready to give it away a that point. We're not listed at $419,900 & $411,000 is not sounding so bad....LOL...go figure!
Marispel
Marispel, I hear ya! We had an offer last month and they wanted to wait until the end of July to close plus a pretty low amount and closing costs. We let that one slide away. Doesn't sound too bad to us now, but it's too late. You live and learn.
Maybe the reason your not getting counter offers is because the new potential buyer is torn between not having their mortgage upside down for at least a year and offending the seller. So maybe they're bidding the very highest they're willing to pay because any lower would be considered rude. I feel that way. I would love to own a certain house but I don't want to bid too low. My best friend is selling her house and I want her to get the very most for her house. I told her I think she should start with a low price, take what is offered and have quick closing and hope they don't back out before because the value dropped even more. I think countering at $345,000 is not in your best interest.
I agree with jacceee's comments.
The original poster got her first and only offer in 10 months. That's an awful long time. If you want to sell and need to sell, and it's been almost a year...by golly, make a deal they can't resist. At least try to meet in the middle or a little more toward their side. A little $5,000 snip ain't going to cut it.
Keep holding out for your price...you'll keep holding onto the house.
I just wish I could get a low ball offer! I keep getting told it's a beautiful house but no takers.
We have been on both sides of this. We listed our house at $479K (exactly at the price of a house that was the same model as ours that had sold one month before we listed ours). We had lots of traffic but no offers. After 3 months we dropped our price to $450K, then in the fifth month we got one offer for $410K. At that stage we were not desperate, so we countered at $445K. They didn't counter, but two months later (now seven months on the market) they came back and offered $420K, and they wanted $7K in closing, and all our appliances and some furniture. During that month my husband had accepted a job transfer and we really needed to move, so we ended up conceding and closed the deal at $430K and we gave them $10K in closing.
We are now those buyers making lowball deals, because we already took a cut when we sold. The house we really like is listed at $594K, but it has been on the market for 300 days (since 2006). They have made a number of major price reductions, but we moved to a higher priced area and can't afford the list price, so we offered $500K. Yes, a lowball offer. They said it was too low to counter. But there are a lot of houses of the market, so I am okay making 20 lowball offers and seeing if anyone is desperate. I am not in any way trying to offend a seller, I know what they are going through. But, since I think there is a good chance that prices will still go down I don't want to be upside down, and I can only offer what I can afford.
If I made an offer and the seller only came down $5K I would walk away. If you want to sell it, then you need to get closer to the middle of the asking and offer price.
I made an offer on a house where we are moving. The thing that scares me is that the realtor appears to be very worried about the appraisal. We offered low, the builder came back and we accepted but now the appraisal has not come back and the e-mail we got from the realtor sounded very concerned because she said they were only allowed to go back three months for comps and then used the word "yuck". Everything is very scary! This is a brand new house that the builder just completed.
The house we are leaving has had some showings but no offers. People spend lots of time in our house but we notice they are looking through our drawers. Makes no sense to me. We have had people spend over an hour in our house doing things like turning the air conditioner down really low so the house is like an iceberg when we come back in but the feed back is always beautiful home, very nice, price is too high. We can't come down any more because the buy out from my company is a better deal for me. I have no idea what to do.
I think you have to stand your ground on 325k plus whatever they are going to rake you over the coals for in realtor and closing fees. Whatever that amount is, make your counter offer firm and final.
... sell while you can... may be your last chance.
As you are still separated by 10%, I'd make a better effort to meet them at a midpoint (say $330 k). Most buyers are not willing to go one tiny step at a time ($5k at a time down 5 rounds of negotiation).
In a year, you may be kicking yourself for skipping the $310k. too many sellers are.
Interest rates have gone up. If it goes up any higher, home prices will have to come down further. Sell while you can but don't look desperate. GL!
Rpachigo... Relax a bit.. They are coming back with counters. Make sure your Realtor lets the buyer know how little it adds to his mortgage if he comes up to your price. You are 30,000 apart. How much does that add to the buyers mortgage. It is not as much as you would think. Suggest paying a point instead of coming down. A point is 1% of the offer and would lower there monthly payment. See if you can get off the price of the house and on what they are willing to pay monthly. Then you can get creative. The other thing is when they do hit there max. meaning the mortgage company won't give them any more money, you need to jump.
rpachigo: we got an offer Monday, countered twice and they have vanished. Are your "buyers" still in the game?
Keep the communication lines open right now. You don't want to lose a good buyer who is qualified to buy your property. They maybe harder to come by than expected.
It sounds like you are serious about getting out of that town and moving on. It also seems like they are willing to "play ball"..I'd try to make this one work if I were you.
well? It's been 4 days. Are you kicking yourself, waiting by the phone or packing? Can you let us know what happened?
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I got a lowball offer - opinions please.
rpachigo
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This is my home. http://www.realliving.com/ashland.office/SearchDetails.asp?mls=25409&prop=8934736
I first listed it back 7/26/07 for 395000. I held the price at that level for 6 months and then it dropped it to 385000 and then finally 350000 this past week. I received my VERY FIRST OFFER of 300000 today almost 10 months after first being listed. I realize this is a lowball but I'm playing ball anyway. I figure counteroffer at 345000 and see what happens. I paid 325000 originally 2/05. If I break even or lose a little, it's alright. The market has spoken I guess. BTW, house is paid off so we'll find some number to agree on I suppose - I don't think my former neighbors will be too happy though.
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