Profile picture for elflauta

Our home is listed as-is and we've had a lot of traffic. But the offers received are ridiculous?

  • February 12 2011 - Odessa
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Answers (12)

It's a Buyer's market. In order to get top-dollar (whatever that is in your area) you need to stage and consider the comps in the area. Most Sellers think their property is gold but where we could get away with "AS IS" at the height of the market, it's a totally opposite scenario now.
  • February 14 2011
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Profile picture for JackieGriffin
Buyers set the market price, and if you are getting multiple offers, you are lucky.
  • February 14 2011
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Then fix the required repairs, or offer to fix them and negotiate the best deal you can.
  • February 14 2011
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You can price your property any way you want.
Market Value is determined only by the actual buying public.
It is up to them what they think your home is worth.
Appraisals are based on what a real buyer is willing to pay for your home.
List price has nothing to do with it.
If all the offers are around the same price, then that probably is the best indication of what your home is worth at this time.
If you don't want to sell for that price, that is your choice.
If you like showing your home, but not actually selling it, that is your lifestyle choice too.
  • February 14 2011
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Your home could be overpriced.  If your price is in line with similar offerings in your immediate neighborhood and recent sales in the area, then you or the appearance of your home may be giving subtle clues that you are desparate to sell.  Leave the house when it is shown. Ask your Realtor to review your pricing and show you recent comps.
  • February 12 2011
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Profile picture for Weld Realty

You can price your home at whatever price you like, but the Market eventually speaks. If you have multiple offers in a similar price-range, then that price is what your home is currently worth to buyers. You have priced the home to get offers, and now need to listen to them. Like the others, I would recommend that you take it off of the market and do the needed repairs if you expect to get more for the house than is currently able to be negotiated.

  • February 12 2011
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Profile picture for wetdawgs
"as is" with termite problems will get what seem like ridiculously low offers.   The alternate is to repair the issues, and be willing to negotiate other  repairs into the closing.
  • February 12 2011
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You didn't say that you have financial issues.  So, why not fix up your home & put it into a condition that will be "in the market."  And, since you appear to be a FSBO, how did you come up with your list price?  You should think about hiring an appraiser to determine if the market price matches your list price.
  • February 12 2011
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Termites?  Forget the normal resident buyer .. they could not get a loan.  Fix it up or take it off the market and rent if vacant.

Bruce
  • February 12 2011
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What is the house worth fixed up?  how much would it cost to fix those items?  What is the house worth in its current condition?

Advertising a house as-is is attracting investors who are looking to make a profit.  Dont' be surprised if they offer 30% below asking price.

You mentioned in another thread termite damage  but you didn't say if there there were active termites.  That alone would stop most people from getting financing so you're narrowing your pool of buyers.

Naima
  • February 12 2011
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This has nothing to do with having an agent.  It is all about the market.  You want to sell As-Is in a market that is all about there being lots of them and everyone is chasing the deal and not the name.

You can wait a long time for the resident buyer looking for a bargin and maybe not loose your shirt.  Or you can fix it up and sell it at current market which is low enough as it is.

Best of Luck .. Bruce 
  • February 12 2011
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You'd have to give us more details, but if you're saying they're ridicuously low, that's not too surprising.  I assume it's also a FSBO?  So you're not warranting anything, and you're not having realtors negotiate anything... do you have an attorney helping you?
  • February 12 2011
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