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Got an offer!

March 1st, 2012 at 02:59 am

Help! Our list price is $274,000 with a 4.5% commission fee to the realtor. We bought the house at $285,000 so we are selling at a loss but we knew we would be and we were ok with that since we grabbed a great steal with our short sale house.

The offer is $260,000 with 1.5% (or $3,900) in closing costs. Everyone knows our house is a great steal at $274,000 but buyers want to get the best deal so it's understandable.

We are thinking of countering at $273,000 and $4,000 in closing costs.

What do you guys think?

9 Responses to “Got an offer!”

  1. creditcardfree Says:
    1330572995

    Ugh. Hate the negotiations. I would guess they are trying to low ball you to see what they can get. Are you willing to come down any more? If not...then go for it. I would definitely counter with something that is more in your favor.

    Good luck!!

  2. LuckyRobin Says:
    1330574558

    If I made an offer on a house for $260,000 and they came back to me only dropping it $1000, I think I'd be insulted by that and probably just walk away. I'd feel like the sellers were only playing with me and weren't really willing to play ball at all and in this market is it worth taking that chance? Maybe come back with $271,000. You guys will probably settle somewhere around $267,000 if you are both reasonable. Of course you always risk the chance that $260,000 is all they can afford and they may walk anyway. How long has it been on the market and how long are you willing to let it set? Is it actually worth more than $260,000 right now or is the $274,000 just the number you've convinced yourself you can let it go at? How much of this is emotional? Lots of things to think about.

  3. wowitsawonderfullife Says:
    1330605390

    I agree with LuckyRobin. $1000 drop means you don't want to negotiate and that's not the message you want to send. I'd do the $271,000.00.

  4. all4money Says:
    1330607024

    Thanks for the feedback. We've just dropped the price so much already that it's hard to drop it too much anymore. But, I understand about the perception of the buyer if we don't try to be reasonable with their expectations. Ugh.

  5. MonkeyMama Says:
    1330615999

    Personally I'd just take the offer. You've said it's been on the market 3 years? I don't need to know anything else - take the offer. *Especially* if they look good on paper. That the odds are this sale will actually go to completion.

    You could always counter with $265k or so but I don't see the point of countering with $1,000.

    I am sure there is a chance they are just testing out your desperation, and they would pay the full price. BUT, the problem is there is a chance they aren't and that they will walk away. I don't think that's really a chance you want to take.

  6. MonkeyMama Says:
    1330616017

    How long have you had the price at this price point?

  7. LuckyRobin Says:
    1330623362

    I didn't know it has been on the market for 3 years. In that case I'd just take their offer. How much will it cost you to let the house sit on the market for another year while you maintain it? Probably about $14,000. If you take the offer now you'll save yourself that aggravation.

  8. Ima saver Says:
    1330624318

    I would take the offer too.

  9. Jerry Says:
    1330722105

    I think the fact that it's been on the market for 3 years would lead me to be a LOT more flexible... it's probably time to have some insurance that the place is out of your hands. Good luck!
    Jerry

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