Home and Auto Advice Needed: Selling a House - Page 3

Brianfo · 02-19-2009, 06:30 PM

Long story short I have had my house listed for a while and my wife and I got an offer on it today. We are about 20K apart on asking and offer. Do I counter offer? I have never dealt with any of this before and just want some opinions. It's an acreage that we have had listed about 4 months. We are moving to another acreage and don't HAVE to sell the place, as we have had several offers from people wanting to rent out listed place. Anyway give me your feedback. TIA

Fritz88 · 02-19-2009, 09:39 PM

if you don't have to do it then do not do it unless the offer is too good to pass.

**Iowanian** · 02-19-2009, 09:41 PM

No shed hunting yet...too busy, too much going on.

Maybe saturday. Its time.

burt · 02-19-2009, 09:43 PM

Quote:

Originally Posted by Rain Man

Countering will also make them feel better. If you say okay, they'll spend the next thirty years thinking that they should've offered you less. So you're not doing it for you, you're doing it for the buyer.

an old car saleman addage.

**Rain Man** · 02-19-2009, 09:43 PM

I bought my first condo for about $70,000, and we knew it was a good deal when we bought it. It was in this gorgeous old mansion with a huge yard in a great part of town, and I happened to drive by right when they put them up for sale. I thought it was underpriced, so we jumped on it even though we weren't expecting to buy anything yet and hadn't even been in Denver a year. We actually bought two apartments in the place and combined them into one condo.

When my wife and I found a house we liked about 11 months later, we put the condo up for sale. Our Realtor looked at the place and said, "Oh, hey. I think another Realtor in my office has a client who'll want it. Let's ask $87,000."

The Denver market was really hot at that point, and sure enough, within a day we got an offer for $85,000 from the person, and the condo hadn't even gone on the market yet. We wanted the house so we accepted it, and were quite pleased since we'd owned the condo less than a year.

Two years later our buyer sold it for $140,000. Dang. I think our Realtor underpriced it.

Fat Elvis · 02-19-2009, 11:19 PM

Quote:

Originally Posted by Bugeater

It depends on what your asking price is. For example, if it's $100K, I'd tell them to pound sand. OTOH if it's around $500K then it's probably not unreasonable at all.

This.

RJ · 02-19-2009, 11:24 PM

Quote:

Originally Posted by Brianfo

I countered half way in the middle and made a few concessions, but told him that it was my final offer. He replied to the realtor within 2 hrs. and bought our house. I am happy, and I am happy for him. He is a serviceman and I told my wife that I am going to buy him a flagpole for him. He has been in Irag kicking ass so that I can come on Chiefs Plantet and ask for advice. God Bless our Serviceman.

Excellent, hope it works out well for both of you.

BWillie · 02-19-2009, 11:25 PM

I assume this was a pretty expensive house. I'm thinking about putting an offer down on a house they are asking 145K for, and if I offered 125K I think they would probably take a shit and throw it at me. I know the house hasn't been on the market long, so I don't know what to offer. I'm thinking about 136K and I would accept anything 140K and below. House is said to be appraised at 154K in 2008. ?

**Iowanian** · 02-19-2009, 11:28 PM

Don't offer an even number willi. Like 136,750...

On counter offers, I always will try something like -250 less than the halfway point I'm trying to work towards....

The key to a good deal is you have to be willing to walk away. If you decide the home is worth 130k, don't get pushed and pay 135 because thats their bottom dollar. Pick your price, work towards it, and be willing to walk away.

Sometimes, down the road if its not getting hits, they'll call you and say "will you still give 125"?

Your counter can always go up, but never get better for you.

Fat Elvis · 02-19-2009, 11:37 PM

I think some of the folks here are penny smart and pound foolish. I'm glad the OP was able to negotiate a deal, but sometimes a counter offer will result in a no sale. You have to know the market you are dealing with and what is your probable competition.

I know the last house we sold, we accepted the offer without a counter and I'm glad we did. We got what we expected we would for the house; it was a little under the asking price, but still above what we anticipated would be an initial offer. After the sale, we found out that the buyers were also looking at a brand new house where the builder was offering $100K off the asking price to get it sold.

Likewise, when we were looking to buy a house after selling that one, we were putting in an offer for a house and the builder countered. We told him to go screw himself because we had other houses we were interested in. He wound up selling it for significantly less than what we had offered after having to hold it and pay the interest on it till it sold 11 months later thereby costing him even more money.

Sometimes countering works, sometimes it doesn't....

Edit: I should clarify that this responce is in regards to selling in a buyers market.....

Fat Elvis · 02-19-2009, 11:42 PM

Quote:

Originally Posted by BWillie007

I assume this was a pretty expensive house. I'm thinking about putting an offer down on a house they are asking 145K for, and if I offered 125K I think they would probably take a shit and throw it at me. I know the house hasn't been on the market long, so I don't know what to offer. I'm thinking about 136K and I would accept anything 140K and below. House is said to be appraised at 154K in 2008. ?

$136300 is a 6% reduction in the aasking price and is usually pretty much expected as the initial offer. If you would offer $136.5K you have a good chance of hitting your $140K target.

**MahiMike** · 02-20-2009, 08:16 AM

It's all relative right now. If you're getting a $20K discount on the place you're buying,it's a wash. If you're not (and why aren't you?), then you need to decide which place you really like better. You didn't say the price, so don't know if this is a 10% discount, 20% or what.

Personally, I think that real estate has gone below it's true value right now. It's not the price of the real estate but the availibility of the money to get one. If you want to get your true value, consider owner-financing to someone that can't get a loan. They'll pay 110% of your asking price. If you need the cash to buy the next place, counter.

One better way to counter - closing costs. Tell them to pay ALL closing costs and they can have it. Probaly worth $20K right there.

**jjchieffan** · 02-20-2009, 08:45 AM

I have always been a believer in negotiating for the best price possible. I have bought two homes, but have never sold one. The first was a cheap fixer upper. I was 21 years old, a bachelor and wanted something for a starter home. This house was already cheap enough at $24,000, and I would have paid that, but in order to find the sellers bottom price, I low balled at $17,500. I was shocked when the seller accepted. I think your buyer was just doing the same thing to you. He was probably just as happy to pay what he did as you were to take it. Makes it a win-win IMHO.

02-19-2009, 06:30 PM
Brianfo Veteran Join Date: Apr 2002 Casino cash: $10004900	Advice Needed: Selling a House Long story short I have had my house listed for a while and my wife and I got an offer on it today. We are about 20K apart on asking and offer. Do I counter offer? I have never dealt with any of this before and just want some opinions. It's an acreage that we have had listed about 4 months. We are moving to another acreage and don't HAVE to sell the place, as we have had several offers from people wanting to rent out listed place. Anyway give me your feedback. TIA
Posts: 1,325

02-19-2009, 09:39 PM	#31
Fritz88 Custom User Title Join Date: Nov 2008 Casino cash: $8505943	if you don't have to do it then do not do it unless the offer is too good to pass.
Posts: 12,706

02-19-2009, 09:41 PM	#32
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $1668454	No shed hunting yet...too busy, too much going on. Maybe saturday. Its time.
Posts: 62,945

02-19-2009, 09:43 PM	#34
Rain Man Seize life. Be an ermine. Join Date: Jul 2001 Location: My house Casino cash: $-692449 VARSITY	I bought my first condo for about $70,000, and we knew it was a good deal when we bought it. It was in this gorgeous old mansion with a huge yard in a great part of town, and I happened to drive by right when they put them up for sale. I thought it was underpriced, so we jumped on it even though we weren't expecting to buy anything yet and hadn't even been in Denver a year. We actually bought two apartments in the place and combined them into one condo. When my wife and I found a house we liked about 11 months later, we put the condo up for sale. Our Realtor looked at the place and said, "Oh, hey. I think another Realtor in my office has a client who'll want it. Let's ask $87,000." The Denver market was really hot at that point, and sure enough, within a day we got an offer for $85,000 from the person, and the condo hadn't even gone on the market yet. We wanted the house so we accepted it, and were quite pleased since we'd owned the condo less than a year. Two years later our buyer sold it for $140,000. Dang. I think our Realtor underpriced it. __________________ Active fan of the greatest team in NFL history.
Posts: 145,520

02-19-2009, 11:25 PM	#37
BWillie Are you ready to Rumble? Join Date: Apr 2006 Casino cash: $-1478759	I assume this was a pretty expensive house. I'm thinking about putting an offer down on a house they are asking 145K for, and if I offered 125K I think they would probably take a shit and throw it at me. I know the house hasn't been on the market long, so I don't know what to offer. I'm thinking about 136K and I would accept anything 140K and below. House is said to be appraised at 154K in 2008. ?
Posts: 52,887

02-19-2009, 11:28 PM	#38
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $1668454	Don't offer an even number willi. Like 136,750... On counter offers, I always will try something like -250 less than the halfway point I'm trying to work towards.... The key to a good deal is you have to be willing to walk away. If you decide the home is worth 130k, don't get pushed and pay 135 because thats their bottom dollar. Pick your price, work towards it, and be willing to walk away. Sometimes, down the road if its not getting hits, they'll call you and say "will you still give 125"? Your counter can always go up, but never get better for you.
Posts: 62,945

02-19-2009, 11:37 PM	#39
Fat Elvis Sexiest Athlete Join Date: Apr 2001 Casino cash: $-2058075	I think some of the folks here are penny smart and pound foolish. I'm glad the OP was able to negotiate a deal, but sometimes a counter offer will result in a no sale. You have to know the market you are dealing with and what is your probable competition. I know the last house we sold, we accepted the offer without a counter and I'm glad we did. We got what we expected we would for the house; it was a little under the asking price, but still above what we anticipated would be an initial offer. After the sale, we found out that the buyers were also looking at a brand new house where the builder was offering $100K off the asking price to get it sold. Likewise, when we were looking to buy a house after selling that one, we were putting in an offer for a house and the builder countered. We told him to go screw himself because we had other houses we were interested in. He wound up selling it for significantly less than what we had offered after having to hold it and pay the interest on it till it sold 11 months later thereby costing him even more money. Sometimes countering works, sometimes it doesn't.... Edit: I should clarify that this responce is in regards to selling in a buyers market..... Last edited by Fat Elvis; 02-19-2009 at 11:43 PM..
Posts: 12,703

02-20-2009, 08:16 AM	#41
MahiMike He's Mahomie! Join Date: Aug 2001 Location: Jax, FL Casino cash: $10023443	It's all relative right now. If you're getting a $20K discount on the place you're buying,it's a wash. If you're not (and why aren't you?), then you need to decide which place you really like better. You didn't say the price, so don't know if this is a 10% discount, 20% or what. Personally, I think that real estate has gone below it's true value right now. It's not the price of the real estate but the availibility of the money to get one. If you want to get your true value, consider owner-financing to someone that can't get a loan. They'll pay 110% of your asking price. If you need the cash to buy the next place, counter. One better way to counter - closing costs. Tell them to pay ALL closing costs and they can have it. Probaly worth $20K right there.
Posts: 17,387

02-20-2009, 08:45 AM	#42
jjchieffan Supporter Join Date: Dec 2005 Location: Highlandville, MO Casino cash: $-117752	I have always been a believer in negotiating for the best price possible. I have bought two homes, but have never sold one. The first was a cheap fixer upper. I was 21 years old, a bachelor and wanted something for a starter home. This house was already cheap enough at $24,000, and I would have paid that, but in order to find the sellers bottom price, I low balled at $17,500. I was shocked when the seller accepted. I think your buyer was just doing the same thing to you. He was probably just as happy to pay what he did as you were to take it. Makes it a win-win IMHO. __________________ Genesis 1:1 In the beginning, God created the Heavens and the Earth. Following the historical accounts and the genealogy from that point on, the age of the Earth is approximately 6000-7000 years old. The Big Bullshit Theory is a lie. It and the evolution theory go against real science. Satan has used our public school system to brainwash everyone into believing these lies. Be not decieved.
Posts: 13,349