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So we listed our house a few days ago and the first showing they made us an offer for full price, less 5k for closing costs. It is contingent on them selling their house, which it appears they will since they already passed inspection. They want to close in 3 weeks which would be stressful for us. They want an answer by tonight on their offer because if we say no they have a backup house to offer on.
The second showing, we happened to be returning when they left and overhead they probably want to make us an offer as well.
In our price range there are 15 homes within a 5 mile radius.
So this has me thinking we priced our house to low? Secondly, I am inclined to counter and thinking to up our price by 4k give them their 5k which net gives them net 1k discount.
Frankly with an offer on first showing I am not that motivated to give them much of any discount.
I would appreciate your constructive feedback please?
I think you should have this discussion with your listing agent.
Thanks I did. He said, if it were him, he would wait since the market is much better this year. I just wanted to get some other opinions for RE pros like you.
First the key to keep in mind is that the BEST situation for sellers is to have an agent that can help set the BEST price to result in the QUICKEST sale given the comparables -- essentially your agent has achieved this!
Do not lose sight of this fact!
It is not uncommon for sellers in this situation to have doubts like "maybe we should have asked for more" but believe me if you truly have underpriced your home and there are legitimate buyers there you almost certainly will get multiple offers...
How happy are you with the offer? They did meet your price. I assume like most you threw it on the market for more then you would accept. So does them meeting the price say you priced to low? The "deal" happening fast does not say you priced low. Could be you caught them at the right time.
Myself I do not like the contingency of them selling before closing on yours, but if it they both can be done fast then this is better then jerking you off for an extended time.
I also do not like helping them with closing cost. It could mean they are not flush with money so could them getting a mortgage (if needed) could be an issue. But again, a fast close so those questions get answered fast.
Can you move within 3 weeks? My last sale I could as I owned the next place. Would have been a pain in the butt to move so fast but doable.
Forget the holding out for more money. You set the asking price. You got the asking price. It is not time to get greedy. Can you do it in 3 weeks? If so, I would consider countering with no closing cost help also the usual real eatate BS about continuing to show in case their deal falls through.
Thinking it through the 3 weeks is going to be rough since we are moving 3 states away.
Our agent just talked to theirs and they are going to give us to tomorrow morning to give us a bit more time to consider their offer.
Talking it over the last hour with my wife at this point we are inclined to counter them and up our price by 5k to offset their closing costs or just say full price.
I have structured deals where the buyer needed / wanted a "quick close" for the seller to recieve enough compensation for professional movers to put all the household goods in storage and pay for a a few months of "extended stay hotel" time while the sellers find a home... Not sure this is always the best way to go, especially for folks that may have certain family situations but the overall strategy of at least finding a happy compromise between the terms and price that truly satisfies both parties is a key part of quick close scenarios...
So we listed our house a few days ago
and the first showing they made us an offer for full price, less 5k for closing costs
$5000 vs what asking price?
vs $300,000 you're done. Sign and start packing.
vs $100,000 you're still doing well enough to move forward.
People looking this time of year aren't fooling around.
If you aren't prepared to deal with the time constraint issues then pull the listing.
Put it back on the market in the spring and dawdle all you like.
I would counter at full price and no closing cost.
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