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Common sense? huh? People are just looking for a good deal, bottom
line. It IS common sense NOT to overpay for a house in this market
Greenchili
Absolutely.
If an offer is ridiculously low, then obviously the seller can decline it.
If the buyer REALLY wants the house, has run the comps and knows the fair market value then you'll probably find you'll be able to compromise halfway.
Of course people are going to try their luck with lowball offers - unless the house is so faultlessly located/unique/immaculate/spectacular that buyers are swarming to it then it's pretty unrealistic to expect full asking price, even if you think it's a fair price.
At least you (OP) are being realistic with checking comps and monitoring the market. Good luck and I hope you find a buyer soon.
My story is not a new one. My house has been on the market 13 long months, and yes I have chased the market down in price. The lowest selling price in my neighborhood was $200,000 for a total fixer and a high of $260,000 for a completely redone house. My home has a new kitchen, bath, roof, heat and AC. There really isn't anything that needs to be done to the house except for some cosmetics like paint or carpet because I know some buyers want hard woods and I have wall to wall berber carpeting. My price is now at $214,900. I am the lowest price in the neighborhood and my house is probably one of the nicest for sale right now. I was just offered $180,000 for it. It has been the 2nd offer I have ever received. The first offer was a lowball offer with a contigency in which we countered but wasn't accepted by buyer. We have now countered again at $205,000 and remember, the lowest sold price was $200,000 for a total fixer. I think we are being more than fair and really can't go lower. If the buyers couldn't afford a house in the price range, why do they look? Because it is a buyers market, are sellers supposed to take a huge loss and just deal with it? Honestly, tell my your opinions.
I understand your situation because I have experienced the same way that you do. I have short sold my house for $298k and I've lost $202k we even gave the brand new ref, washer and dryer, with shed, patio cover, landscape and al the upgrades. I did not get a dime from that short sale. Now that I am retired my husband is retired too, we have applied at Wells Fargo through VA loan we were approved but only for $200k. Now the homes in San Diego varies due to zip codes. I saw one for sale for $260k and made an appt to see the agent tomorrow but we are afraid to make an offer of $200k because they might think we are lowballing. The house was appraised for $237k and with VA has their own guidelines. I dont know if we will make an offer but that's what we were approved for, all the homes are in contingcy. So I would say please dont think buyers are taking your house for nothing as we went through the same thing, some went to difficulty of losing their homes like us. Some their credit score are affected big time, ours used to be 750 now due to Short Sale it went down to 698. But thank God we are still preapproved by Wells Fargo, it took them 3 weeks to approve us. And many more conditions to get the final approval. If it's Short Sale make sure before you sign the papers that the Bank will give you a letter stating that the balance is forgiven and both first and second mortgage showed paid, settled in less than full balance. Good luck hope you get the right buyer for your house.
when someone gives a low-ball offer they should explain what their asking price is based on. In return, counter offer with a fair price with comps attached to show them what is reasonable.
when someone gives a low-ball offer they should explain what their asking price is based on. In return, counter offer with a fair price with comps attached to show them what is reasonable.
This thread is from 10 years ago when the housing market collapsed.
If you want to discuss something similar than maybe it's best that you start a new thread.
People can try and others can ignore but never take offense because it’s not personal. We have ignored some in our time and countered others and come to a mutual agreement.
After being on the market for 13 months, I’d say try and make this sale happen and accept you are not going to get what you want. Doesn’t mean you need to take a huge loss but just not getting what you feel it’s worth.
Oh sheesh I see this post by the op is ten years old.
I understand your situation because I have experienced the same way that you do. I have short sold my house for $298k and I've lost $202k we even gave the brand new ref, washer and dryer, with shed, patio cover, landscape and al the upgrades. I did not get a dime from that short sale. Now that I am retired my husband is retired too, we have applied at Wells Fargo through VA loan we were approved but only for $200k. Now the homes in San Diego varies due to zip codes. I saw one for sale for $260k and made an appt to see the agent tomorrow but we are afraid to make an offer of $200k because they might think we are lowballing. The house was appraised for $237k and with VA has their own guidelines. I dont know if we will make an offer but that's what we were approved for, all the homes are in contingcy. So I would say please dont think buyers are taking your house for nothing as we went through the same thing, some went to difficulty of losing their homes like us. Some their credit score are affected big time, ours used to be 750 now due to Short Sale it went down to 698. But thank God we are still preapproved by Wells Fargo, it took them 3 weeks to approve us. And many more conditions to get the final approval. If it's Short Sale make sure before you sign the papers that the Bank will give you a letter stating that the balance is forgiven and both first and second mortgage showed paid, settled in less than full balance. Good luck hope you get the right buyer for your house.
Old thread in a buyer’s market, but if seller cannot stomach a lowball offer, he or she can either refuse or come back with a different number.
We did. If it is NOT a buyer’s market, there are still lowball offers from people who think they smell seller desperation as well as smelling oppportunity to make money from that. Having moved out first probably tilts them toward thinking you are desperate.
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