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Had an offer on our house. Opinions please

Had an offer on our house. Opinions please

Old Aug 24th 2009, 9:34 pm
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Default Had an offer on our house. Opinions please

So, after having the house on the market for 13 months and reducing it by $45,000 we finally have an offer. But before we respond to the offer, just wanted some opinions, here's how things have panned out over the last year......

The couple who've made the offer looked at the house about 9 months ago and said they wanted it. At that time the price was $199k. They weren't able to proceed with a firm offer because they were dependent on selling their own home.

Since then, they have been back to view 4 times, and still want the house.

They have seen it reduce in price from $199k to $175k then finally $155k.

During this time, when they came back to look again, they always "found" something which wasn't quite "perfect" so we followed our Realtor's advice and did some repairs and upgrades which cost us a few thousand $$$'s but we thought it was money well spent as it would probably come up during an appraisal anyway.

So here we are, 13 months on, with a house worth half of what we paid for it and tens of thousands spent on a remodel. OK so that's how things are at the moment, I can live with that.

But here's the thing.....they've just made us an offer of $152,700......and I suppose I should be jumping for joy just to get rid of the bloody thing. But to be honest, I feel a bit pissed off that they want to screw another couple thousand dollars out of it. Our Realtor was all "ooh they really love the house, they really want it" so I'm thinking "well pay the bloody (vastly reduced) asking price then!"

I just can't figure why I feel so pissed off about it. I suppose I'm just getting a bit fed up of the constant day-to-day having to be wary of rip-off merchants here in Florida. Nothing is ever what it seems.

So should we accept the offer or stick to the asking price, in the hope that if they want as badly as they seem to, they'll pay.
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Old Aug 24th 2009, 9:43 pm
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Default Re: Had an offer on our house. Opinions please

Personally I'd want to tell them to shove it. But in this market I'd probably bite my tongue and come back with a counter offer of $154,000 and see what they do, you can nickle and dime them too. But make sure to refuse to put any more money into it by doing any more improvements.
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Old Aug 24th 2009, 9:50 pm
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Default Re: Had an offer on our house. Opinions please

Realtors are happy to take your commission but drop the price aren't they If ever I pop into an Open House locally, they can't wait to start negotiating on price as I walk through the door!

However, with no other interest on your house I would do as Mummy says, counter-offer $154,000 and try to keep fixes at closing to a minimum.
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Old Aug 24th 2009, 10:22 pm
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Default Re: Had an offer on our house. Opinions please

Coopa...I felt exactly the same as you when we went through the very same thing about 18 months ago. We lost 35% on our house sale and I was really fed up when the buyers still wanted it reduced from what it was on for....but, thankfully, my OH is a little more stable minded than myself and made me look at the big picture and in time I've learned to "let it go"
If you want/need to sell and this and this is the only way forward then put on your big girl pants and suck it up...hope that doesn't sound too harsh, but that's what my OH said to me!! Good Luck
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Old Aug 24th 2009, 10:58 pm
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Default Re: Had an offer on our house. Opinions please

Thanks for the replies so far

As lisa67 says, I guess I should suck it up, take the money and run. You see, the house is vacant so we have the added stress of maintaining it and checking up on it a couple times a week. Then there's the bills, which feels like I'm pouring money down the drain every month. We're still paying for water, power, insurances, pest control, yard work, property taxes etc etc.

OH is on the phone to the realtor now. Fingers crossed there's no "oh and by the way" crap.

Great advice about saying we won't pay out any more for repairs btw
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Old Aug 24th 2009, 11:02 pm
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Default Re: Had an offer on our house. Opinions please

If they have nothing to sell and have a mortgage sorted...I'd grab their hand off. Depends how desperate you are to sell.

Last edited by Jerseygirl; Aug 24th 2009 at 11:04 pm.
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Old Aug 24th 2009, 11:10 pm
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Default Re: Had an offer on our house. Opinions please

Update......OH just called the realtor to say, as we are not the type to nickle and dime, we will accept the offer but will not pay out any more money for repairs.

Realtor then says "oh well they want a clause in the contract to state you will pay up to $1000 for anything that crops up at appraisal"

I'm so annoyed! Why didn't he tell us that when he called to tell us about the offer?!! ******* realtors!

He then goes on to say we could lose the sale if we don't agree. I feel like we're being pissed about and don't know what to do. Help!
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Old Aug 24th 2009, 11:15 pm
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Default Re: Had an offer on our house. Opinions please

Originally Posted by coopa_troopa View Post
Update......OH just called the realtor to say, as we are not the type to nickle and dime, we will accept the offer but will not pay out any more money for repairs.

Realtor then says "oh well they want a clause in the contract to state you will pay up to $1000 for anything that crops up at appraisal"

I'm so annoyed! Why didn't he tell us that when he called to tell us about the offer?!! ******* realtors!

He then goes on to say we could lose the sale if we don't agree. I feel like we're being pissed about and don't know what to do. Help!
Ask the realtor to take it off his fee. Ours cocked something up and offered us $500.
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Old Aug 24th 2009, 11:26 pm
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Default Re: Had an offer on our house. Opinions please

Originally Posted by Sally Redux View Post
Ask the realtor to take it off his fee. Ours cocked something up and offered us $500.
Good thinking Sally...that's what I would do also. You could also add 'as long as the sale takes place within XX days'.
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Old Aug 24th 2009, 11:50 pm
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Default Re: Had an offer on our house. Opinions please

Sally's idea is a good one - the realtor is probably keen to get some cash in too.

Otherwise I would say no to the $1k clause - your buyers have been to see the house so many times they are emotionally invested - they're not going to walk away for $1k at this stage.

If you're not willing to take the gamble that I'm right (and I can quite understand that) - do as Jerseygirl suggested and make it conditional on a very quick close - at least that way you get some leverage on them to not spend too long finding every little $10 repair they want you to do.

Good luck.
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Old Aug 24th 2009, 11:54 pm
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Default Re: Had an offer on our house. Opinions please

I'd walk away from the offer. They want the house, they will be back at the price you offered and without the clause. They've been back several times. Your offer is firm. No negotiation and "as is". The realtor can eat the difference if he/she wants.

Originally Posted by coopa_troopa View Post
Update......OH just called the realtor to say, as we are not the type to nickle and dime, we will accept the offer but will not pay out any more money for repairs.

Realtor then says "oh well they want a clause in the contract to state you will pay up to $1000 for anything that crops up at appraisal"

I'm so annoyed! Why didn't he tell us that when he called to tell us about the offer?!! ******* realtors!

He then goes on to say we could lose the sale if we don't agree. I feel like we're being pissed about and don't know what to do. Help!
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Old Aug 25th 2009, 12:39 am
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Default Re: Had an offer on our house. Opinions please

Originally Posted by coopa_troopa View Post
Update......OH just called the realtor to say, as we are not the type to nickle and dime, we will accept the offer but will not pay out any more money for repairs.

Realtor then says "oh well they want a clause in the contract to state you will pay up to $1000 for anything that crops up at appraisal"

I'm so annoyed! Why didn't he tell us that when he called to tell us about the offer?!! ******* realtors!

He then goes on to say we could lose the sale if we don't agree. I feel like we're being pissed about and don't know what to do. Help!
Unfortunately, you are selling in a buyer's market. I think you have to suck it up and move on. What if you lose this deal, and you have to wait another 13 months, and then take $10k less than this offer? The FL real estate mkt has not yet reached bottom according to the news.

If you buy another house, either in the UK or USA, then you will be the buyer, and you can get a good deal on a house that has depreciated. It works both ways. You can get emotionally involved in thinking "this couple wants to screw another couple over." Think of it as a business deal, not one couple fleecing another couple.

Best of luck, I know it's hard.
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Old Aug 25th 2009, 2:10 am
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Default Re: Had an offer on our house. Opinions please

Buyers market and a house is only worth the amount the buyer is willing to pay for it.

Unless you have lots of people coming in, it may not sell for another year and potentially for even less.
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Old Aug 25th 2009, 2:13 am
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Default Re: Had an offer on our house. Opinions please

when our house was empty before we sold we had a freak storm come through and take some of the shingles off the roof before the prospective buyer would sign...we had to have them replaced and it really pi**ed me off, but I'm glad we sole when we did.
I agree with the others that you should either refuse the $1000 clause or get the realtor to cough up...see what happens..if the buyers turn you down because of it you can always go back on it...winter is creeping up
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Old Aug 25th 2009, 3:52 am
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Default Re: Had an offer on our house. Opinions please

I would tell them thank but no thanks .. and raise the price a grand
but then I just get stroppy with these sort of thinngs
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