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So we got our first offer...

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Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

So we got our first offer...

and it's 10 thousand dollars less than we're asking. We said that we're very firm. I have two other people that are very serious about out co-op...what should I do???

Posted 2/21/06 11:19 PM
 
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DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: So we got our first offer...

Posted by Stefanie

and it's 10 thousand dollars less than we're asking. We said that we're very firm. I have two other people that are very serious about out co-op...what should I do???




Do you have a house already lined up in contract? If so... counter the offer for 5k higher and take it.

If not... wait it out.

It really all depends on what other places in your area actually sold for. You have to get actual recent MLS figures.


I have found that people can act "serious" all they want. Either show me the money with an offer... or don't act serious. And remember even some people who give offers... frequently retract them. Look at all the LIF stories about that. Chat Icon

Posted 2/21/06 11:35 PM
 

Diana1215
Living on a prayer!!!

Member since 10/05

29450 total posts

Name:
Diana

Re: So we got our first offer...

I don't think that 10K is too off from your asking price. Why don't you counter and meet in the middle?

Posted 2/21/06 11:38 PM
 

Palebride
I am an amazing bakist

Member since 5/05

13673 total posts

Name:
Lori

Re: So we got our first offer...

congratulations!!
i'd stay firm in your price.....
that's what we're doing, at least Chat Icon

Posted 2/21/06 11:51 PM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: So we got our first offer...

IMO, like i said to Palebride, i would hold out a little...
We got an offer for 10K less than we wanted and my gut said to wait.....we waited and got our price!

10K is a LOT of money. And if you feel that your condo is worth it....

Spring is on the horzion....the home buyers will be out and about!

Posted 2/22/06 5:26 AM
 

danielleandscott
My new 71 Super Beetle

Member since 5/05

13476 total posts

Name:
Scott

Re: So we got our first offer...

I wouldnt ignore their bid. I would counter offer $5000 higher and take it from there.

Wow I agree with Rich again. I better make that Doctors appointment. May be something wrong with me Chat Icon
Scott

Posted 2/22/06 6:14 AM
 

beena
Sitting on a tree bench!

Member since 5/05

2429 total posts

Name:
Gina

Re: So we got our first offer...

it doesnt sound like you are "anxious to sell". did you find a place you will be moving to yet?

if not, i would hold off and tell them again that you are firm... if they like it enough, it might be worth the extra 10k - besides, i think the price for your place (seeing the pics) is priced REALLY good. i wouldnt budge unless i needed to get out or sell immediately.

JMO Chat Icon

Posted 2/22/06 8:08 AM
 

karacg
Babygirl is 4!

Member since 5/05

17076 total posts

Name:
Kara®

Re: So we got our first offer...

Also very important to get a copy of the pre-approval and even if you accept an offer, continue to show. I had 3 - yes 3 - "serious" sales fall through on my co-op. I wound up raising the price each time and getting about 30K more than originally listed...but that was in 2004 when they were selling like hotcakes.

So I would counteroffer, and continue to show -

Posted 2/22/06 8:28 AM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

No, we don't have a house to move into yet...we're still looking.

These people said that they're willing to move as quickly or as slowly as we'd like...it's up to us...which is nice. I e-mailed them this morning and told them that we're staying firm on our original offer. I also wrote that I thought we listed the co-op a bit low in the first place so that's why I'm staying firm.

Posted 2/22/06 11:38 AM
 

curley999
Family!

Member since 5/05

2314 total posts

Name:

Re: So we got our first offer...

If your co-op board is very strict like ours was, it might be worth it to try to work out a price if they are the ideal canidates to be approved.

It was nightmare to sell our coop becuase the board was practically impossible to get through, we had plenty of bids, but getting the right people was key.

Posted 2/22/06 11:52 AM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

Our co-op board is not that strict...these people are both hard-workers and have already been pre-approved for several mortages. They live at home with their parents and have been saving.

Posted 2/22/06 1:36 PM
 

Palebride
I am an amazing bakist

Member since 5/05

13673 total posts

Name:
Lori

Re: So we got our first offer...

good luck!
we're staying firm on our current offer - so i know what you're going through!

Posted 2/22/06 3:07 PM
 

Faithx2
All good things in 2016!!

Member since 8/05

20181 total posts

Name:

Re: So we got our first offer...

Stay firm!! BTW love Jareds do LOL

Posted 2/23/06 7:35 AM
 

Eleanor
LIF Adult

Member since 2/06

2223 total posts

Name:
Ellie

Re: So we got our first offer...

If it's a fair price, I think you can stay firm.

But I would also consider, what if this feel through and you didn't sell for another 3 months? Could you live with that decision?

We lowered our asking price on our condo quite a bit and told people we were firm and we didn't budge until our realtor found someone that bid $5K less, but she said since she would do both ends of the transaction she would lowere her percentage a point and it was only $1K less


good luck, I know its stressful selling!

Posted 2/23/06 9:21 AM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

Posted by BlessedBMommi

Stay firm!! BTW love Jareds do LOL



thanksChat Icon

Okay, so I e-mailed them and said the we're not accepting the offer. They e-mailed us back and want to meet with us to see the apartment again and talk with us.Chat Icon

Let's just say we agree on a price...what is the next step after that? Have them fill out all the paper work with references, letters from their job, etc? Do we take in a deposit?

This is where we would have benefited by using a realtor.Chat Icon

Posted 2/23/06 10:10 AM
 

sasha96
lovin' my 2 little ladies!

Member since 5/05

7401 total posts

Name:
Julianne

Re: So we got our first offer...

I don't know what you have to do for the co-op but when we sold our condo we had them fill out a page we made up for an "offical" offer. Then, when we verbally accepted the offer we contacted our attorney, and the buyer contacted hers, so that they could get the contract moving. The buyer also set up an inspection. The lawyers took it from there. Let me know if you want to see our offer page.

Posted 2/23/06 10:33 AM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

Sure I'd love to see your offer page...if you don't mind.

Posted 2/23/06 12:17 PM
 

Palebride
I am an amazing bakist

Member since 5/05

13673 total posts

Name:
Lori

Re: So we got our first offer...

Posted by Stefanie


Okay, so I e-mailed them and said the we're not accepting the offer. They e-mailed us back and want to meet with us to see the apartment again and talk with us.Chat Icon



so strange.....the people who currently have an offer on our place want to come take another look also!
it's like we have parallel co-ops!!

good luck!!!Chat Icon

Posted 2/23/06 12:26 PM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

Well he offered a higher price but we're still not sure...he went up 6 thousand. We still have other people coming to see it, so we're holding off for a while...

Posted 2/23/06 9:11 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: So we got our first offer...

Posted by Stefanie

Well he offered a higher price but we're still not sure...he went up 6 thousand. We still have other people coming to see it, so we're holding off for a while...





You have to be careful though. Since you priced your co-op low because "thats what you wanted"... you may have a hard time getting asking. People really don't like paying "asking" because they will always feel in the back of their mind that they may have overpaid.

Lets say you priced your co-op at 200k and thats what you wanted. If you would have instead priced it at 220k... people's offers may actually come in at around 200k... the price you wanted. I listed my co-op significantly higher than I thought I would get for it. In the end I was very surprised at the high offers I got for it.

But now that you priced it so low... people are going to nickel and dime you even more.

If you had a house lined up... if it were me I would take the offer if they seem like serious people. Deals fall through all the time.


But since you don't have a house lined up yet... you could wait it out.

Posted 2/23/06 9:15 PM
 

DjPiLL

Member since 5/05

3664 total posts

Name:
Richard

Re: So we got our first offer...

Also... in the end with my co-op sale... check out what I did.

I was willing to take anything over 240k. So I listed at 279k.

I had an offer from a senior citizen couple FSBO for 260k.

I had an initial offer through a very trusted realtor for 250k. I didn't list with any agent... but I let a couple of agents show it as an open listing.

I told the realtor about my FSBO offer and after four counter-offers got the agent's client up to 267k. Her commission was 4% so in the end it was about 257k.


I decided to take the agent's deal... which in the end for me was 3k less than the senior citizen's couple. I felt the agent's deal was the "stronger offer"... and the offer I felt would close quicker since the agent had connections with my board... I also felt that the buyer and agent were very serious.

The opportunity to make an extra 3k wasn't worth it to me in the end.

Posted 2/23/06 9:20 PM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

Thank you everyone for your advice...Chat Icon

Posted 2/23/06 9:54 PM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: So we got our first offer...

Posted by Stefanie

Well he offered a higher price but we're still not sure...he went up 6 thousand. We still have other people coming to see it, so we're holding off for a while...


so you are just 4 k under asking price
hmmmmmmmmm
that is tempting

good luckChat Icon

Posted 2/23/06 10:05 PM
 

Stefanie

Member since 5/05

23599 total posts

Name:
Stefanie

Re: So we got our first offer...

I know...it's very tempting...maybe we can meet somewhere in the middle...Chat Icon

Posted 2/23/06 10:35 PM
 

Palebride
I am an amazing bakist

Member since 5/05

13673 total posts

Name:
Lori

Re: So we got our first offer...

try to hint around that there are other people interested and perhaps that will give them the push to go up a bit in their offer!

i probably shouldnt' say this - but we paid exactly what our co-op was being sold for when we bought it! we thought it was a fair price and knew it was perfect for us, so we didnt' wantto play any games.

good luck!

Posted 2/23/06 10:41 PM
 
Pages: [1] 2
 

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