Re: SOOO Angry......(long)

Let me clarify- we purchased the home 3 years ago for 275K- at the time, it assessed at 300,000, so we got it for a great price.

We refied it last spring to 300K to pay off wedding debt. Then, a job opportunity came up that would allow for us to move to N.VA (but a more expensive area).

The house appraised this past fall (market had already dropped around here by then) at 350K. We originally listed the house at 329K, but have since dropped it to 300K. At this point, by selling at 300K, we make no money to roll into a new home and would go into debt if we settle for less.

Considering the area we live in, 300K is an amazing price, but the market has been SO S L O W. We don't have many homes for sale in the area, but those that are have generally been sitting. There just hasn't been much interest in anything. We've noticed the interest has picked up considerably during the month of Jan, so we're thinking by spring we should have something.

The point of my OP was the frustration I was feeling that this woman was playing games. She knew the price all along and never once mentioned a lower offer UNTIL signing the contract. And her offer was ridiculous- TOWNHOMES with no property are going for that much here. Had she offered 290K, we might have negotiated to 295-297K, but to offer LESS than what we paid?!

Blah-

Re: SOOO Angry......(long)

Posted by ~Colleen~

Posted by lululu
I actually looked up what my seller paid for our house and when he paid it. Of course, the data was completely irrelevant since he bought it ten years earlier.....

I did it for every house we were interested in. It was completely irrelevant for the house we bought b/c it was original owner who built the house in 1952 Talk about inflation! LOL

Back to the OP...if houses in the area are going for $350k and the person interested knew the deal (as far as the HO not coming down anymore in price) I'd be ****** too. At $300k, she's getting a "deal". I think it's insulting to pinch pennies after all that info. If she can't afford it at the agreed upon price, skip on over to another price range.

Message edited 2/15/2007 12:38:05 PM.

Re: SOOO Angry......(long)

That was shady of the lady not to tell the RE agent what she was offering right from the start. If you were each working with seperate agents that might have been avoided. If the house is priced at market you will just have to wait it out until you find your buyer. In the big picture it doesn't matter what your house is assesed at or appraised at, the value is what someone in the market is willing to pay. Since you said the market in your area has been so slow, there might not be enough comparable sales data. I might consider bumping the price up 5% so you have room to negotiate or wait until market conditions improve since you are not in a rush to sell. Best of luck to you!!!

Re: SOOO Angry......(long)

You never want to sell for less than you paid. This is a business transaction at the end of the day - and real estate is a way to make more money. I think if you can stick it out and wait for the price you want then I would do that.

People are so quick to judge until they have a place of their own to sell. It is a completley different thing being a buyer - then when you actually own a home that you put not only money into but alot of hardwork. You want to make that back.

Unless you were desperate to sell and had to get out for some reason (divorce, death etc) I would hold tight and hopefully you will get the price you are looking for.

Re: SOOO Angry......(long)

The housing market is tricky! I don't know much about MD but on LI I never would offer the selling price...even if it's worth it's worth it, it doesn't seem so much of a deal. When a house has been on the market for awhile, a buyer see's that and thinks right away if they want to go out they have to move down in price, why doesn't anyone else want to buy the house for what it's going for. I think your timing of putting the house up for sale was wrong...Your approach wasn't bad putting it up for less then what it's worth usually that makes a bidding war and some homeowners get more then there asking price. I don't know how your house is set up but is it colorful? Or are the walls all white...from experience the house that go the fastest have the pottery barn look..Good luck and don't give up.

Re: SOOO Angry......(long)

I'm sorry this happened to you. Didn't she put her offer in writing? If she did, that would seem to give you some backing that she actually agreed to a higher price.

That said, I would consider negotiating if you really want to get rid of this house now. If you don't, you may want to just tell her no way, and wait for the next buyer. I think it is natural for people to offer less than asking, even if they are told it is a firm price, but it is very strange that she balked while signing the contract. Sounds like she's trying to manipulate the situation.

In future, definitely get these offers in writing, along with the amount the person can put down and their income. That information gives you some idea if the person can qualify for a mortgage. Your realtor should ask for this info.
Good luck!