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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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We got an offer but now I dont know what to do
We have our co op in West Babylon on the Market for 179K and we bought it for 180K 3 years ago. I have 10 month old twins in our one bedroom and we are really looking to move.
Anyway we recieved an offer for 160 and I am not sure what to do. Do I wait for someone else to come along and hopefully get a better offer or do a just accept the loss and move into a home where we have some space? I am so confised because it sickens me to loss money but I also know that the home prices have dropped.
What would you do?
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Posted 7/15/08 1:48 PM  |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: We got an offer but now I dont know what to do
Did you go back with a counter offer?
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| Posted 7/15/08 1:51 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: We got an offer but now I dont know what to do
counter!
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| Posted 7/15/08 1:53 PM |
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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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Re: We got an offer but now I dont know what to do
I did counter him. His orignal offer was 150k and there was no way I was accepting that and last they called and said 160k. I guess I can see if he can go to 165k. Other co ops in my complex are on the market for the same price as mine I just wish I knew what they were getting offers of.
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| Posted 7/15/08 1:54 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: We got an offer but now I dont know what to do
tough call- it really depends on alot of factors
1- what other similar units are selling for?
2- Can you afford to lose $20K plus the real estate fees?
3- how bad you want out
you can counter or you can wait to see if someone offers you full asking
but even at full asking you are still losing money and IMO not many people are going to be offering full asking price in this market- I know I wouldn't
Message edited 7/15/2008 1:56:04 PM.
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| Posted 7/15/08 1:55 PM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: We got an offer but now I dont know what to do
Very tough spot to be in.
I would counter again, it can't hurt.
But even if they agree to 165k-170K you're still out 10K-15k. That's a big lose.
Do you have another placed lined up to live? Is there a way you can rent it out instead of selling it?
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| Posted 7/15/08 2:03 PM |
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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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Re: We got an offer but now I dont know what to do
I havent even started looking for homes until I got an offer because I didnt want to find something I loved and not be able to get it. It kills me to think we are going to be throwing all of that money out of the window plus what ever it cost to fix it up, paint and whatever else we did. In order to rent it out the person has to be approved by the board and they are not really keen on renting. I mean we could probably get away with staying here a little longer with the boys but on the other hand if my place increases in price so do the prices of houses....This is so hard and exhausting...
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| Posted 7/15/08 2:08 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: We got an offer but now I dont know what to do
Can your listing agent look up comps in your complex to see what others have gone for lately? It's a tough call, but if others are not going for more, I'd try to get him up to $170,000 and take it and run. But it's hard finding a house in this market (though it seems counter-intuitive...). We've been looking in Suffolk for a year now. You don't want to settle because you have to move out of the co-op. Do you have anywhere to stay between homes?
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| Posted 7/15/08 2:31 PM |
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ARIELSMOM
Love my Babes
Member since 8/05 5889 total posts
Name:
MEREDITH
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Re: We got an offer but now I dont know what to do
I would try to rent it. A working professional couple or person would probably like that, and the train station is nearby. Since you dont have any other offers, and there is no rush other than space to move; i would stand firm at 180 and weigh other options.
Your listing agent should be able to give you a little more input on the area and comps what recent things have sold for and what new thigns are being listed as- use the agent to your advantage to get info, thats what they are there for.
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| Posted 7/15/08 2:42 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: We got an offer but now I dont know what to do
That's a very low offer.
Are you desperate to leave?
How long was it on the market?
You can't really count as a loss. You still haveto deduct what it would have cost you to live anywhere so you need to deduct cost of housing to know what you really lost.
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| Posted 7/15/08 4:03 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: We got an offer but now I dont know what to do
Why not counter again??
When we sold our house we countered back and forth a few times....Even if they only come up 3K its worth it...
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| Posted 7/15/08 4:48 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: We got an offer but now I dont know what to do
How much do you owe?
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| Posted 7/15/08 6:34 PM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: We got an offer but now I dont know what to do
Check the comps in the area. See what the other one bedrooms are selling for. How long has your co-op been on the market?
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| Posted 7/15/08 6:45 PM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: We got an offer but now I dont know what to do
How much do you owe? Did you need to make money on the coop to fund a down payment for a new house? Are you doing this FSBO or do you have to pay a real estate agent out of what you are getting (the 160k)? All of these factors need to be considered.
I can't imagine the cramped space with 2 babies, so I'm sure you are ready for something bigger...but you need to be able to afford something bigger! Good luck!
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| Posted 7/15/08 7:31 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: We got an offer but now I dont know what to do
Such a hard place to be in -- too bad you can't stay for a little while longer.
If it were me, I'd try to wait a little bit more or look into renting it.
Good luck!
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| Posted 7/15/08 7:32 PM |
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wifey09
LIF Zygote
Member since 7/08 34 total posts
Name:
M
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Re: We got an offer but now I dont know what to do
i agree with others, look at recent sales and compare your offer. in this market, you might want to take the offer if you really want to get out.
ive been noticing that the best offer has often been the first offer, and people dont realize that till its too late.
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| Posted 7/15/08 9:43 PM |
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: We got an offer but now I dont know what to do
do you know anyone on your co-op board? why would they not be okay with renting as long as the tenants were upstanding professionals? would they prefer you just sell at a lower price and bring down the comps for the other apartments that would list or eventually get sold.
if it were me, i'd look into renting it out and sell again when the market picks up. real estate is an investment, i would hate to take any kind of loss. JMO.
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| Posted 7/15/08 10:19 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: We got an offer but now I dont know what to do
Honestly, in this market noone is paying asking price. Even though the other co-ops are asking the same as what you are asking, the are probably selling for a lot less.
I would counter again...try to get it up as much as you can. But, the reality is that the market sux right now and odds are you aren't going to get much more.
You can not sell and wait, but I don't think the housing market is going up anytime soon and as you said, if it does you will be paying more for a house.
Hopefully, you don't owe more than what they are offering and you can sell and put a little $$$ in your pocket. At least you will be buying a house for very little $$$.
I know how you feel...we bought our house 3 years ago at the peak of the market and if we sold now, we wouldn't get what we owe.
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| Posted 7/16/08 6:05 AM |
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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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Re: We got an offer but now I dont know what to do
Thank you so much for all of your replies.
Unfortunately we owe most of the mortgage since we are only living here since Dec of 2005. We didnt plan on moving out right away but then I ended up getting pregnant with the boys. We could hold out for a while longer its not so bad it just that this place has been on the market since Feb and this is the first offer we have gotten. It sucks because whatever we lose we are going to have to roll over into our new home.
AS for renting. We have an apartment nect to us that has been vacant for a year because they never allowed the girl to move in because they keep making excuses everytime. They really stay clear from rentals...
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| Posted 7/16/08 9:23 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: We got an offer but now I dont know what to do
how much were you hoping to get when you first listed it?
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| Posted 7/16/08 9:54 AM |
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