Need Advice on Offer

I have not posted but we put our co-op on the market last Monday and by Wednesday we had our first offer. We thought it was a very fair first offer - about $20,000 below asking price and we are looking for about $10,000 below asking price, but would take $15,000 below.

We made a counter-offer and took $5,000 off our asking price, thinking they would come up $5,000 - $10,000. However, they are not budging from their initial offer. Their realtor keeps claiming that this is their only and final offer.

We are so torn as to what to do. We are leaning towards waiting another day or 2 (we had some people look at it yesterday) and then making another counter-offer that is $15,000 below asking and telling them take it or leave it. We are not in a rush to sell (though would be very happy to sell quickly) and their offer really is a little low compared to the comps. We also just put it on the market and it definitely is priced right.

On the other hand, with this market, I don't know when another offer is going to come around and I would hate to lose a seller over $6,000. But, there offer is low.

What would you do?

ETA: The 2 most recent comps are the identical apartment one floor below us and the identical apartment floors 7 floors below us. However, both have the original kitchen (from the 60's) and ours was updated 2 years ago. Also, a higher floor is more apartment because we have better views. The both sold within the last 3 months.

The offer is only about $3,000 more than those comps. We think the value of the kitchen is definitely more than $3,000.

Message edited 7/14/2009 12:18:32 PM.

Re: Need Advice on Offer

If it's a 1br... accept their offer.

If it's a 2br... *maybe* I wait.

You said you are in no rush to move, but then you said you would be happy to sell quickly. I guess you have to decide which is more important.

Re: Need Advice on Offer

Re: Need Advice on Offer

Not sure what the comparables sold for but if you consider the market I think you might want to take the offer and move on the market is still going down.

Re: Need Advice on Offer

Re: Need Advice on Offer

We just sold our coop. Honestly, I would take it and move on. We sold our coop to the second person that came to see it. I understand that you think the kitchen warrants more money but in reality they may not like it and not be willing to pay more for it.

Re: Need Advice on Offer

In all honesty, I would take it. with this market, you have no idea what "could be". The spring/summer is the highest traffic time for homes, come the fall and winter, less people are inclined to move or look at houses.

the other thing to consider, is the longer its on the market, the more people are a little hesitant to buy it thinking something might be wrong with it (I know I do this, even though there may not be a single thing wrong, but its hard to understand why no would have bought it, considering its fairly priced, if that makes sense)

You really have to conisder if you can afford to take the 5K less, if you can not, then you have no option. If you can, I would sell.

Re: Need Advice on Offer

How long were the comparable units on the market before they sold?

Generally, I wouldn't feel like I need to take less than it's worth so soon. Getting an offer a week after it hit the market is a good sign.

Re: Need Advice on Offer

Re: Need Advice on Offer

Thanks for everyone's advice

We received some promising news last night. The realtor told us that a different couple came back to look at the apartment for a second time, are very interested, and are planning to make an offer today.

So, if we get a second offer, then we have some leverage to possibly get more $$.

If we don't get the second offer, we likely are going to take the first offer and call it a day!

Re: Need Advice on Offer

Good for you! Good luck

Re: Need Advice on Offer

Take the offer!!

Re: Need Advice on Offer

don't forget to update us!

Re: Need Advice on Offer

Posted by KrisT

Thanks for everyone's advice

We received some promising news last night. The realtor told us that a different couple came back to look at the apartment for a second time, are very interested, and are planning to make an offer today.

So, if we get a second offer, then we have some leverage to possibly get more $$.

If we don't get the second offer, we likely are going to take the first offer and call it a day!

Re: Need Advice on Offer

Take the offer!

We have out coop on the market since Oct 08' and have only had 2 offers. Both offers we took and they backed out at the last minute.

People are looking but no more offers or second looks. We are priced lower then the other apt's in out building and out apt is brand new with a granite kitchen and marble bathroom.

Good luck!

Re: Need Advice on Offer

Are you able to find out anything about the buyer _ i.e. how much they are able to put down, etc.

When we bought our coop, another couple wanted to buy it before us but was turned down by the board because of shady financial record. If you know that people don't have real estate they need to sell in order to buy yours (which could take MONTHS in this market) and they have a solid financial backing to actually go to closing on yours, it would make the offer more appealing IMO.

Would you still make a profit on it based on what you paid and what you put into the kitchen? This would factor into my decision as well.

Good Luck!

Good news is at least 2 people have already liked your place!!