One ungood thing that happened in the past week:
The Modern Gal got an offer on her house.
I know what you’re thinking. I can hear your inner monologue now: An offer on the house? Why is that ungood? Shouldn’t that be a good thing? She’s really, really, really been wanting to sell that house so that she can get her own place in her new city and have a home again!
Yes, this is all true, but as my agent said to me when she spoke the aforementioned words, don’t get too excited, but stay with me here.
A bit of home-selling math:
Originally bought house for $176,000
House listed for $174,900
Offer came in at $158,500
Difference of $16,400
Net loss would be $26,400 (not including the demanded 3% for closing costs.
My agent informed me that she’d gotten a lot of info out of the potential buyers’ agent: They’d already made a low-ball offer on another place and got a flat-out no; their absolute max was $170,00 and they’d need 3% for closing costs. Oh, and they didn’t bother to make an offer in writing and they wanted a response to their verbal offer within five hours.
When I got this offer, the house had only been on the market for 11 days. I’ve come to the conclusion I’m going to lose money on this house, but am NOT so desperate that I’m ready to take what at minimum would be a $10,000 hit from what I paid for the place. Not wanting an offer to go to waste, I countered it at $172,500. Their response? The owners of the home they’d previously made an offer on decided they were willing to negotiate, so they went back to that one. Fine by me.
The lesson in all of this: Not only do people not want to pay you what you think your house is worth, they have absolutely no problem in asking for a handout.
Sorry, that really sucks. I’m sure someone will come and fall in love with your house. I’ll keep my fingers crossed!
I’m sorry, that really does suck. Likely they would have had problems qualifying for a mortgage as well if they didn’t even have closing costs budgeted. If you can hold out, do it. Don’t be lowballed into taking less than your house is worth. I know it’s a bad market right now, but that shouldn’t mean you have to loose your equity and cater to ridiculous demands from buyers to get the place sold. Not even putting the offer in writing is just tacky.
That stinks! I can’t imagine making a low ball offer like that! How ridiculous!
Your house is beautiful. Something good will come along soon.
That offer is plain insulting!
Don’t worry, I’m sure someone will snatch it up soon. You just have to be patient.
The guy I’m seeing is trying to buy a house and keeps low balling. It drives me crazy.
A close relative of mine is a home inspector, so he sees these sort of swings in the market, and he always reminds me that your house is only worth what someone is willing to pay for it.
That said, it sounds like these people were dealing in bad faith. You’re only 11 days in — let them walk. You have time. Good call on this one, to be sure.
TutuGirl: Thanks
Vanessa: That was the exact thought process I had when deciding how to dispose of that offer. Great minds think alike.
Allie: Me neither, but there are plenty of people who can.
Sarah: I’m trying not to take it personally.
Dutchess: You can offer him my own personal story of the pain and suffering it causes on the other end.
Jay: That’s what I keep telling myself. The thing is, I’ve listed it for what people have been paying lately for houses exactly like it.