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Midnightrider
Posted on Sunday, July 15, 2007 - 08:36 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Looking for some advice on selling a house
I live near DC, trying to sell a home in Upstate NY
The appraisal/listed price is $199K
It has been on the market for 3 months.
We got an offer today for $180K. The prospective buyer's parents (probably their bank) are quite well-to-do and own a lot of properties in this small community. There have only been about 10 showings and this is the first real interest. It is also the first showing after we went up there and powerwashed the house, landscaped the gardens, hung curtains, etc, and repainted every room in the home.

Our options (as we see them)
1. Accept and be happy as the market really is down. No more taxes or utilities and be able to pay off the home equity loan. Hopefully get things wrapped up before I head off to the sandbox again
2. Don't accept it and hope for a counter-offer. (Risk is p@ssing them off and we never hear from them again)
3. Don't accept it and give them a counter-offer, the difference being almost enough for an 1125 (my brother-in-law just picked up a 2007 Honda Interceptor), or a good used Jeep Wrangler : ) )(Risk - the same as number 2)
4. Ask friends @ BADWEB

Unanswered question - how much haggling is common in the market? Is it normal to shoot in a low bid and expect a counter offer. Again, this is from someone who is comfortable in the real estate market.

Appreciate any advice, especially from a realtor or recent home seller. We have until 5 pm tomorrow to let them know.

Thanks

Don

(Message edited by midnightrider on July 15, 2007)
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Doon
Posted on Sunday, July 15, 2007 - 08:47 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Where upstate? Not that it matters just curious?

We just bought a house outside of albany. listed for 246, we offered 230, settled on 237.

It is always a haggle, especially in this market. It isn't like a couple years ago where people where getting Asking price +. I think it is pretty common to throw a lower bid in and see if the seller bites. I think a counter offer is what they are expecting. But then again I just a computer geek, and am going by what my buyers agent suggested that I do when buying.

On a side note, have you looked at other similiar houses in your area and what they are selling for? Might help to give you some perspective on their offer.

Hope that helps,
-Patrick
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Dcd882
Posted on Sunday, July 15, 2007 - 09:00 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Don - Patrick is right. They can always go up with their offer so there is no sense on their part to start too high. Counter their offer (make it reasonable) and see what happens. If they really want the house they will respond.

dcd
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Bads1
Posted on Sunday, July 15, 2007 - 09:14 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Meet them 1/2 way 18 grand is a huge loss. If these people are well to do and own lots of property they didn't get that way from being bad business people.
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Teeps
Posted on Sunday, July 15, 2007 - 09:21 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

As George Costanza would say, You have no hand...

If you sell for 180 and have cash in your hand, be thank full.

A friend of mine had to take 5 grand out of his pocket to sell his house in Texas, when he relocated to CA.

What does your Realtor or financial adviser say about this deal as it relates to your situation?
That's the advice I'd be considering.
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Wile_ecoyote
Posted on Sunday, July 15, 2007 - 09:25 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I would go 1/2 way and see what happens. If they dont go for it and they are serious they'll counter again. If not you may be able to take the 180.
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Swampy
Posted on Sunday, July 15, 2007 - 09:28 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Three months on the market? What is the normal time in your area? Your realtor should know.
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Smokedaddy
Posted on Sunday, July 15, 2007 - 09:28 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

It isn't clear to me if this is a second home or not? If it is, I say keep it if (note the IF) you can afford too, even if the market drops further.

-SD:
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Midnightrider
Posted on Sunday, July 15, 2007 - 09:43 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Seems like so far making a "split the difference" counter-offer is the consensus. The last house that sold around here was on the market for 14 months. It is near Syracuse, NY. We are renting in DC and have taken a pretty good beating on taxes the last two years. The house we now rent in DC might, on a good day, go for $125K in our town. It will get a minimum of $850K here and would probably be on the market less than a month. We pay HUGE rent which is finally we we decided to sell the old homestead. At first we had tenants who were basically pigs so they are gone. We pay about $500 per month in taxes. Utilities are OK now but as the NY winter comes so will higher utility bills.
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Ryker77
Posted on Monday, July 16, 2007 - 07:54 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

But what did you pay for it?

Are you using a realtor?


I've found that in my area. About 1/2 of the houses on the realtor market are way inflated, they either never sell or must lower the price.

I've sold one house "buy owner" and will soon be selling my second house "buy owner" scamming ass realtors want 5% of a 220,000 home for just a few hours of work.

If you don't have a realtor then you can lower your price 2-3% and still come off better than using a realtor.
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Ryker77
Posted on Monday, July 16, 2007 - 07:58 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Sold my first home - for a solid price. I placed a fair price on it and had tons of potential buyers lined up. Crazy things happen when you place a really fair price.

Bought my second home 225,000 asking price offered 205,000 and got it for that.

Soon to buy my third home 195,000 asking and will offer 185,000 but willing to pay 190,000.


I'd say it's safe to counter offer some where in the middle. I'f they have made an offer then they like your house. Often people are picky and want certain things, your house might have.
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Tom_b
Posted on Monday, July 16, 2007 - 08:34 am:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

3 months on the market is not very long for a house to be on the market. how much are other homes comparable to yours selling for? Is it a buyers market? Can you afford to do this? I would probably counter with 191,000 haggling is part of the business, kinda like selling or buying a car. 19,0000 off asking seems a bit much, they are probably hoping for 190,000 purchase price.
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Midnightrider
Posted on Monday, July 16, 2007 - 12:10 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Traditionally (up until about 18 months ago) homes in this area (overlooking one of the Finger Lakes) go in 2 months or less.

I did call the realtor this am and made a counter offer of $190K. The realtor did not seem pleased. I guess the difference in the commission is negligible to him - plus he'd have to keep working on selling it if there buyers walk away. Thanks for all the advice. We'll see...............
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Dick8008
Posted on Monday, July 16, 2007 - 04:16 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I live in Binghamton, not far from Syracuse. I'd have to see the house and the neighborhood to be sure. But if asking $199 and got an offer for $180 I'd say that's pretty good. Isn't the "rule" to bid at aprox 15% under the asking and go from there?

In Binghamton $200k would buy a killer of a house. The market is totally unlike many markets. Judging by the time it's been on the market and the bid I'd bite the bullet and forget about it.
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Dick8008
Posted on Monday, July 16, 2007 - 04:17 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Finger lakes and syracuse are to different worlds.
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Midnightrider
Posted on Monday, July 16, 2007 - 04:38 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

I don't know the rules, that's why I asked!

It's a nice place - 4 BR, 2 Bath, full basement, killer deck overlooking Owasco Lake, situated on a double lot.

I grew up in the suburbs of Syracuse, moved to this location (Finger Lakes) when I was 12. They are only 40 miles apart, so in my mind they are the same world.

We accepted an offer of $185K

Thanks
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Mikej
Posted on Monday, July 16, 2007 - 07:14 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Didn't check email until now. Was going to ask how long you've owned it and suggest countering them at $185. I've been working on the side as a Realtor for a few years now. The market is all over the board these days. Some houses are selling for fair market value, many way under, plus factor in a bunch of foreclosures affecting market prices. Some neighborhoods sell fast with lots of showings, other neighborhoods just sit there with little to no activity.

I think you probably did good at 185 if there are no contingencies and if you walk away from the closing table with some change left over.

Sorry I didn't check in sooner, was out showing lake front houses all day yesterday.
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Teeps
Posted on Monday, July 16, 2007 - 08:16 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Dick8008
Posted on Monday, July 16, 2007

In Binghamton $200k would buy a killer of a house.


I'm jealous...
You can't even buy a loft in the bad part of town for 200k here in L.A.

I'm stuck where I'm at, can't move up, down or sideways.
The worst part is even the ridiculous prices here, don't seem to prevent the rift-raft from moving into the area.

Midnight, glad you got an offer you can live with. Cheers.
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Midnightrider
Posted on Monday, July 16, 2007 - 08:51 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Thanks. Trying not to get over-confident as this surely wouldn't be the first deal that fell through. Yep - again, the NY house is around 3000 sq ft plus a full finished basement, attached 3 car garage, double lot with lake rights, 18' x 54' deck (empty it looks like an aircraft carrier). The closet thing to it here in this part of Maryland WITHOUT the double lot and without the deck is listed for about $1.2M. When we moved here 2 years ago we talked about buying here and realized that although we will hopefully build equity we will never own a home here (I'll be 50 this fall and the money from the sale of the NY house won't be much more than a down payment). But - here I can ride all year round : )

I drive near Binghamton once a month on my way to drill in Syracuse. The HD Buell there is pretty good - Southern Tier I think their name is. Last time I was home they were the only place I could find that actually had a Uly low saddle in stock. How are car prices in Binghamton - I'm looking for a Wrangler.......
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Dmiller33
Posted on Thursday, September 06, 2007 - 10:06 pm:   Edit Post Delete Post View Post/Check IP Print Post    Move Post (Custodian/Admin Only)

Car prices in Binghamton suck. They are usually a couple grand higher than Syracuse, Scranton, NYC, etc. I have bought my last couple of cars out of the county or state due to this. The real estate is another story. My house is 4br 2ba and I bought it 6yrs ago for $48K.
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