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Old 04-29-2013, 10:22 AM   #31
ktlm
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Honestly, I think it is pretty impossible for any of us here to give you any valid advice without knowing all of the specifics of your situation. There are so many things that can affect a home sale. If there is a high level of radon, then you need to get that remediated right away, both in terms of selling the home and in terms of you living in the home. As far as the rest, there are just so many variables that could make a difference. Maybe you need to fix the issues or maybe these people are just being ridiculous. How much money are you talking about for these repairs they are demanding?

One question is why your home has been on the market for so long without another offer. There are so many specific reasons that could be. 1. Is the market where you are just in really bad shape right now where nothing is selling; 2. Did you over price the house to begin with (even if other houses in the neighborhood are selling at those prices are the details of your house comparable- i.e. did those other houses have updated interiors; granite counters; better yards etc while yours doen't); 3. Is there some issue with your house that has led to a lack of offers-- i.e. poor curb appeal; no yard; issues with lay out; not updated or doesn't have the type of interior perks that other houses in the neighborhood have.; 4. Could the items the inspector found be what is keeping you from getting offers or keeping you from getting offers in the range you want?

I live in a part of town that is very desirable because of the schools. A lot of people want their kids in one of 3 specific grade schools. As a result, houses of all sizes (smallish to large) in the area can often sell in less than a week. In fact, I have a friend, who is trying to move into the area who has already lost 2 houses he wanted because he didn't get his offers in fast enough. Even so, there are houses here that are on the market for 6 months to a year or more and there is usually a reason. Some of the reasons are things that can't be changed. There was an absolutely gorgeous house- but the entire backyard was pool and concrete- no grass at all- not great for kids or dogs. That house sat on the market for a year and a half; Some are just priced wrong- I can think of another beautiful house that sat on the market for over a year- the reason was it was a big house that had an absolutely tiny back yard, and was totally overpriced and the owners didn't want to bring the price down. Some is is stuff that the owners didn't want to put the money into fixing- yet they still priced their house the same as others in the area that did not have those issues and didn't want to make concessions - For, example there was a house where you walked in and it smelled hugely like cat (the carpets I'm pretty sure) and all the doors were beat up/scratched up. They didn't want to do a carpet allowance. I can think of another one that still had all of its original appliances, laminate counters, and even vinyl floors and they wanted the same price as ones in the neighborhood were selling for that had been updated with new appliances, granite counters, and wood or tile floors. The house just didn't have the appeal of others in the neighborhood which were selling for the same price they were asking.

Any buyer, is going to figure up what the cost is to fix any issues they see in the house- whether that be updates, carpets, cosmetic issues, etc. - and if it is going to cost them more to fix the issues than it would to buy another comparable house for that price in the same neighborhood, unless they absolutely are in love with your house, they won't buy it. So I think you need to really analyze what the issues might be with your house, that might be turning buyers off, if any. Your buyers possibly are just being unreasonable, but you may actually have issues that need to be taken care of, or accounted for before you are going to get a good sale. It is really hard to say whether your buyers are being unreasonable without knowing the specifics of what they are asking you to do.
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Old 04-29-2013, 10:28 AM   #32
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when we listed our other house we got some crazy offers but the one that I wouldnt even think about was the one that wanted to pick out new paint colors and have us hire someone to do it . The house was painted the week we moved out into our new house , so it didnt need it at all . They also asked for us to have the pool painted blue and for us to leave ALL the patio furniture and lighting including some torches I bought to match the furniture that I paid 100 bucks each for !By the time I got half way through the paper I called and told our agent to tell them we were not even going to look at the offer any further.

They wanted about 15 -20 things that were crazy . Leave our freezer in the garage ?? on top of that it was not even a full price offer .


They put in another offer and I never saw it because I told our agent I didnt care if they offered full price they were nuts . LOL They were first time home buyers and thought they could get everything
You took their offer personally rather than as the business decision it should have been.

I imagine we have all walked into a car dealership and made a really low offer to start with, and maybe throw in an alarm system, floor mats and a year of XM too, (I have). I couldn't imagine the dealership saying they want no more offers from me because they were insulted with my first offer.
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Old 04-29-2013, 11:05 AM   #33
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You said there are no houses you would be interested in buying TODAY. What if you turned down the offer and TOMORROW your dream house comes on the market? You may not get another offer for months and your dream home could slip away. In other words, you have to consider the opportunity costs of declining the offer.
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Old 04-29-2013, 12:23 PM   #34
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Typically ,up here in canada,the hot season to sell is april to july/august,reason being people with young families want to be settled and have their kids registered in school for september, and of course nobody really wants to move in the winter.I think you originally listed at the wrong time,and did get an offer in april.Unless you're in a hurry to get rid of the house,I'd refuse all the extras .
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Old 04-29-2013, 02:08 PM   #35
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Ten years ago realtors required a 3 month listing, then went to 6 months when the market suffered. Now they want a year listing because many homes will not sell in 6 months. Your home was listed in the slower time of a slump, so I do not think your home is stale. There are homes in our area that have been on the market over a year.
The inspection contingency allows negotiation on repairs the inspector notes are needed. If you do those, the buyer is obligated to close or forfeit his earnest money. Cosmetic issues do not and should not figure in--they should have been addressed during the original purchase contract.
If they have paid loan fees, appraisal, building inspection, and lose earnest money, they might not easily walk. Your realtor can rightfully demand THEY (not you)pay the commission if they fail to close on issues not related to the building inspection.
It is also common for the buying and selling realtor to kick in money to close.

I would not do more than the radon. That is all you are required to do. Sadly many try to take advantage.

Let us know what you do. This happens too often.
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Old 04-29-2013, 06:50 PM   #36
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Originally Posted by Belle & Ariel View Post
Ten years ago realtors required a 3 month listing, then went to 6 months when the market suffered. Now they want a year listing because many homes will not sell in 6 months. Your home was listed in the slower time of a slump, so I do not think your home is stale. There are homes in our area that have been on the market over a year.
The inspection contingency allows negotiation on repairs the inspector notes are needed. If you do those, the buyer is obligated to close or forfeit his earnest money. Cosmetic issues do not and should not figure in--they should have been addressed during the original purchase contract.
If they have paid loan fees, appraisal, building inspection, and lose earnest money, they might not easily walk. Your realtor can rightfully demand THEY (not you)pay the commission if they fail to close on issues not related to the building inspection.
It is also common for the buying and selling realtor to kick in money to close.

I would not do more than the radon. That is all you are required to do. Sadly many try to take advantage.

Let us know what you do. This happens too often.
Real estate laws vary from state to state. In NC there is something known as the due diligence period in which the buyer can walk away for any reason, including cosmetic issues.
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Old 04-30-2013, 05:25 AM   #37
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Originally Posted by Belle & Ariel View Post
Ten years ago realtors required a 3 month listing, then went to 6 months when the market suffered. Now they want a year listing because many homes will not sell in 6 months. Your home was listed in the slower time of a slump, so I do not think your home is stale. There are homes in our area that have been on the market over a year.
The inspection contingency allows negotiation on repairs the inspector notes are needed. If you do those, the buyer is obligated to close or forfeit his earnest money. Cosmetic issues do not and should not figure in--they should have been addressed during the original purchase contract.
If they have paid loan fees, appraisal, building inspection, and lose earnest money, they might not easily walk. Your realtor can rightfully demand THEY (not you)pay the commission if they fail to close on issues not related to the building inspection.
It is also common for the buying and selling realtor to kick in money to close.

I would not do more than the radon. That is all you are required to do. Sadly many try to take advantage.

Let us know what you do. This happens too often.
That is definitely not common in my area! Or at least in my business as a Realtor. My salary is not a negotiation tool.

OP - I think the majority of us need more information, especially the state you reside in as laws vary.
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Old 04-30-2013, 02:25 PM   #38
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You took their offer personally rather than as the business decision it should have been.

I imagine we have all walked into a car dealership and made a really low offer to start with, and maybe throw in an alarm system, floor mats and a year of XM too, (I have). I couldn't imagine the dealership saying they want no more offers from me because they were insulted with my first offer.
Off topic but I had to answer this. I used to work at a car dealership as HR/Payroll. I was walking through the showroom one day when I heard the sales manager tell a customer that he could leave as the manager would be better off than selling the car to him after cost. The manager felt this customer would be too difficult to work with after such a low offer and so invited him to leave.

Customer didn't believe it at first but eventually got the message. First and only time in 7 years of working there that I saw that.
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Old 04-30-2013, 02:55 PM   #39
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Off topic but I had to answer this. I used to work at a car dealership as HR/Payroll. I was walking through the showroom one day when I heard the sales manager tell a customer that he could leave as the manager would be better off than selling the car to him after cost. The manager felt this customer would be too difficult to work with after such a low offer and so invited him to leave.

Customer didn't believe it at first but eventually got the message. First and only time in 7 years of working there that I saw that.
That whole industry is a mystery to me. We have a friend who was Business manager of a European dealership. She said that a competing dealer was losing money on every car they sold. That competing dealership also sold a domestic brand, and we took an ad for $7,000 off sticker from that dealership to another dealership that sold the same brand. They looked at the ad, said they would match it, but said the same thing, "that price is below both wholesale and dealer cost".
But as our friend put explained it, you never know what kickbacks the dealer is getting from the auto maker. They got like $30,000 in money for advertising if they sold 30 cars of a particular model in a month. The lost money on the original sale of each of those cars. She also said, even if they make a profit, it's not uncommon for them to make only $25 on a $50,000 new car sale, and $5,000 on a $10,000 used car sale. But service is where they make their money.
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Old 05-01-2013, 07:46 AM   #40
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patiently waiting for more info or update from OP

FWIW, I too had realtors kick in $ in the past to close a deal. Not alot but enough. When your talking 35+ in commission, it wasn't worth them losing it for a couple grand difference.
I do note however that the market has changed and realtors work harder and longer to market and sell a property than during the bubble. Therefore making them kick in $ to settle a difference hightly unlikely during these economical times.
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Old 05-01-2013, 08:58 AM   #41
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When we sold our last home, I wasn't particularly excited about the offer, but our friend/lawyer asked me, "How seriously do you want to sell your house?" We really wanted to sell, so we took the offer.
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Old 05-01-2013, 11:01 AM   #42
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That whole industry is a mystery to me. We have a friend who was Business manager of a European dealership. She said that a competing dealer was losing money on every car they sold. That competing dealership also sold a domestic brand, and we took an ad for $7,000 off sticker from that dealership to another dealership that sold the same brand. They looked at the ad, said they would match it, but said the same thing, "that price is below both wholesale and dealer cost".
But as our friend put explained it, you never know what kickbacks the dealer is getting from the auto maker. They got like $30,000 in money for advertising if they sold 30 cars of a particular model in a month. The lost money on the original sale of each of those cars. She also said, even if they make a profit, it's not uncommon for them to make only $25 on a $50,000 new car sale, and $5,000 on a $10,000 used car sale. But service is where they make their money.
Service is where money can be made. During the recession, dealerships were hurting because people held off on repairs or went somewhere cheaper.

There is a lot of back end money from manufacturers. Also volume sold can determine how many hot new cars you get. For instance, when BMW released their sports car during my tenure, we got a couple. Dealerships that sold more cars got more sports cars and some dealerships got none. We did sell one of ours to a man in CA who paid 100k over list price and paid to have it shipped. That was a boat load of profit.

Salespeople may also be eligible for bonuses. So they will try to get you in a car even if they don't make a lot so that the car counts towards their bonus.

Different car lines offer different incentives so if a dealership has several lines, the office has to keep everything straight.

I don't miss that job.
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Old 05-01-2013, 11:37 AM   #43
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When we sold our house in CA the realtor had the buyer and the seller so lowered her commission by 1%. When we bought in FL there were some cosmetic issues that we wanted fixed and both realtors split the bill to get them fixed.
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Old 05-01-2013, 03:22 PM   #44
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More often than not in these scenarios, the sellers let the buyer walk and wind up holding onto the house longer and selling it for even less. Meet them in the middle or ask the agents to deduct from their commission. As another poster mentioned, how bad do you want to sell?
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Old 05-02-2013, 07:56 AM   #45
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In my opinion, everyone watches all those shows on HGTV and then think they can do the same thing. Get a great house for little money (and no down payment). The network has a bunch of shows like that, but they sometimes don't even tell you where the transaction is taking place, and that's key. In some areas of the country, you can buy real estate for half or less than what the owners paid years ago.
In some areas, there has not been any depreciation, or even appreciation.

People don't realize those shows are "rigged", and think they, too, can ask for all sorts of things when they buy a house, and all sellers are desperate enough to comply.
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