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Old 05-02-2013, 10:36 AM   #46
amberpi
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In our area, the market for houses in our price range has a 16 month inventory but starter homes less than 200k are flying off the market. Its not just about location, its also inventory, they way overbuilt in the McMansion ($400k-$750k here locally, but we don't live in a very high cost of living area) market here. Not only is the inventory huge but a lot of those new neighborhoods have some serious HOA fees. Thank god we live in an older neighborhood with normal HOA fees...
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Old 05-02-2013, 11:17 AM   #47
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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.

IMO, a house that's been on the market since October is stale. A house that's dropped in price twice since it was listed was clearly initially overpriced, and may still be overpriced. A house that's been on the market since October, had two price drops and still needs Radon remediation? They've set themselves up to attract bargain hunters. It's not about finding desperate sellers - it's about finding people who made sub-optimal choices. That's what we did when we bought our house, and I have no doubt that the family we bought from felt ripped off. That's why they didn't accept our first offer. Our second offer was lower.

If I were selling in that situation - I'd consider the reasonableness of each individual item. Was it something that the inspection revealed? Was it blatantly obvious when they toured the house? How much will it cost to fix? What messages did you send when you accepted the offer? I'd personally err on the side of giving them what they want, but I can't fathom having a house show-ready for 7 months without going insane - clearly the OP and I come from very different perspectives here.
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Old 05-02-2013, 11:26 AM   #48
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Any updates OP? It's been almost a week so I'm guessing you have had to give the buyers done sort of an answer...
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Old 05-02-2013, 11:39 AM   #49
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Hi folks. Here's the scenario:


-Listed house for sale at 168,900 in October
-Dropped price to 164,500 in February
-Dropped price to 159,900 in April
- 2 weeks later accepted an offer for 152,000 plus up to 3500 in closing costs and 500 home warranty.

Inspection came back and they have a laundry list of things they want done. The only thing we have to do is do radon remediation and re-test. Everything else is cosmetic. This was our first ever offer, but there are no houses in the area we are interested in for sale. Should we comply with all if their requests or just do the radon and refuse everything else? We aren't in a rush since there aren't any houses available that we are interested in.... but who knows if we would run into the same thing with another buyer.

We feel like we are being ripped off. What would you do?
It really depends on how quickly you wish to sell your house.

First, I am sure they know it is a negotiation. Start with the Radon remediation and nothing else. Let them then choose the most important remaining items from the list and push back. Then you can eliminate anything that they are not insisting on. Yes, it is nice to move into a home with everything you want done, but reality is that when purchasing there is an expectation that some work will need to be done to make it what you want.

If you truly have no pressing need to sell the house, I would offer to do what is needed (radon) and nothing cosmetic. If you want it sold or you feel it will be difficult to sell otherwise, I would think about what requests are easy and less expensive and offer to do those.

You may also run into similar issues with a different buyer, but if you say no and they back out you would have time to work on the cosmetics yourself over time and eliminate them before the next offer is in the works. As with anything, some buyers won't care about cosmetic changes while others will ask for everything. Good luck.
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Old 05-02-2013, 12:31 PM   #50
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Has anyone done a pre-listing inspection to head off potential issues?
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Old 05-02-2013, 12:56 PM   #51
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Has anyone done a pre-listing inspection to head off potential issues?
We're putting our house on the market next spring and plan to do one before we list it. There are some things that we know need to be done and we're spending the next year taking care of them. Anything else to be done shouldn't be major because we've already done the siding, roof, windows, deck, and heating system and are doing the kitchen and two bathrooms over the next year.
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Old 05-03-2013, 08:32 PM   #52
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Hi folks, OP here. We decided to do everything the buyers asked for, because we were scared we were going to lose the sale and we found a house that we liked enough to want to move in to. Still waiting on most of the repairs I be done because the companies are so back logged right now- tis the season to sell a house I suppose! So, we are grinning bushes and trees, taking out 2 stumps in the back, fixing a quarter size carpet hole, replacing a window, fixing the radon, fixing an electrical cosmetic thing in the back of the house, and replacing the asphalt driveway. $$$$$$$$$$$.
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Old 05-03-2013, 08:47 PM   #53
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I know it was a tough decision, but you'll be glad you just pulled the ripcord when you are all moved into your new house Wishing you good luck for an easy closing on both ends!
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Old 05-03-2013, 11:33 PM   #54
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I know it was a tough decision, but you'll be glad you just pulled the ripcord when you are all moved into your new house Wishing you good luck for an easy closing on both ends!
Thanks!!
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