UPDATE: Who has six visits to a house for sale they don't want to pay for??

Devil's advocate here... :)
Is it easier in the long run to meet them halfway now or to sit on the house and continue to pay on it - insurance, taxes, mortgage, utilities, etc. Can you float two houses? Sometimes it looks easier to do than it actually is. Is all of this worth the headache over $7500? How fast do you chew up $7500 in housing expenses on this house? This market is real slow to say the least. Think carefully before you decide for sure. I'd just hate to see you lose this bird in hand and be kicking yourself later if no one else beats down your door.
Ok - devil's advocate over...:)

Who do you think dropped the ball in presenting the owner financing/lower realtor commission offer? Your realtor or theirs? I suspect you are right. The offer was reviewed by one of the realtors - they didn't like it and never presented it to the buyers. :sad2:

First I'm back, god did I have a terrible headache, I slept most of it off, but I am terribly stressed.

Right now I think it's their realtor that is not presenting them with the owner financing option. My realtor said she spoke directly with her about it. I have no idea why she hasn't offered it to them.

We've been carrying the house, it's not such a problem so far, and it's been helpful to have because we've been back often enough to make use of it. I could see us moving back into the house in five years if we play our cards right, but that doesn't have to be, just could happen.

So I guess when you look at the 7500 we're apart (we are already 133K low), for that money I could carry it straight through the summer and we could spend some time down there visiting more friends and such. I'm not convinced however that they came up with the half they want us to meet them to. If I was convinced of that, I would think on it a bit more.

It just bugs me, Friday they were tapped out (their realtor said) today their realtor says meet them halfway, I say look at any other house in the price range and you aren't going to get what we offer.

But the market is HORRIBLE, 2 houses in town have sold since the 1st of the year.... I mean it is just terrible....

BLECH, maybe I'll call the realtor and see if they really do have the funds to meet us halfway, and if they can prove that they do, I'll take the offer seriously....

Paula Sue, you've gotten THREE offers? That's really outstanding!!! Tell me your secret <grin> Is the third offer acceptable? I know your financing problem with woman #1....

GrumpyGal, I think you're right, where there's a will there's a way for this family, if they want the house badly enough, they will find the extra money.....
 
oh. my - chris1gill - you are having quite a time!

Hang in there!

My younger son and his fiancee are buying a bank-owned house and it's been fascinating seeing the negotiations. There's no heat in the house and there are no kitchen appliances. They're getting that all figured out, but I had some sleepless nights thinking of my kids with no heat! (it never drops below 35 at night, but still!) They are benefitting from this crazy housing market.
 
oh. my - chris1gill - you are having quite a time!

Hang in there!

My younger son and his fiancee are buying a bank-owned house and it's been fascinating seeing the negotiations. There's no heat in the house and there are no kitchen appliances. They're getting that all figured out, but I had some sleepless nights thinking of my kids with no heat! (it never drops below 35 at night, but still!) They are benefitting from this crazy housing market.

Do you mean as in no furnace at all?? What happened to it?? They cannot live without heat, 35 is COLD......

We have an extra fridge they could have (3 years old) but they're on the wrong side of the country!

I just feel like we are totally getting played on this & I don't like it one bit.
 
Some people are morons.

The last straw was when we got a sheepish phone call from his realtor wanting to know if she could bring him by that day (Sunday) with a few of his buddies so they could throw a football around for awhile to see if the yard was big enough. Thank goodness we were already under contract by that point so I said no.

:rotfl2:
 

Do you mean as in no furnace at all?? What happened to it?? They cannot live without heat, 35 is COLD......

We have an extra fridge they could have (3 years old) but they're on the wrong side of the country!

I just feel like we are totally getting played on this & I don't like it one bit.

I would feel that way too. There are so many people out there who think that because the market is bad, they can get a great house for whatever THEY want to pay for it. Not realizing that most people have their houses marked down as low as they can go. I think the mindset going into house hunting is that you can get a huge deal. That is true, but usually that great deal is what the house is already marked at. Does that make any sense? I am tired today so I am sorry if I am rambling.

Kristine
 
Just checking in today to see if there has been any new developements with the potential buyers. Was the alternate offer (owner financing) been presented - for sure - to the buyers??

Got my fingers crossed for you...
 
I'm back from vacation, any news???

I can't believe that their realtor might not be presenting your offer. WOW!
I wish your house was in the right part of the country, we need a bigger house. I hope we get ours on the market soon, I do not want to spend another school year here!
 
/
Stick to your guns. If they REALLY want the house then they can cough up the 7.5k....everyone wants the best for the least amount. You've already come way down, there's no reason you should have to sacrifice anymore than you have. If you can afford to hold out then I would. My parents had their house on the market for two years for $260,000, ended up foreclosing, and the bank turned around and sold the house for $272,000 a month after they moved out.....they were told their only option was foreclosure, and that the house was unsellable, and that they'd be lucky to get one offer. Go with your instincts.
 
Hey Guys, thanks for checking in!

You just wouldn't believe it. We came to a price verbally and they backed out & put another lowball offer on a house that is not even in the same ballpark as mine, but apparently that offer was not accepted & apparently these people wanted to be in their new home by the first of May.

What actually happened was I came down in price, found out they put in another offer on the other house and I rescinded my offer immediately, I didn't want to go that low to begin with, and I just wasn't going to be played.

The long and short of the story is, they only have 404K for a mortgage and they need the rest in cash, they aren't comfortable taking on more debt with owner financing even. They have a house to sell that could take months to a full year and they are severely cash strapped. They were not qualified to buy the house and they aren't qualified to buy the other house either. There's no comparison of the homes, ours is far nicer and much newer by about 20 years....

But so that didn't work out so well. So far two homes have sold this year and there is 1 under agreement in our town. I'll just wait it out! I feel pretty good about the whole thing..... We'll be there next week, and we'll be there in July. There are good benefits to continuing to own the house, so we will just wait!

Thanks for checking guys, means a lot :goodvibes

I wonder how Paula Sue is doing, I know she'd had some offers that were not quite what she was hoping for....
 
Doing Good (crosssing fingers), the home inspector was here today. Some weird bell shapped radon testing bells are hanging as I type.

Just waiting to see if all is well with our house deal and planning our OPEN HOUSE window shopping for tomm.:goodvibes

Sorry to hear about your house! My friend is big into saying if it is meant to be it will. (I'm not sure if I believe that but all she has gone through in the last few weeks I believe her faith! Her house was for sale for 6 months and just went off the market, a few days later her Dh got very sick with the flu and died a month ago. She just wrote a wonderful email this week about it, the hosue not selling, because she and the boys were meant to be here with friends and Dh's family and not closer (his job was 1 1/2 hours away) to her Dh's job with no one close.


BTW, what is the percentage that is "acceptable cushion" to lower the offer on a house without insulting.:confused3 Being on the side of selling a house has really been an experience. (My aching head) I am not looking forward to being on the other side right now. (I'm still trying to get my headaches to go away.) For example if the house is $250,000 -$280,000 range. :confused3
 
i think it's difficult to come up with any kind of a percentage figure because every home for sale and how it's priced, while it's generaly based on the comp sales in that area-is subject to the individual wants and circumstances of the seller.

i look at the 2 homes we sold. if someone had used some kind of percentage to base their offers on them-say just for example's sake 5%, we would have turned them down but for very different reasons. our first home was definatly in the first time buyer category, and like most first time buyers we put the minimum amount down, and after 7 years we did not have a great deal of equity in it (it was california but it was in the years before the market started insanely pricing up)-5% lower than what we priced it at simply would not have made it feasable for us to sell. we priced our home fairly as compared to the comps in the area, and while 5% might not have meant a big deal cash wise to someone else-it meant a big deal to us. with our second home it was a matter of buying at the right price at the right time. when we went to sell it was at the tail end of the seller's market-so while we had a HUGE amount of equity to work with in considering a price, the mindset at the time was noone in their right minds would even consider an offer that would result in over a $30,000 price drop. now at the time we had neighbors who were selling in the same price range as we were but they had bought their homes much more recently so they might not have even been able to entertain a 5% price drop out of a pure financial situation.

i honestly think you do best as a buyer to research your market, find out what the LONG term sales trends have been (not the insanity that's been in the past few years in some regions). if you live in an area where you can find out what the current owners paid then while it won't let you know if they have a wazoo of helc's factored into the price-it can give you a rough idea of what they may be negotiating around. then look at homes and consider if they meet your needs/wants/desires-and if they come close, what it would cost to get them to that point.

personaly, when we were home shopping last year i ignored all the 'fluff' that people are encouraged to do on those home design/staging shows. i looked at the 'bare bones' of a house-is it the architecture/size/layout i want (hard and expensive to get beyond that), are the more expensive upgrades i desire allready in place, and if not-what am i looking at to do it post purchase (one of my big things is windows-we lived in a couple of homes with lousy windows so if a place had ones that were going to need to be replaced with better operating/energy efficient ones i strongly considered that, i also looked at places that had numerous or odd size windows with the eye that i knew from previous experience how expensive it was to purchase window coverings if they had something on them that was so unique to their furnishings i was going to have to replace them). bathrooms-so long as they were the size and the type i needed i did'nt care how they were decorated-i could inexpensivly change that. kitchens-were they suited to my needs, if their appearance was not to my taste was it something i could afford to change, or at least live with until i could (i hate the counters in my new home-but i can live with them until i can afford to change them, i would prefer a different dishwasher and stove-but they are brand new and work so they meet my needs).
 
Doing Good (crosssing fingers), the home inspector was here today. Some weird bell shapped radon testing bells are hanging as I type.

Just waiting to see if all is well with our house deal and planning our OPEN HOUSE window shopping for tomm.:goodvibes

Sorry to hear about your house! My friend is big into saying if it is meant to be it will. (I'm not sure if I believe that but all she has gone through in the last few weeks I believe her faith! Her house was for sale for 6 months and just went off the market, a few days later her Dh got very sick with the flu and died a month ago. She just wrote a wonderful email this week about it, the hosue not selling, because she and the boys were meant to be here with friends and Dh's family and not closer (his job was 1 1/2 hours away) to her Dh's job with no one close.


BTW, what is the percentage that is "acceptable cushion" to lower the offer on a house without insulting.:confused3 Being on the side of selling a house has really been an experience. (My aching head) I am not looking forward to being on the other side right now. (I'm still trying to get my headaches to go away.) For example if the house is $250,000 -$280,000 range. :confused3

Which party finally purchased your place? Was it the first offer? or the third?

In our town, homes in that price range, buyers are asking for as much as 30 grand off the price, not that sellers are taking it, but that's what they're offering. The house that Family #2 bought (just got that word, they did strike a price this morning), they got 10% off.

If the market you are looking at is a strong market, 3% off the price is a good starting place.... that's if the home was priced appropriately to begin with.

I totally believe if it is meant to be it will be... I don't pretend to know the future, but if we do not sell there is a reason that we haven't. I would not be surprised (as I've said) if we didn't move back in 5 years.
 
could you rent it out instead of selling since you can see yourself moving back? Keep it as an investment property.
 
could you rent it out instead of selling since you can see yourself moving back? Keep it as an investment property.

Hey Buffy, long time no see! I totally forgot you are a mod now. The logo thingy thru me there for a minute. I really should get over to the scarping place & check in with everyone. Does it even exist anymore?
 
Hope you have a Good update too!

I got rid of my Headache and I'm doing the "Happy we set the Settlement Date Dance".:banana: This whole thing with the first contract has been going on since the 8th of April. Just need to get a few minor things fixed for the inspection report. We are FINALLY going house hunting (more than online and open houses) in the next few days. :cloud9:
 

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