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Old 06-18-2009, 05:40 PM   #21
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Strange? Moemg, you have a way with words. I would have said idiotic, moronic, dim-witted, dumb, stupid, asinine, ill-conceived, poorly thought-up, daft, senseless, ludicrous, half-baked, or completely irresponsible.
The only thing worse that the current system of property tax is the proposed reform.

Obviously you live in Florida ! The land of the idiotic,dim witted ,dumb ,stupid ,asinine , half baked ,completely irresponsible property tax !
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Old 06-18-2009, 06:29 PM   #22
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Ask yourself this: "In 6 months, will I be sorry I did not take the offer?"

Unless houses are moving in your market, counter for what you feel you can settle for, then move on.
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Old 06-18-2009, 06:45 PM   #23
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Giving them a counter offer is one way of negotiating.

Another way is just to say the offer is not in your ballpark. You will be asked what your ballpark is - don't answer.

Once you give a number it becomes the ceiling and they will counter offer with less or ask more from you such as:
pay closing costs
repairs
home warranties

Remember that the real estate agent is not your friend. Anything you say to him will hurt you. You are selling to two people - RE agent and the buyer.

Based upon your numbers:
300 house
-15 negotiation
- 5 Closing costs & mis.
280 Sale price
-17 RE Agent Fee
263 to you?
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Old 06-18-2009, 07:14 PM   #24
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We don't expect to be buying in FL for awhile. This crazy housing meltdown is far from over IMO. Also, it's going to be hard to transition from the quality of construction found in the midwest at such a reasonable price. Initially, we will be renting and letting someone else pull their hair out over taxes and insurance and approaching hurricanes. We've lived there before so we know what we are getting into. FL is not my first choice (I'm originally from Seattle) but it's DH's turn to decide where we live.

Bizlady - There is no question we will counter but I wanted to get some feedback from this group. I will regret not making a sale in 6 months when DH is whining about the crappy OH weather!

Dex - As it turns out, there will be no real estate commissions to pay. We went with forsalebyowner.com and bought the $600 package which got us listed on realtor.com for six months (we are 10 weeks in). That's where the buyers found us. We are representing ourselves and the buyers' agent is the wife's BIL. I called him and asked him if I needed to be considering a 3% commission in my calculations. He said he is not collecting a commission and I should put that statement on the counter-offer. There was no way to use a full-service broker because given the market, we knew we were going to be selling for much less than our purchase price. In addition, our local listing agents don't do much marketing. I understand we are heading downward with every counter-offer but we will only counter with what we can accept and won't accept their counter if it's too low.
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Old 06-18-2009, 09:15 PM   #25
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On the counter.... a few years ago my BIL was selling one of his boat slips... the guy asked how much he wanted for it... my BIL said $35K... the guy looked at him and said... "What will come down to"..

My BIL looked back at him and said "OH, I meant to say I was selling it for $39K and I will come down to $35K"... the guy took the deal...
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Old 06-18-2009, 09:48 PM   #26
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We have decided to counter at $267,500. I'll get the offer faxed over in the morning and we'll see what happens.
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Old 06-18-2009, 09:51 PM   #27
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Sounds like a good number to me. Hope your potential buyers are rational folks and you can come to terms.
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Old 06-18-2009, 10:10 PM   #28
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Many years ago I saw a sign on the bulletin board at w*rk by a woman trying to sell her car. "For sale, asking $4000, will accept $3200".
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Old 06-18-2009, 10:22 PM   #29
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I think if you counter too low (or worse, don't counter) that the sellers will think there is something wrong with the place if you're trying to unload it so quickly for such a low price. So good counter offer, imho, and good luck!
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Old 06-18-2009, 10:35 PM   #30
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Certainly not an unreasonable counter offer on your part.
I am certainly no real estate expert and don't even claim to be one on internet, and you obviously know the Ohio market and I have no clue.

Still a couple of points. 3 years I end up getting three separate appraisals for my house (my ex girlfriend and I were splitting up) within a month. The difference between the top and bottom appraisal was almost $200,000 or 22%, and this was from people paid to make a fair estimate i.e. nobody was trying to lowball us.

The other thing to consider is that during up markets houses often appreciate 1-2% a month (well out here on the West Coast). So it stands to reason during a down marketing in housing they properties maybe depreciating at the same rate. So even if the appraisal was accurate back in Feb your house may have dropped 10% in value this year.
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Old 06-18-2009, 10:51 PM   #31
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clifp - I also got an appraisal on May 6, 2009 for the refi and it came in at $270,000. Unfortunately, an appraisal doesn't mean much if the buyer doesn't have to get financing. If I was the all-cash buyer and the seller showed me the appraisal, I'd tell the seller to show it to someone who cared!

The only thing that has appreciated around here recently is farmland. As far as houses go, my estimate is that a really good year for housing appreciation during a hot market is 3%. It's different living out in the cornfields.

People in my county are quite conservative in every way, including financially. There's not a lot of speculation going on around here. Talking to the credit union president (who has also worked for Sky and Huntington) during our refi closing, he said he always wins the "most 800 credit score contest" compared to other branches in other counties. There is a ton of wealth around here but hardly anyone flaunts it.
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Old 06-18-2009, 11:09 PM   #32
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Did you still have it listed for $299K

If so, then the seller might have taken a look... said it was over by more than $30K so he had to go down by more than $30K to show how high your listing was....

That was the problem with the house I bought... they had it listed $20K over an appraisal, thinking that what they had done to the place was worth money to someone else...

I had to lowball it just to get them to recognize how high they had it listed...
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Old 06-18-2009, 11:28 PM   #33
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Texas - I reduced the listing price to $279,900 about 3 weeks ago not long after I received the refi appraisal. The price on Realtor.com had been changed and I had stickers on my flyers in the flyer box that said, "reduced $20,000 to $279,900." The price was also updated on the house website, forsalebyowner.com, craigslist and zillow.com. I also advertised the new price and price reduction in our weekly county newspaper. I also had a "price reduced" topper made for our sign.
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Old 06-19-2009, 12:30 AM   #34
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Good counteroffer. I used to be a real estate agent and that sounds like a good counter-price. I am guessing you'll end up in the $250K's -- not sure if that would be satisfactory to you.

One thing you can tell the buyers is that your appraisal showed your house is worth $270K, so you have already gone down to lower than the appraised price. Even if they don't need a mortgage, it will make them feel 1) you didn't just make up a counterprice, and 2) they are getting a good deal no matter what price you ended up with.
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Old 06-19-2009, 02:23 AM   #35
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Sounds like a good number to me. Hope your potential buyers are rational folks and you can come to terms.
Is it a matter of the buyers being rational or more a matter of alternative homes available to the buyers?
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Old 06-19-2009, 04:51 AM   #36
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There are other homes available in the area but nothing that is comparable. Most of the homes for sale around here are country homes but buyer wife wants to live in a subdivision. The homes in our subdivision are beautiful and the local builder who built them has an excellent reputation. I still love walking the neighborhood just to look at them. Our home is only 7 years old (occupied for 5) which is 5-10 years newer than others for sale. Our home is custom-built quality which is definitely not found in the others for sale. Our home shows extremely well since it was completely painted and professionally decorated and staged in the last 6 months. No kids have ever lived here so it literally looks brand new.

The house also has a 12' x 12' master walk-in with custom shelving. It's to die for! I'm really go to miss it.

I absolutely love the house and the neighborhood but I love DH more so it's off to FL!
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Old 06-19-2009, 05:47 AM   #37
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Sorry.. home warranty is cheap and it is expected by a number of people.. it would not make a difference with the gap that is here...
That's my way of telling the people no thanks, their original offer was way too low and basically don't waste my time.

Jim
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Old 06-19-2009, 09:23 AM   #38
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The counter-offer of $267,500 was faxed at 8:30 am and I have asked for a response by the end of the weekend. Happy to spend the time working on it and it is not considered wasted time in this market! I might have felt different if the offer came in so low and was not an all cash offer.

Our turn to wait although the buyers didn't have to wait 24 hours for our response. Hopefully, another interested buyer will show up at Sunday's open house and we can make this real interesting!
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Old 06-19-2009, 09:53 AM   #39
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lot. We are listed with a discount broker (on realtor.com and forsalebyowner.com and the house has its own website which I built) so we have done all the marketing ourselves.
This is probably the reason you are getting lowballed. While I know many on here have sold their own homes, this is still NOT a great real estate market. The ONE thing you are missing are BUYERS, which is what realtors provide.

I think you are being pennywise and pound foolish by not using a realtor. Even after commissions, I think a realtor will get you the best price. Look for a realtor that is a buyers broker and go from there.

My 2 cents, YMMV........
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Old 06-19-2009, 10:00 AM   #40
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This is probably the reason you are getting lowballed. While I know many on here have sold their own homes, this is still NOT a great real estate market. The ONE thing you are missing are BUYERS, which is what realtors provide.
I'd add to this, actually. There is a common belief among buyers that if you are going FSBO (more or less), that means you have close to 6% more "wiggle room" in your pricing.
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