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Old 07-24-2016, 01:21 PM   #41
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One thing to keep in mind is that nobody in their right mind is in FL looking for real estate right now. If you want to get the highest price, take it off the market and put it back on in Nov or so. Just having to go look at a place in mid 90 degree weather with very high humidity would cause me to lowball an offer. Plus, as a property owner in SWFL, the market is not as high as realtors make it seem. I've seen a lot of properties listed, but very few get offers anywhere near the asking price. Seems to me the sellers are living in hopeful land more than reality.
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Old 07-24-2016, 01:29 PM   #42
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I've been looking at Florida real estate lately(just online) and most property on the market seems over priced relative to assessed value. Perhaps they thought it was a legitimate offer. No reason to be upset with them. You can always counter. I was told once that if you are not embarrassed by your first offer then your first offer is too high. Without knowing the assessed value or what other property near by has sold for, we can't say if their offer was too low but my guess is that it was a reasonable first offer. They probably didn't like the $100K earnest money and I don't blame them.
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Old 07-24-2016, 01:45 PM   #43
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system viewable anywhere we have internet, of course we "watched the show" on our smart phones.

We obviously want to move, but our condo is being built in another area of florida and won't be ready for close for 1 year.

Our ask price, 699,900

After 2nd showing they asked if we would entertain a 6 month period to close because they have to sell their house.

Obviously, we countered that question with, sure....with 100k down and at risk of loss if closing does not occur as scheduled.



I saw red.

We immediately countered exactly as follows: (our realtor to their realtor)--->

My sellers are a bit insulted at this offer...we counter with our request for 100k down and 685k sales price. I left their damn request for our furniture alone but it pissed me off.


They have not responded and we are at 48hours since our counter.

Sounds like bottom fishers to me. I am very angry.

What did we do wrong?
The only thing I would do differently is stop "seeing" red or being insulted.

Look at it this way, their objective is to get the best house at the best price. Your objective is to get the best price for your house. Bidder is not trying to be insulting, he/she is simply trying to get a bargain. nothing wrong with that. LOL, when I made my offer on my house I definitely went low.

why are you so pissed that they asked for the furniture??

Remember "no" is an acceptable answer to all request.
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Old 07-24-2016, 02:00 PM   #44
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Beauty, and value, is in the eye of the beholder. It is downright silly to get insulted or angry. It is a business transaction, plain and simple. Counter, don't counter, it is your choice, but just as it is your right to respond how you see fit, so too, is it fair for a buyer to respond how they see fit.




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Old 07-24-2016, 02:29 PM   #45
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600k sales price, 50k down, AND....GIVE US YOUR OFFICE FURNITURE, THE TV ON THE WALL IN THE OFFICE AND YOUR LANAI FURNITURE!!! and the close date is Jan 11 2017!!!
+ does the buyer's offer contain a sale-of-existing-home contingency? If so, you'll lose the deposit (whatever it is) if the buyers can't sell their home.

+ are you OK with a January 2017 closing although your new place won't be ready until July 2017? (for new construction, the promised occupancy date can slip, causing headaches for buyers)

+ why counter about the deposit? $50k in your pocket if the buyers change their minds before closing sounds pretty sweet, considering that it's the slow season and you've got plenty of time to put your place back on the market before your new place is ready.

+ why worry about the furniture? On a $600k+ deal, this is pocket change.

+ the buyers have already made a substantial investment of time and energy in your place. I would have tried to work with them rather than flying off the handle.

Good luck with your sale!
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Old 07-24-2016, 02:38 PM   #46
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DH is in the process of selling MIL's home (she's now in a different state). SIL is upset at the lowball offers - and really didn't want DH to lower the price (when it fell out of escrow after an inspection.) He went ahead and lowered the price, got multiple offers, and has an as-is offer for above the new lower price.

He got several low ball offers... he countered close to full ask - and they went away. You can always counter at full ask...


For a 6 month close - you do want a significant, at risk, deposit.... so any accepted offer should be clean and not include dependencies on them selling or attaining financing.
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Old 07-24-2016, 02:38 PM   #47
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Socca,

We would be taking our house off the market for 6 months thats why i want 100k. I flew off the handle here in the forums but i thought we countered respectfully dropping to 685 k and enforcing our request for 100k. By the way , the "drop in the bucket" totals 8 k in requests.

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Old 07-24-2016, 02:56 PM   #48
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Socca,

We would be taking our house off the market for 6 months thats why i want 100k. I flew off the handle here in the forums but i thought we countered respectfully dropping to 685 k and enforcing our request for 100k. By the way , the "drop in the bucket" totals 8 k in requests.

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Do you want the drop in the bucket items? We're downsizing and getting rid of stuff ain't so easy.

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Old 07-24-2016, 03:01 PM   #49
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Eight grand is a "drop in the bucket", it's 1.3%.

For a non-refundable deposit consider the fair rental value for the months to close.
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Old 07-24-2016, 03:09 PM   #50
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The most important part that I may have missed, do you have an accurate appraisal of you house's value? Not from the realtor(s), but a true appraisal? Combine that with the current timing being out of the sale season, and should be able to figure out what the final sales price should be pretty close. I agree the low-ball offer can be insulting, but just counter with a real legit counter and if the buyers are serious they will come back. If not they were just fishing for a desperate seller.

I do ag
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Old 07-24-2016, 03:29 PM   #51
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I understand the frustrations and anxieties of buying / selling homes. I've sold 5 homes and just bought my 6th in FL... hoping to stay with this one for a long time. As others mentioned- this is a business transaction. The price of a home is what a buyer is willing to pay and the seller is willing to sell for. I've never considered offers insulting- just starting points to a deal or no deal. As the seller I always have final say. We've received what we considered low ball offers, countered and moved on when not accepted. One buyer came up closer and we sold. In another home we found that that appraisals and current home prices had not declined to the current market conditions (price and buyer sentiment ) and our home languished with the rest of the homes on the market. Over time prices drifted down and we eventually sold. Other times we were priced correctly and sold with in a reasonable time. Good luck- this is a marathon- not a sprint!
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Old 07-24-2016, 04:17 PM   #52
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Thanks all for the help! I will make sure next time to keep it all business. Also the buyer will not be told that his offer was insulting.

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Old 07-24-2016, 04:27 PM   #53
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We are in the Sarasota / Bradenton area, and for the last year or so, properly priced houses in our area have an accepted offer within a week. Overpriced houses languish, get taken off the market and come back with lower prices. Many who purchased in the 2005 /2007 timeframe seems to get stuck on what they paid for the house, as if that is relevant. If this is your first week, be patient, you will get an offer. If you are pushing 3 weeks, you may need to reconsider your pricing. The least rational person about what a home is worth is the owner.
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Old 07-24-2016, 04:32 PM   #54
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Low ball offers are to be expected, why? Because sometimes you do get lucky. Personally I have done this 3 times and purchased the home(s). I NEVER got them for the initial offer, but pretty close. There again, I/We have always paid cash for the home(s) with no contingencies. In fact we always went out of our way to let the seller provide all the dates and conditions.


Remember the true definition of a bargain. "Getting Something You Want At a Price You Are Prepared To Pay".
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Old 07-24-2016, 05:07 PM   #55
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WE have bought and sold many homes and we learned the hard way that usually the first offer is the highest. ONce we had a seller refuse our offer and not counter calling it insulting and we walked away. If they had countered then we would have played until everyone was satisfied.
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Old 07-24-2016, 05:13 PM   #56
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I don't think 15% to 17% below asking is a low-ball offer. Is it really?

Suppose they had offered $645K and after any counter offer from you, they simply repeated $645K, what would you have done?

I think it is good to work out scenarios in advance ... war-gaming if you want to call it that.

And if you really want to keep your furniture, tell the buyer who you bought them from in the first place.
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Old 07-24-2016, 05:40 PM   #57
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As long as the Realtor does not agree with them and backs you. Remember, the Realtor will follow the money. They do not care about you. Only their paycheck. We have purchased many houses in our lifetime and it did not take us long to figure it out. listen to their advice with caution, and ALWAYS put yourself in their shoes, the Realtor's that is.
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Old 07-24-2016, 06:11 PM   #58
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As long as the Realtor does not agree with them and backs you. Remember, the Realtor will follow the money. They do not care about you. Only their paycheck. We have purchased many houses in our lifetime and it did not take us long to figure it out. listen to their advice with caution, and ALWAYS put yourself in their shoes, the Realtor's that is.
They follow the money, but some of them will only follow it so far. There is very little incentive to work harder for an extra $20k, which on a 5% commission would only be $250 if the commission is split with 2 agents (2.5%) and each agent then splits evenly with their company (1.25%).

Tell the seller to accept $650k and they will earn $8,125...or, they can take a chance and tell them to hold out for $670k, but to do so they may have to do a couple extra open houses and have a few more showings, and after all that they will make $8,375.
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Old 07-24-2016, 07:45 PM   #59
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By the way , the "drop in the bucket" totals 8 k in requests.
Not really. You couldn't get 25 cents on the dollar for those items. Probably not even 10. Now, if you were going to have to replace them, then they have more value to you. But as you are moving to a condo (and possibly downsizing), you might want to look at the difficulty of getting rid of stuff. Most of what we have gotten rid of has simply been donated, since selling it on Craigslist or whatever is a PITA.
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Old 07-24-2016, 07:56 PM   #60
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Quantum, glad to see above you are taking the feedback in stride here. Your original post suggests you are more personally attached to this home than you might think.

Given you don't want to move right away, and the buyer wants to hold for 6 months, they seem like an ideal couple for you. And the furniture? probably won't fit in your condo anyway, and reduces moving costs (and your DW might not have told you how happy she'd be to shop for new!). Used furniture has a lower resale ratio than used cars - even if it's hardly used.

I think maybe wiggle them up a bit from where they are, and find some middle ground, and then be glad to have it sold. Yes, selling now is easier than 2 years ago, but your price range isn't as competitive in some areas.

Good luck!
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