We just got low balled on our house--WTF *?&!

[lhamo]

Congratulations on your sale. We just accepted an offer on our apartment in Beijing. We put it on the market in mid-May and had one offer fall through because the buyer didn't have the resident status needed to buy in Beijing. The second buyers offered about 3.5% below our asking price, we countered with around 2% under asking price, and they accepted the counter. We will leave them any furniture we cannot sell separately. We also sold the two parking spaces we have in the building separately, so if we add that in we actually sold everything for more than our original asking price.

Will take ages to close due to slow local bureaucracy, and then will need to get the money out of China (will be doable as we will have the tax receipts to show our gains were legal, but it will take lots of paperwork). And then we need to find our US dream house. Hopefully before our current lease runs out at the end of May 2017....

 

[carnivalday]

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.

Interestingly, the final sales price when it closed was $644,000.

 

[Big_Hitter]

 

[Shanky]

This worked as it should. Seller had a lot of time, so they put in on the market overpriced just in case they got lucky. The market "spoke", they lower the price and got an offer & Sale. 644K vs 699K. If they had started at 600K they would not have seen the extra $$ but it would have probably sold quickly for 610k or so.