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11/22/2017 10:05:29 PM
3/10/2017 7:27:01 PM
Posted: 9/6/2004 3:48:54 PM EST
OK, so I have this home in the mountains of East TN - TONS of new stuff in it, lots of work done to it over the years - no lie, this place appraises at about $96,000 - great location, new kitchen, new central AC/Heat with humidifer ($6000 for that alone with new ductwork), new $3000 wood burning stove insert and stone/tile hearth, new fenced yard, the works. All new bathrooms and bedrooms, and new vinyl windows (the expensive kind) and doors.

So I have it on the market for $89,500 - other houses in the area are going for a little less, but they are 600 sq foot shacks with 4 rooms total in the whole house, with no central heat/air. Not even close to mine.

I get someone very interested in the house. So I just got off the phone with my agent - says they offered $72,000 take it or leave it - WTF? I mean, we had recently reduced the asking price to $84,900 for a quick sale, but $72,000? This guy must be on crack. What sucks is I'd really like to unload the house due to us having another mortgage, plus me only working part time while I go to Rad school, but shit, for that low of an offer I'm almost willing to carry it for another year if I have to.

Perhaps the guy thought I was desperate to unload and thought to get a steal. Sorry, bud, no go.
Link Posted: 9/6/2004 3:50:27 PM EST
[Last Edit: 9/6/2004 3:51:29 PM EST by Balzac72]
Return the phone call with "go scratch."

Saying "take it or leave it" is pretty fucking rude, almost like YOUR AGENT told him you're hard up to sell it. Switch agents. It sounds like he/she isn't living up to his/her end of the bargain and is making buddies with the buyers at your expense. BTW, YOU are the client, not some lowballing buyer.
Link Posted: 9/6/2004 3:51:24 PM EST
Have your agent tell them, NO it is $89,500, take it or leave it.....
Link Posted: 9/6/2004 3:54:44 PM EST
I've told my agent before that anything less than my asking price comes straight out of his 6%. They understand that kind of instructions loud and clear.
Link Posted: 9/6/2004 3:58:42 PM EST
Here's another tip....build in some cushion for offers. NO ONE likes to pay "sticker" on anything. Figuring in a $10k reduction in offer, why not list at $100k? Then have your dumbass agent tell everyone you're "highly negotiable." Then you can allow a $15k reduction to $85k.

In the meantime, get a new agent!!!!
Link Posted: 9/6/2004 3:59:23 PM EST
Oh, perhaps you all misunderstood - my agent is very cool and has MY interests at heart - trust me on this one. He's only getting 5% on this one, and has bent over backwards to help us sell the place. There is no other agent involved, so he gets the full comissions. He's used to dealing in bank repo houses, and so this one is a big sale for him. When he called me, I told him that there was a certain number I refuse to go below and he agreed. He told me this guy seems to think he's some hot-shot real estate investor. When he said the guy had looked at other nicer, cheaper properties up in the area we both said "BULLSHIT" at the same time.
Link Posted: 9/6/2004 4:02:20 PM EST
Also, check out this:

www.realtor.com

Type in for zip code - 37878

My house is there as 6902 Holiday Hill Lane for $84,900

Check out the other "palaces" up there - wow, what a bargain!
Link Posted: 9/6/2004 4:02:25 PM EST
We all do the same. You "need" 2 sell it, you cash out! I just low balled a 10k private sale used vehicle,......I got it for 7400cash. I'd thought it was a 5k'er with 100k on it but I wanted it so I paid 50% more. He thought it was worth what the kelly BB PP sale value was, does the bank? NO, did I NO! Yet I have 2 many gunz,......so my 'wanting' to sell them soon will be below what I think they are worth.
Link Posted: 9/6/2004 4:09:11 PM EST
I mean, hell, there is a house listed with the same number of beds and baths, a smaller lot, no where near the amenities and new stuff, and those people are asking $139,900 for it? WTF?
Link Posted: 9/6/2004 4:13:14 PM EST
Why get mad at someone who low balls you? Just say "no" and move on. Like my dad always said," You can always come up in price you're willing to pay, but it's hard to go down"

Link Posted: 9/6/2004 4:13:23 PM EST
I got a low ball offer (about 2/3 of asking) from a moron and gave back a counter offer of the original price plus the difference between his offer and my price; never did hear back from the asshole.
Link Posted: 9/6/2004 4:16:35 PM EST
Link Posted: 9/6/2004 4:18:23 PM EST
how much Square footage is the house??
Link Posted: 9/6/2004 4:20:02 PM EST
Those who don't negotiate pay too much....can't blame someone for trying, all you have to say is no.
Link Posted: 9/6/2004 4:22:15 PM EST
The dude has been to way too many "no money down, positive cash flow, real estate seminars."
Link Posted: 9/6/2004 4:24:33 PM EST
Amen to that.

You should always lowball with things like this. Especially if you're just casually looking for a second place or something.

Same with cars. Don't buy one when you need one.

In fact, it's better not to buy anything that wasn't so cheap that it gives you a story to tell over drinks.

As a buyer, if you aren't in a hurry just ignore the lowballs and wait for the dumbass who'll pay the asking price.




Originally Posted By Aimless:
D]

It's only worth what someone will pay for it

.

Link Posted: 9/6/2004 4:25:17 PM EST
Link Posted: 9/6/2004 4:25:32 PM EST
All those upgrades are part of your problem.

You never get back what you put in .

Wait it out. Someone will give you what you ask.




Originally Posted By Greywolf2112:
OK, so I have this home in the mountains of East TN - TONS of new stuff in it, lots of work done to it over the years - no lie, this place appraises at about $96,000 - great location, new kitchen, new central AC/Heat with humidifer ($6000 for that alone with new ductwork), new $3000 wood burning stove insert and stone/tile hearth, new fenced yard, the works. All new bathrooms and bedrooms, and new vinyl windows (the expensive kind) and doors.

So I have it on the market for $89,500 - other houses in the area are going for a little less, but they are 600 sq foot shacks with 4 rooms total in the whole house, with no central heat/air. Not even close to mine.

I get someone very interested in the house. So I just got off the phone with my agent - says they offered $72,000 take it or leave it - WTF? I mean, we had recently reduced the asking price to $84,900 for a quick sale, but $72,000? This guy must be on crack. What sucks is I'd really like to unload the house due to us having another mortgage, plus me only working part time while I go to Rad school, but shit, for that low of an offer I'm almost willing to carry it for another year if I have to.

Perhaps the guy thought I was desperate to unload and thought to get a steal. Sorry, bud, no go.

Link Posted: 9/6/2004 4:27:59 PM EST
Also part of your problem.

You never want to be the nicest house in your area by a landslide when you sell. The "comps" drag down your price.

Still, somebody will buy it, just a question of when.


Originally Posted By Greywolf2112:
Also, check out this:

www.realtor.com

Type in for zip code - 37878

My house is there as 6902 Holiday Hill Lane for $84,900

Check out the other "palaces" up there - wow, what a bargain!
hr
Link Posted: 9/6/2004 4:36:00 PM EST
An appraisal doesn't mean anything, the real value of your house is determined by what someone would pay for it. Instead of getting pissed at people making offers be glad you at least have someone bidding on it. From the sound of it that's the only offer you have had so far. The buyer was trying to make a buck and you're trying to make a buck. You can't blame him for trying.
Link Posted: 9/6/2004 4:53:27 PM EST
Link Posted: 9/6/2004 4:58:53 PM EST
Link Posted: 9/6/2004 6:08:39 PM EST
Link Posted: 9/6/2004 6:32:34 PM EST
To me there is no such thing as lowball. price is offered if you don't like it don't sell. Don't take it personnaly.Buisness is buisness. the market determines what the price is for a something,An appraisal is just an baseline. In my area many houses are going for 10-50k over asking price.
Link Posted: 9/7/2004 1:46:41 AM EST
Thanks for the advice, guys. Haven't heard back yet from the potential buyer yet on our counter-offer. Who knows what may happen. Plus, the sale was contingent on him selling his place down in Florida first, so who knows how long that would have taken.
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