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Seeking advice on selling a house

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  • #16
    Originally posted by Gregg View Post
    The concept of paying more for list where I live is non existent. When I see it on those shows it angers me.
    I'm curious - why?

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    • #17
      Originally posted by Ken View Post
      I'm curious - why?
      Probably because of the unknown.

      Maybe because the way I was brought up. That negotiating down was the norm. List price was the max.

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      • #18
        Originally posted by Gregg View Post
        Probably because of the unknown.

        Maybe because the way I was brought up. That negotiating down was the norm. List price was the max.
        It used to be that houses never sold above list - now it depends on the market
        currently in northern New jersey- where people are leaving NYC the market is nuts - houses are selling for stupidly high prices with buyers only seeing videos of the place - no site visits or open houses

        it is even crazier than I thought - here is what 700-900k gets you - https://www.realtor.com/soldhomepric...-700000-900000

        check other prices yourself - oh yeah and tax on one of these is around 20k a year

        and we sold a few years and rent - before this explosion

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        • #19
          I need to update this thread. After doing the home inspection, the realtor for the buyers said that it went well... a week later, he got his clients to walk away somehow, saying there were suddenly major concerns from the home inspection. Slimy guy, this realtor, so I have no doubt he tried to screw us simply because he couldn't justify getting paid $9K to simply outbid the list by $8.5K. Doesn't make sense, so he needed to screw us over.

          So we put the house back on the market, and we had major concerns. Apparently whenever conditional offers fall through it usually leads to lower offers in the next round of bids as people sense your desperation. We did about 20 showings the first time around, about 10 showings this time. Again we elicited 2 very interested parties. The losing bid from the first round came back, but they lowered their offer $6K below list price. We allowed them to view the home inspection report from 5 years ago, and with zero major issues, they indicated they would be putting an offer through with no home inspection required, and allow us to stay to end of Oct. Offer #2 was $4K above list, so a $10K gap, but with a Sept 24th move out date, was less ideal...

          We leaned towards the lower offer for the reassurance provided by the lack of conditions, but the offer came through with home inspection included and we couldn't leave $10K on the table over a difference of 5 weeks. We'll figure something out.

          At the end of the day, the 3 days I spent thinking we would accept $10K less... i wasn't feeling great about it. I felt a little bit nickel and dimed, and probably would have always had some slight regrets. I'm really glad my wife noticed the home inspection clause and very quickly switched lanes to the other bidder.

          Very few hurdles left, as the offer in hand is a cash offer. I'm so relieved there won't be an appraisal coming in 10% lower than she paid for it, as the thought had terrified me. Thanks again to all those who helped advise me through this tricky scenario.
          Larry David was once being heckled, long before any success. Heckler says "I'm taking my dog over to fuck your mother, weekly." Larry responds "I hate to tell you this, but your dog isn't liking it."

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          • #20
            Nicely done! And great job on not panicking after the first round.
            I'm just here for the baseball.

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            • #21
              Not having a home inspection contingency is a huge risk for the buyer - and a big score for you - if I was a buyer I would never buy a house without my own inspection and ability to negotiate/back out based on the inspection (even in the incredibly hot market I live in) - but I also live in a neighborhood where 100 year old houses are the norm - my current house (which I rent) is 170 years old

              So the offer is very good because the people with the inspection would likely negotiate lowering the overall offer after inspection

              an example
              house lists for 400k and bidding war starts and it goes to 420k and the seller is thrilled - the realtor is happy because he sold it for more than listing and then comes the inspection where the seller agrees to to do 20k worth of repairs to make the buyer happy -
              the final selling price is 420k so it makes the market look hotter (and if the realtor is sleazy/tricky they will try to grab a fee based on 420k also - but in reality the seller only gets 400k minus the realtor commission)

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