97BossHammer

You guys haven't steered me wrong yet We put our house up for sale on Sunday and we already have an offer. Here's the info: It's by owner for 145K....they offered 132K.....now of course I'm going to come back with a counter offer but I need to be smart about it. We really don't need to be out of the house until Sept. when our new house will be ready. The wife and I are going to talk about a bottom line price which I'm thinking will be 141-142K. The couple seems pretty interested in it....but I can't see letting it go for less then 140K. We had an apprasial done 2yrs ago and it was at 130K then so I'm hoping it'll appraise for 140+. I'm thinking I need to stick to my guns with the price b/c as I said, I don't need to move the house right now so maybe I should just let it ride and eventually I'll get my price. Or should I stick to my figure of 141-142K and let it go? I have a bad feeling the rates are going to rise very soon and I might not be entertaining as many offers as I am right now. Any advice?

dhlaw

too quick, knock a couple grand off the price and see what happens...

clearcut3

One thing you might want to do is get another appraisal before you finalize a number. I hate to waste money as much as the next guy but real estate has gone so ballistic in the last few years that you may be surprised. If the appraisal comes out good you can use it to your advantage as a selling point. If the appraisal comes out not so good.....what appraisal.

I have seen some appraisals that had a surprising variance between the people who performed the work.

skepecz

Evening, as a Florida Realtor here in a sellers market. my recommendation would be to give him your best price and closing date. that is worth something not having to move twice. negotiate terms as well as price.

MitchStellin

Yup, make sure they know the possession date is a ways out. The house has not been on the market long enough to take the first bid but with your end date you will have to give a little, most people are selling a home to move up and they have a chain that is on a time frame, usually 30 days. Thats why you should give a little, but not 10 grand. Remember, a bird in the hand is worth two in the bush. I am a Mortgage Loan Officer and I will help in any way I can. Make sure you have them give you a pre qual or pre approval cert within 48 hours, is this a FSBO or are you using a Realtor? If it is a contingent offer on the sale of their home the price should not drop much at all as a Realtor may take an offer like this if a non cont offer comes in the first is bumped, you can do this but if you don't, get a 2-5,000 deposit. This will prove how interested they are.

97BossHammer

It's for sale by owner.......they basically offered the lowest number just to see if I would take it, I'm planning to counter it @ 143K, but no less. I know eventually I'll get the 145 if I want it. A friend down the street just sold his for 150K, his is a tad bigger but we have same builder, plan, etc. I like the couple thats interested in it but I just can't come off the price that much so we'll see what they say at 143K. They are pre qualified, but I'm not for sure how much....I'm sure we'll get into all that if they are willing to do the deal. They said they have till August so that'll work good for us too. I'm not too sure how the closing works......I think I pay apprasial, inspections, lawyer fees?? Thanks for all the help guys.

clearcut3

Actually the buyer is generally responsible for all of those fees except a termite letter (seller usually responsible) but all of those things are negotiable and should be CLEARLY outlined in the contract. On $140,000 house you could be looking at $2,500 to $4,000 in closing costs(that's how much it would be in SC).

97BossHammer

I'll check with a friend that just sold his....I think I remember him saying like 3K maybe for closing...can't really remember. Going to call them in just a bit to give them the counter offer......might be packing some boxes sooner then I thought....this ought to be fun, who's helping???? any takers

Krumbsnatcher

Wow,

Sometimes I wish i lived somewhere else when i see your home prices. I just paid 645,000 for an older home here. Good luck on yours!

clearcut3

Funny thing is I am sitting in an airport fixing to catch a flight to Jackson, MS right now Won't be there long enough to help move though