Thursday, March 03, 2005
Personal Prospect - Rejected Again - I'm Done
Wow. I have no idea what these sellers are holding out for (a miracle?). Our most recent offer was at $220k for a home that is listed for $250k, but only comps at $230k. Not only did they reject our offer, but they also countered at list price and rejected all of our contingencies. And, to top things off, my agent said they felt we weren't serious buyers. WTH?!?! I wish I could speak to the sellers directly, because they are evidentally living in a fantasy world. It's a piece of real estate. They are a seller and I am a buyer. Of course I'm going to bargain, and that's what they should be doing. Hell, I went up $15k from my original offer, while they sat on their list price. To insult my intelligence by saying I'm not serious is utter BS. I think I'll track this property for a long while. It's ~$20k overpriced and will be sitting at that price for a long time (unless some real dunce buys it).
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4 comments:
That's they way to do it! Watch it for a while. If it's still there after a month of two, make another offer, this time lower than before! I saw something similar to a condo I was making an offer on. The seller's counter was $55K. I passed and a couple weeks later, it was listed at $53,500. Of course, they were facing foreclosure, but the owners of your property probably don't want to pay the holding costs forever..
Yeah. My agent said it was on the market ~150 days before these jokers bought it. They put in $20k of work and the house has been sitting for another ~50 days. Sounds like they are a group of investors who buy high, fix and sell at insanely higher prices. From my short experience with them, I can tell they are more willing to pay holding costs (for now) than drop even 1¢. It's ashame, too, as my wife really had her heart set on this house.
I cannot understand your surprise. Most sellers hold out for list price for a reason - they ususally get close to it.
What it tells you is that they are not motivated enough to be interesting to you. You just move on. On the other hand, the numbers don't look too good from an investment perspective. So why bother?
Hi Matt -
The surprise is twofold ... First, this was to be our home and not an investment property, and second, it comps at $232k-$235k, which is well below the $250k asking price. There is a house two doors down from this one that is 200sf smaller going for $226k - and it is on a corner lot, backs up to the golf course as well, requires no repairs, AND has no eyesores in the backyard.
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