Real estate offer question ?

[Doug]

I have a condo listed at 247K, got an offer of 190k. Now I don't realistically see taking any less than 240k. I already reduced it from 257k, BTW !

I think I'm going to totally reject the offer instead of making a counter-offer. The potential buyer presently rents in this small (57-59 units) complex ( according to my realtor).

1BR- 1.5 Ba units go for like 190K here. I have 2 BR and 2.5 BA.

Should I counter or reject ? I lean to rejecting it entirely.

Any advice ?

[mnorrell]

It shoudn't matter where he lives so long as he has the ablilty to get financing.

Deciding whether or not to counter off is just a matter of preference. Due to the fact that you do not want to take anything less than 240k and he's 50k off, it might not be worth your time. However, that is what you pay a realtor for and could counter offer at a FIRM 240K. It really depends on a ton of variables. Market in your area, size of market, neighborhood, etc.

[str]

I deal with these low ball shortstops all the time.I always tell them that if they were closer I might entertain a counter but it this time we are simply to far apart to warrant one .If they are real they will come back. If not, you did not waste your time.A win,win.

[Extra Innings]

I deal with these low ball shortstops all the time.I always tell them that if they were closer I might entertain a counter but it this time we are simply to far apart to warrant one .If they are real they will come back. If not, you did not waste your time.A win,win.

That offer made was an insult...225k

[Doug]

I deal with these low ball shortstops all the time.I always tell them that if they were closer I might entertain a counter but it this time we are simply to far apart to warrant one .If they are real they will come back. If not, you did not waste your time.A win,win.

Yeah, I'm 99% sure I'll reject this without counter- offering.

225-235k as a final counter-offer and being well-qualified with no contigent BS of selling their current home first.... I might listen....like a cash offer !

I'm going to flat reject the 190K !

TY

Doug

[str]

Yeah, I'm 99% sure I'll reject this without counter- offering.

225-235k as a final counter-offer and being well-qualified with no contigent BS of selling their current home first.... I might listen....like a cash offer !

I'm going to flat reject the 190K !

TY

Doug

Sounds good. Don't let the blood suckers get you down. Only takes one real buyer. Stick to your guns.You know what is going on.

[Doug]

It shoudn't matter where he lives so long as he has the ablilty to get financing.

Deciding whether or not to counter off is just a matter of preference. Due to the fact that you do not want to take anything less than 240k and he's 50k off, it might not be worth your time. However, that is what you pay a realtor for and could counter offer at a FIRM 240K. It really depends on a ton of variables. Market in your area, size of market, neighborhood, etc.

Cool, but FIRM doesn't mean what it used to ! I lean to flat rejecting 190k, and letting the chips fall where they may . I'm not taking 190k.... countering at 245k seems pointless, buyer might come back at 192k, I'm not settling at 210k.

We are way apart and it has to close way closer to my 247k than the 190k offered. There is room to work here.

I do want to sell.

It's all negotians at this point.

chacun ses gouts !

[mnorrell]

Cool, but FIRM doesn't mean what it used to ! I lean to flat rejecting 190k, and letting the chips fall where they may . I'm not taking 190k.... countering at 245k seems pointless, buyer might come back at 192k, I'm not settling at 210k.

We are way apart and it has to close way closer to my 247k than the 190k offered. There is room to work here.

I do want to sell.

It's all negotians at this point.

chacun ses gouts !

I agree. Personally, I would throw him the middle finger for submitting such a BS offer. I just tried to give you the politically correct answer.

[Doug]

I don't know if this is a him or her, doesn't really matter, either !

I'm cool with someone offering low....I might do the same. At least they ain't offering 40-50 % of reality.

I lean to a flat rejection, but at least they are at about 76%. That is just too low !

Any offer is a good thing to have, even if low.

[HotStreak]

Buyers have the leverage now. Get used to being low balled.

Not rooting for you to take a hair cut on your home Doug, but there are just way too many homes on the market in general. Record low interest rates, falling home prices, and still very few buyers.

[str]

I don't know if this is a him or her, doesn't really matter, either !

I'm cool with someone offering low....I might do the same. At least they ain't offering 40-50 % of reality.

I lean to a flat rejection, but at least they are at about 76%. That is just too low !

Any offer is a good thing to have, even if low.

As long as you can support your price in your mind as true and accurate,do not let doubt sway you.If that is all they can qualify for, maybe hold a small 2nd mortgage if that works for you.Make sure YOUR numbers are right . Once you are sure they are,stay confident.

[Reload]

190K? Was it Tom Vu making the offer?

[MBENZ]

Cool, but FIRM doesn't mean what it used to ! I lean to flat rejecting 190k, and letting the chips fall where they may . I'm not taking 190k.... countering at 245k seems pointless, buyer might come back at 192k, I'm not settling at 210k.

We are way apart and it has to close way closer to my 247k than the 190k offered. There is room to work here.

I do want to sell.

It's all negotians at this point.

chacun ses gouts !

If you do not want to sell,why are you wasting everybodies time.It is a buyers market and you need the dough or you wouldn't have listed it.

[Doug]

At 190k I'd make a profit and make money.... paid like 155k at about 2002.

However it is worth more....225k would be on the low side. I want to sell it quickly, also !

225k is low, 250k maybe if had a year to sell it.

Get what you can, but 190k doesn't work ! That's too low !

[Domer]

Just counter with your asking price. That basically lets him know that he needs to come up significantly before you budge.

And make sure the buyer is pre-qualified.

[str]

Doug,
If 225k is indeed your number and you would be good with that if someone offered it,you can take 3 different routes.
1. Stay the course
2. Drop the price down to 239,500 and wait on a 225k offer.
3. Ask 227,500k firm( covers closing but not the agent).No negotiation pricing. Pre qualified contracts only. Accepting contracts in 10 days from new pricing list. This is a little risky because if you do not get any and raise the price back up, all the useless agents see that but it also can create multiple contracts that have escalation clauses and start a bidding war.
Hope that helps.

[Iceman]

Buyers have the leverage now. Get used to being low balled.

Not rooting for you to take a hair cut on your home Doug, but there are just way too many homes on the market in general. Record low interest rates, falling home prices, and still very few buyers.

This is exactly true. I have spoke to may in RE market the past two years and they all have told me the same thing, get used to the fact the buyers have the HUGE upper hand. Thier hope is they find that 1 in 25 or so sellers that is fed up with the whole process and will settle. He/she probably has dozens of offers just like yours out there.

Unfortunately I know lots of sellers who have been just heart broke over what has transpired when they put their house on the market. Seems no one ever gets what they want or even close to what they expcted. Hope you do Doug. Hang in there!!

Good luck. I know I don't miss it.

[Doug]

Just counter with your asking price. That basically lets him know that he needs to come up significantly before you budge.

And make sure the buyer is pre-qualified.

buyer is pre-qualified at 190k, not sure if he/she qualifies at at 230-240 k ?


If I countered , I'd do it at like 245k or so. Countering at the original price is a nice concept, but I think I'd knock something off to counter-offer ! I like the way you think !

I think I'll go with a flat rejection of the offer ( to start with). In other words, I'm saying your offer needs improvement....

[Doug]

offer upped to 205k now !

[Doug]

225-235 might do it !