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Post by anxiousmom on Nov 6, 2016 14:42:55 GMT
Here's the deal. My house has been on the market for approximately 24 hours. We have an offer, but the offer is $15k less, and they are asking for closing costs, which brings it down even further. I get the offe/counter offer game and my question is less about specifics and more general in nature about sales.
My neighborhood is hugely popular. Houses tend to go pretty quickly. The house was shown three times yesterday and the offer came from one of those.
What is the protocol for 24 hours, low low offers and the likelihood of other offers over time? Do I just look at this as the best I'm going to get? Consider that the low offer is because it was just listed and I might just jump on it to be done?
I'm not sure and I have talked the realtor, but I sure would like to hear other ideas/opinions. I haven't done this before and my knowledge base is pretty limited.
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Deleted
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Aug 18, 2025 21:00:36 GMT
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Post by Deleted on Nov 6, 2016 14:45:57 GMT
Personally, after only 24 hours, I'd counter at full price. If you feel the house is priced appropriately to begin with, I wouldn't effectively drop my price on the first day.
Good luck!
ETA: Our neighborhood (and area in general) is a pretty hot market right now. Average days on market before an accepted offer is 5 and I haven't seen a house sell below list price (most sell significantly over) in months. If you are in a desirable neighborhood/area, I think it's far too early to throw away thousands of dollars.
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Post by mom on Nov 6, 2016 14:50:35 GMT
Man, I would would counter back full price and if you can absorb the cost, offer closing costs. Otherwise, I would just say full price.
If its priced well for your market then this wont be your only offer.
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Post by gritzi on Nov 6, 2016 14:50:48 GMT
If the market is hot in your area there's no way that I would accept $15K less plus pay their closing costs. I have issues w/paying closing costs anyway, but I digress. Do you have a set selling price in mind? if so, counter at that amount, plus negotiate the closing costs, and see what the buyer accepts.
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gloryjoy
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Post by gloryjoy on Nov 6, 2016 14:51:57 GMT
It all depends on how quickly you want to sell it. I know exactly how you feel as we just sold our house. We had three offers come in on the 3rd day of listing. One was off the table immediately due to the low offer, the other two were exactly the same amount of money but closing dates for one were December 18, possession on the 21st, that was off the table.
The third was for the end of January. It wasn't what we were asking and we countered. How much can you come down? Is it a lot lower, can you meet in the middle?
ETA: I also felt that our house was the "hot" new house on the market so it was the one everyone wanted to see. I felt like you did too, if we don't seriously entertain these offers, will we get another one?
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Post by pierkiss on Nov 6, 2016 15:13:31 GMT
Yeah no. If your neighborhood is a hot area, and houses go fast, and you're priced appropriately, 15k less is not a good offer. You will have more, I am sure.
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Post by papersilly on Nov 6, 2016 15:15:07 GMT
We had two over offers come in at the first open house. After consideration of all concessions we wanted to make, we took what netted to be a full price offer. We still got slightly lower offers after that and just put them in as back up offers. All this before the 2nd open house. If your neighborhood has the advantage, take the highest offer you can get. All this in a recession too.
So, If your neighborhood is hot, $15,000 off and closing costs is almost insulting. They've been watching House Hunters a little too much. They need to get more competitive.
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Loydene
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Post by Loydene on Nov 6, 2016 15:22:25 GMT
My sister just dealt with this. And the offer was much closer to asking, but a pre-listing sale and a VERY short move out time. I suggested she consider (among other things) her annoyance factor in continued showings of the property v. the headache of the very short move out time. Her decision was to not take the offer -- but currently "bird in the hand" has come up in our conversations!
On the whole, I think your agent should have the best advice knowing your house, your price and the market in your area.
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Post by **GypsyGirl** on Nov 6, 2016 15:31:33 GMT
Personally, I'd counter at full price and no closing costs if your area is a hot market. What are the comps for days on market in your neighborhood? Are you priced in line with the sales comps? If so, I wouldn't be deal making for a bit.
This. There is always someone looking for a deal, with the skin of a rhino, who will throw out low ball offers in hopes of getting a bargain because the seller is either desperate or unaware of the market. You are neither, so don't cave just yet!
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GiantsFan
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Jun 27, 2014 14:44:56 GMT
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Post by GiantsFan on Nov 6, 2016 15:35:28 GMT
It depends on how your Realtor priced the house. If its priced it at market then the offer may not be all that low, but I would not pay closing costs. Priced above market to get serious offers only, then I would consider it, maybe even their closing costs. Priced below market to stir up interest and multiple offers, then no way.
We've worked with our Realtor for two houses and he prices lower than market to stir up interest and get multiple offers. We had six offers in three days and we ended up selling for $30K over asking price, which was $20K over market.
Of course it really all depends on how fast you want to sell, your area and what is available.
When you discussed with Realtor, what did she/he say?
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momto4kiddos
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Jun 26, 2014 11:45:15 GMT
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Post by momto4kiddos on Nov 6, 2016 15:36:26 GMT
Considering the fact that your neighborhood is hot, I wouldn't jump on this offer. At 24 hours on the market i'd probably counter at full price with them paying their own closing costs.
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Post by Bitchy Rich on Nov 6, 2016 15:51:35 GMT
You had 3 showings on the first day your house was listed. NO WAY would I take that crap offer. Worst case: you don't get any offers and then you drop the price. But not on the first day.
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Post by sunnyd on Nov 6, 2016 16:06:14 GMT
Hell, no! I'm a realtor. Do not drop your price that much after 24 hours! More than likely all of your marketing is not even in place yet. I'd give it a week & see if you get multiple offers. Our market is hot as well. I listed a home last Thursday & by Monday I had 3 offers over the list price. We went under contract $17,000 over the list price. Now I'm holding my breath on the appraisal, lol. Good luck!!
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Post by scrapmaven on Nov 6, 2016 16:12:31 GMT
If your neighborhood is hot I would wait and hope for a bidding war. You only got one offer on the first day. Is your realtor planning an open house?
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Post by anxiousmom on Nov 6, 2016 16:48:53 GMT
It depends on how your Realtor priced the house. If its priced it at market then the offer may not be all that low, but I would not pay closing costs. Priced above market to get serious offers only, then I would consider it, maybe even their closing costs. Priced below market to stir up interest and multiple offers, then no way. We've worked with our Realtor for two houses and he prices lower than market to stir up interest and get multiple offers. We had six offers in three days and we ended up selling for $30K over asking price, which was $20K over market. Of course it really all depends on how fast you want to sell, your area and what is available. When you discussed with Realtor, what did she/he say? The house is priced dead on for the neighborhood. In fact there is a house just down the street similarly sized, renovated comparatively, lot size the same, square footage similar and is priced within $500 of mine. So priced appropriately. Honestly, I felt a bit insulted and my realtor is in no way suggesting that I take the offer (she says that I could counter but we would need to decide with what) but that they want an answer tomorrow and the realtor says she really has to bring me all offers. She said that maybe if my house had been sitting there for four or five months then maybe we should think about it, but not now. I have never done this before and wasn't sure how to respond or what a realistic expectation on my part should be. |
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Post by MichyM on Nov 6, 2016 16:54:25 GMT
For me, part of the equation would be what percentage is 15k off? It's a lot different if it's on a 750k house than a 200k house.
You've got an interested buyer, I would certainly counter. I'd try full price with no closing costs. Maybe they'll counter, but be prepared to potentially lose them....
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Post by anxiousmom on Nov 6, 2016 16:57:15 GMT
For me, part of the equation would be what percentage is 15k off? It's a lot different if it's on a 750k house than a 200k house. You've got an interested buyer, I would certainly counter. I'd try full price with no closing costs. Maybe they'll counter, but be prepared to potentially lose them.... It's definitely not a $750k house. lol And 15k is a good percentage plus closing costs. The buyer is FHA so they don't have a lot of room to wiggle around and I suspect any counter offer will be rejected. |
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Post by MichyM on Nov 6, 2016 16:58:39 GMT
Ok then the 64k question is, how quickly do you want to sell?
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Post by anxiousmom on Nov 6, 2016 17:03:43 GMT
Ok then the 64k question is, how quickly do you want to sell? As I just told my son, I want to sell as quickly as possible, but I am also too poor to subsidize someone else's inability to purchase a house by paying their closing costs along lowering the sales price. lol (all told it would almost $25k off the listing price) |
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Post by MichyM on Nov 6, 2016 17:05:48 GMT
There's your answer. Hopefully you'll have another (better) offer soon! Best of luck!
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Post by anniefb on Nov 6, 2016 17:09:59 GMT
I agree with not taking the offer outright but at least countering. Hope you get some better offers soon!
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gloryjoy
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Post by gloryjoy on Nov 6, 2016 17:59:46 GMT
I would counter, but no way would I have taken $25,000 less either.
I might start with list price, but I will pay the closing costs, if that's possible.
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Post by anxiousmom on Nov 6, 2016 18:45:38 GMT
Ok then the 64k question is, how quickly do you want to sell? As I just told my son, I want to sell as quickly as possible, but I am also too poor to subsidize someone else's inability to purchase a house by paying their closing costs along lowering the sales price. lol (all told it would almost $25k off the listing price) I'm quoting myself because I just reread what I wrote and it sounds so mean, which is not what I meant. I just meant that right now I am in no position to realize that kind of loss in profit. I know everyone wants to buy, and I feel awful, but I just don't think that the offering party is being realistic. |
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johnnysmom
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Post by johnnysmom on Nov 6, 2016 18:50:30 GMT
I might start with list price, but I will pay the closing costs, if that's possible. That's what I would consider as well. I know when we bought with FHA (many moons ago) we had some wiggle room in the loan amount but coming up with closing costs on top of the downpayment, other moving expenses, etc would have been much harder, if not impossible, to swallow. You probably have a bottom dollar in mind, don't go below that, or anywhere near that at this stage of the game. 6 months down the road may be a different story. |
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Post by littlemama on Nov 6, 2016 18:50:40 GMT
$15K under on the first day? No way. Counter with list price and they can pay the closing costs.
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scrapngranny
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Post by scrapngranny on Nov 6, 2016 19:13:18 GMT
How long did they give you to respond? I would wait until the last minute to reply and see what else might happen. Then possibly estimate the closing costs and lower the price by that much and offer to pay closing costs. Best of luck to you selling a house is nerve racking.
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Deleted
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Post by Deleted on Nov 6, 2016 19:17:32 GMT
I would wait.
And in a hot market buyer pays costs.
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moodyblue
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Post by moodyblue on Nov 6, 2016 19:21:32 GMT
Don't jump on it just because it's an offer. Your house is barely on the market. The fact you have an offer on it so quickly is good, but they are offering as if it's been on the market for much longer. No way I'd ever take that offer and if you have to counter I'd come back at full price and no on paying the closing costs. They are just hoping you are desperate and will settle for anything you can get.
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Post by brina on Nov 6, 2016 19:28:13 GMT
It depends on how much of a lowball offer we are talking - $15k on a $1million dollar house is a lot different than $15k on a $250k house.
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Deleted
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Post by Deleted on Nov 6, 2016 19:28:35 GMT
So long as the house is priced fairly and your realtor expects no problems getting that in an appraisal, there's no reason to sell yourself short. Especially since they're also rushing you? And there's no telling what else they'd ask for in an inspection? No way. There's no reason you need to concede that much.
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