gooddecisions
Senior Member
Joined: Dec 22, 2010 13:42:28 GMT -5
Posts: 2,418
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Post by gooddecisions on Nov 2, 2014 20:50:08 GMT -5
This is my inlaws. They are not thrilled about accepting an offer with a 120 day contingency, but 8 months on the market and 2 reductions later- they're taking it and hoping it works out. I hope it does, too because if January comes and goes and the buyer falls through because their house doesn't sell, back to square one for my in laws. I agree that the house is probably overpriced, but houses are harder to sell in November and December. It isn't an appealing time to move. Being pushed off until spring might be a blessing in disguise. No doubt it was overpriced at $325K, but like I said- they were naive thinking they could build in the price of their improvements, additions and inflation. Now, at $98 per square foot, it's competitively priced. It's a pretty nice home on a 1.5 acre lot. With the new price, the neighbors are worried that their home values are going to suffer. We actually have a rental in the same neighborhood.
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taz157
Senior Associate
Joined: Dec 20, 2010 20:50:06 GMT -5
Posts: 12,932
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Post by taz157 on Nov 2, 2014 21:40:06 GMT -5
We bought our house on a whim. We weren't out looking, but always loved this neighborhood. When we saw it come up, our old house wasn't in shape to sell. So, we put in a low ball offer on this house, and decided not to burden it with a contingency, especially since we wouldn't be able to get our house on the market for at least 2 weeks. I am pretty sure our offer would have been outright rejected had we included a contingency. Her real estate agent now lives on our street (he didn't at the time) and he has filled us in on her thoughts of us and our offer - they aren't all together rosey. I felt a little bad about it for a couple of years, but now that we have been here for 13 years - I'm hoping she is over it. Don't forget, the seller could have always said No. Fortunately for you, she didn't.
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,749
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Post by thyme4change on Nov 3, 2014 8:57:45 GMT -5
We bought our house on a whim. We weren't out looking, but always loved this neighborhood. When we saw it come up, our old house wasn't in shape to sell. So, we put in a low ball offer on this house, and decided not to burden it with a contingency, especially since we wouldn't be able to get our house on the market for at least 2 weeks. I am pretty sure our offer would have been outright rejected had we included a contingency. Her real estate agent now lives on our street (he didn't at the time) and he has filled us in on her thoughts of us and our offer - they aren't all together rosey. I felt a little bad about it for a couple of years, but now that we have been here for 13 years - I'm hoping she is over it. Don't forget, the seller could have always said No. Fortunately for you, she didn't. Exactly. The key to getting a good deal is to propose the last deal they will say "NOPE" to, and the first deal they will say yes to - and be mad about it. Adding a contingency, I believe, would have pushed her over the edge.
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GRG a/k/a goldenrulegirl
Senior Associate
"How you win matters." Ender, Ender's Game
Joined: Jan 2, 2011 13:33:09 GMT -5
Posts: 11,291
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Post by GRG a/k/a goldenrulegirl on Nov 3, 2014 9:40:04 GMT -5
Shooby, we briefly considered buying a new-to-us home since our home is basically being gutted and rebuilt and refurbished. It seemed like the perfect opportunity -- our house will be totally spiffed-up with many new improvements without any real effort on our part (well, other than having to move 5 times since July 3rd). So, our house will totally be in "selling" condition. We even found a couple of houses we liked.
However, we would have to buy the new one with a sale contingency in the contract and we just didn't feel comfortable doing that to a seller. Contingencies are VERY common here where starter homes are easily $450K+. And, our house in perfect condition could totally sell and sell quickly (the "walk-to-everything" location also helps), but we just weren't willing to take the risk however small it might be.
My point is, if we had the cash, we would have bought the new house outright and then either sold or rented our current home. I have 2 kids headed off to college in the next two years. I just didn't think we have the cash (until we see what the college costs really are).
If you can buy it without the contingency, I would do it. You will be a more attractive buyer and maybe can lowball a little if contingencies are a common thing in your area.
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Deleted
Joined: Sept 28, 2024 17:48:06 GMT -5
Posts: 0
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Post by Deleted on Nov 3, 2014 12:15:03 GMT -5
most contracts have contingencies - securing financing, home inspection, radon, etc., selling your home is just one additional contingency that the seller can accept/reject/modify.
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Deleted
Joined: Sept 28, 2024 17:48:06 GMT -5
Posts: 0
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Post by Deleted on Nov 3, 2014 12:20:03 GMT -5
Shooby, we briefly considered buying a new-to-us home since our home is basically being gutted and rebuilt and refurbished. It seemed like the perfect opportunity -- our house will be totally spiffed-up with many new improvements without any real effort on our part (well, other than having to move 5 times since July 3rd). So, our house will totally be in "selling" condition. We even found a couple of houses we liked. However, we would have to buy the new one with a sale contingency in the contract and we just didn't feel comfortable doing that to a seller. Contingencies are VERY common here where starter homes are easily $450K+. And, our house in perfect condition could totally sell and sell quickly (the "walk-to-everything" location also helps), but we just weren't willing to take the risk however small it might be.
My point is, if we had the cash, we would have bought the new house outright and then either sold or rented our current home. I have 2 kids headed off to college in the next two years. I just didn't think we have the cash (until we see what the college costs really are).
If you can buy it without the contingency, I would do it. You will be a more attractive buyer and maybe can lowball a little if contingencies are a common thing in your area.
I don't understand this. the seller has the option of rejecting your contract. would you feel the same about offering below listing price and doing that to the seller?
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