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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Lost In Space on October 10, 2014, 03:05:13 AM

Title: Offer on my Home
Post by: Lost In Space on October 10, 2014, 03:05:13 AM
 Taking all advice.
Selling my home myself.Thinking of taking a loss now ($6000.00) To free myself of the cost of 3 bdrm. w/ 1 occupant.
 The begining of my Badassity.
Title: Re: Offer on my Home
Post by: MikeBear on October 10, 2014, 03:32:00 AM
Why take an immediate loss? You can always lower the price if needed.

There's only one sure rule in selling a house: If it doesn't sell reasonably quickly (1 month), it's priced too high. On the other hand, if it sells TOO quickly (1 week), it's most likely priced too low.
Title: Re: Offer on my Home
Post by: BooksAreNerdy on October 10, 2014, 08:00:48 AM
How much is your offer for? How much would you have to pay if you listed with an agent? The #1 reason FSBOs don't sell is that they are priced too high.

Consider how much you would lose if you lowered the price 1% and listed with am agent and had to pay her 3%. I assume you are currently still on the hook for paying the buyers agent their 3%?

So, is $6000 more or less than reducing your price by 4%?
Title: Re: Offer on my Home
Post by: BooksAreNerdy on October 10, 2014, 08:02:30 AM
Was unable to edit my post-

How long has it been on the market?
Title: Re: Offer on my Home
Post by: tracylayton on October 10, 2014, 08:07:51 AM
Be sure to have a title company run an estimated HUD-1 Settlement Statement showing their fees, the cost of a title policy, and your prorated taxes. You may be bringing more to the closing table than just $6,000 if you haven't added in those expenses. You don't want any nasty surprises! A realtor would have figured up a net sheet for you showing those expenses, but the title company can do it for you. You may be getting a refund from your mortgage company for your escrow account (property taxes and insurance), so check with them to see how much is in the acct.
Title: Re: Offer on my Home
Post by: Lost In Space on October 10, 2014, 03:27:12 PM
Thanks for the reply.
I purchased my home Feb. of 2011 for 151500.
Have it listed on Zillow since Sept.1(this year)
Lots of lookers -And its a "WOW" house, with updates ,and .66 acres in the city of North Canton
I want what I paid.
My only offer is $152000. BUT also pay 3000. towards buyers closing AND pay 2.5% to their Realtor.
I think dumping the house is in my best financial interest.
Slap me silly with advice!
Title: Re: Offer on my Home
Post by: solon on October 10, 2014, 03:32:56 PM
I say take the offer. Yeah, you lose a little money, but you free your mind and your time.

A single guy should be living in as small an apartment as he can get away with. It frees up time and money to do something else with.
Title: Re: Offer on my Home
Post by: tracylayton on October 10, 2014, 03:41:31 PM
I say go for it...and enjoy your new downsized lifestyle. Many sellers pay a 6% commission, so you definitely saved money there. Also, you really weren't there long enough for it to appreciate a whole lot. Good luck!
Title: Re: Offer on my Home
Post by: marblejane on October 10, 2014, 03:55:58 PM
Take it. You don't know when or if another offer is coming, or even if that offer will be better. I was on the market for 4 months with no offer.
Title: Re: Offer on my Home
Post by: Thegoblinchief on October 10, 2014, 04:56:32 PM
What about renting rooms? If you're okay with roommates you could come out ahead on rent towards this house's PITI versus a smaller house.
Title: Re: Offer on my Home
Post by: MikeBear on October 10, 2014, 05:26:24 PM
Thanks for the reply.
I purchased my home Feb. of 2011 for 151500.
Have it listed on Zillow since Sept.1(this year)
Lots of lookers -And its a "WOW" house, with updates ,and .66 acres in the city of North Canton
I want what I paid.
My only offer is $152000. BUT also pay 3000. towards buyers closing AND pay 2.5% to their Realtor.
I think dumping the house is in my best financial interest.
Slap me silly with advice!

Hold on there, nothing says that you couldn't COUNTER their offer back saying something like: "Ok, $152,000, AND I'll pay the $3,000 towards closing costs (you pay most of these anyway, since you are the seller. Make it look like you are being nice, even though you were probably always going to pay these per standard RE transactions anyway) BUT, I won't pay your realtors commission".

If they really want the house, they'll take it or counter again. Give a little, maybe get a little..


I buy, rehab, and resell houses, and let me tell you that the first or second offers are quite frequently the best ones (if they are being honest on their offer, and not trying to steal it).
Title: Re: Offer on my Home
Post by: mcneally on October 10, 2014, 08:40:19 PM
What about renting rooms? If you're okay with roommates you could come out ahead on rent towards this house's PITI versus a smaller house.

If you're willing to do this, this is almost certainly what would put you farthest ahead financially.