I got a call from our real estate agent. She told me that we got an offer from some people who came by one evening earlier in the week. Very exciting as this is our first official offer!
One problem…
The offer was $75k lower than our asking price! If we were selling a million dollar home that would be one thing but this offer was priced lower than most 1 bedroom apartments in our area no less a 2 bedroom (which is what we have).
But I understand where this is coming from. For all this person making the offer knows we could be real desperate to sell and maybe we would counter with a higher offer but still much lower than what we were asking. I mean, what the heck, right? In today’s economy it may make sense to start with a low-ball offer and see where it goes.
Fortunately for us we’re not too desperate to sell. We want to sell but we’re not locked into a new home yet where we would have to worry about selling or else being stuck with two places.
We are going to counter with an offer just beloew our asking price and see where it goes from there. If they are just looking for a cheap buy then they will have to look elsewhere. If they are serious then they’ll counter with a much more reasonable offer. We’ll see.
Interestingly, my wife spoke to a neighbor that is also selling a similar apartment and the buzz on the street is that people like our place. Our neighbor wants to come over and see what all of the buzz is about (her realtor told her about it). Though she’s competition, she’s also selling for a lower price so if she could find a way to raise her asking price then that could be better for us both (we’re not going to give away our secrets to her but she could read about them if she looked – Frugal Ideas To Help Sell Your Home).
Spring has only just started which means the big home selling market is only just beginning. We still have time to get a better offer. This bite was just the first little minnow; we want the big fish! Besides, we’ve been doing work here and there every week. We’re almost at the point where we’re really happy with how it looks (which is great now that we want to sell it).
Wish us luck!
{ 8 comments… read them below or add one }
In this market I would be starting with a low-ball offer on your place as well. Goodluck on the counter offers, I’m looking forward to reading about your selling process.
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@ Weakonomist – I understand the offer totally. Haven’t heard back from them yet but I’ll keep everyone informed.
@ Happy Rock – Where are you located? Do you have any clue why there have been no offers? I know many areas are really hurting from the housing bust. No offers at all since November has got to be driving you batty. I think you’re doing the right thing though in waiting to sell first. You don’t want to be carrying two places (unless you know you can rent one out).
@ Hannah – As low as the offer is it’s still exciting to have gotten one. I’m not expecting too much though. I got the feeling these people were just looking for a cheap property they could get and turn around and rent it (they were asking a lot of questions about renting it out).
We are waiting for any offer! Our home has been on since November and only recently has interested and even the potential for an offer made itself known.
We(wife, and two kids) are in a 900 sqft condo and we really want more space. We aren’t moving though until this place sells.
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I hope the counter-offering goes well. I haven’t ever sold a house, but I have been on the buying end and I know how nerve-wracking it can be to wait for back-and-forth phone calls between the two parties!
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Congratulations! As an agent I know, that any offer is better than no offer at all. I’ve been involved in many transactions that started here and ended up in a mutually beneficial deal. In addition, it allows the realtor to HONESTLY claim that you ahve multiple offers if you do get another one within a short period of time.
There’s nothing like the ‘ole “give us your final offers” card to help find any real interest in the property!
Good luck and keep us informed!
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@ Baker – I hope you’re right!
Good luck! I know I’d hate to try to sell in this particular climate.
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@ Miranda – Thanks! We’re keeping positive about it and think we’ll come out of this all with a good offer (crossing fingers, knocking on wood…).