Unwavering Commitment to Service
Unwavering Commitment to Service
JR: Most agents will not show and most buyers will NOT WANT TO SEE a house with an accepted offer. Even buyers who do want to see it most will not make an offer because they don't want to get into a bidding war in this market. They will tell their agent to let them know if it falls through. I think your offer should be a signal to the owner to lower the price. That's obviously why it hasn't sold in 2 years.
Unwavrering Commitment to Service
By the way, we received an offer after 9 days of having ours listed. We are hoping the deal goes through for our buyer . That seller should have taken our offer! We are now building instead.
Thanks for your response! :)
I totally see your point JR..however...after 2 years I would have jumped for joy that someone even considered giving me an offer...This isn't NYC...this is the hills of PA...not much employment, average schools, and according to Trulia no houses are listed as "sold"..
Truly I appreciate the input and it is why i asked the question to begin with...but after reading the feedback and getting an offer on my property that I am selling...I feel the seller made a huge mistake and I hope its not one he lives to regret ...He could have had the first "sold" property on Trulia in his area!
I am sure I am not the only buyer that has a property to sell first. I am also sure at least 30% of buyers have a property to sell first.
This home is empty and will only depreciate as it sits there...winters are rough in the area.. Hence as my profile name states...I will now build and not buy.. I put most of the blame on the sellers in this market...its clearly a buyer's world out there so when a buyer comes along that is interested, a seller should work with them to come up with a deal since buyers are so hard to come by.
Thanks for all the input from everyone! My house has been on the market for 9 days <not 2 years like the property I wished to purchase> and I have a potential buyer as of yesterday when I posted my question on here...I assure you I won't let my buyer get away...I am doing everything I can to help my deal go through...Shame isn't it.. ? The seller I was dealing with should have taken my contingency!
Additionally, you asked several times what the seller has to lose, and I'll tell you. The longer his/her property continues to rot on the market, the more s/he could watch more equity continue to drain out of his/her property every month in a declining market. For example, if the current market value (CMV) of a property is $180K, property values have declined 33% over the past year, and the property values in that market are still declining, then in 6 months that CMV of that property will be $150K. In other words, that property will have lost $5K/month of equity assuming the current conditions will continue to persist 6 months later.
If you're determined to buy the property, but you'd like to do it only after you've sold your current one, then you could make an offer to buy the property with seller financing or a lease-purchase, and you could refinance him/her out or exercise your option respectively. This way the seller knows that you're serious about buying the property, but you need more time to complete that transaction.
Is their home on the market? If so, how is it priced in comparison to others similiar? What is the average DOM? I have even gone as far as to view the home personally. I would not want my seller to take a contingency when the home is not yet on the market without knowing what I had prev. stated.
I recently had a situation where I had the buyer and we put in a sale and settlement contingency but the offer was rejected by the seller because of the contingency. Home was on the market for about a yr. and was owner occupied by the Realtor. I knew the buyers home woul sell fast by facts in areas and it's updated condition but could not convince the Realtor/owner to accept on advise of her Broker. Well my buyers house sold in 2 weeks and luckily for that seller they went back to her property. We settled last week! Bottom line is in this market listing agents MUST do their homework before advising their clients.
Century 21 Longacre Realty
My offer would have worked had mine sold but if another buyer came in in the meantime I'd have 24 hours to buy the property outright or I'd lose it to the next buyer..
The houses in my area are selling fairly well considering the market...where I was looking to buy not so well obviously as its been for sale 2 years!
AND again...in 2 years I was their first offer..no other bites...nothing..
So now I will build. I felt better in my decision to buy in this market because of how many houses there are out there to purchase with no buyers..but after getting a taste of a seller not taking advatage of a win-win situation..I feel that building is the way to go.
Find yourself a buyer, THEN go find a house you like. You will be GOLD to that seller.
I have to agree with Dave, sellers really need to understand that it is in fact a buyer's market. As a seller myself right now I would accept any offer I could bait in this market!
My house I am selling has been listed a week and the first person that qualifies and shows interest will get it. If I am offered a contingency I see it as better that possibility then nothing at all!
As an agent, in this type of market , there is no way I would suggest a seller accept an offer contingent on another sale. If accepted, now two homes need to sell in order for the seller to make any money/move on in life, not just one. Getting one closed in this market can be complicated enough.
I realize this can be frustrating, but would you take an offer on your current home you are trying to sell that was contingent on the buyer selling their home first? It's like making an offer with no proof of funds, they might be there someday, but not right now.
The picture isn't wrong, it is reality. It is hard to hear, but it is the truth. The good news is it sounds like the home has had a hard time selling. If you can sell your home within 3 months chances are it will still be there and then you can purchase it with no contingencies on a sale. You might even be able to offer a lower price (I would take a lower priced non contingent offer anyday over a full price but I have to sell my home first offer).