Home Selling in 84102>Question Details

Mubichubelle, Home Seller in 84102

I am selling a condo which appraises at 84,000. I have an offer for 78,000. I owe 81,000. Is 78,000 too low or should I should just take it?

Asked by Mubichubelle, 84102 Wed Aug 3, 2011

I don't have the funds to make up the 3,000 I still owe on the condo AND pay an agent. This is the first offer.

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Answers

9
You must make every effort to make the offer on the table work. It could very well be the only offer you get.
Based on the number of condo sales in your community, and the value those solds represent, carefully choose how you respond to this buyer. To a lesser degree, consider the other options the buyer has regarding competing condos.
Consult your real estate professional to provide inventory turnover and activity statistics.
1 vote Thank Flag Link Fri Aug 5, 2011
Buyers today are tomorrows foreclosures. You had better consider taking any offer before there are none at all.
1 vote Thank Flag Link Fri Aug 5, 2011
The problem is that, no agent knows what property you are talking about and can't really give you the best advise on this question.
0 votes Thank Flag Link Sat Aug 25, 2012
There is no reason you can't counter the offer, a reasonable counter should be a negotiating tactic that the buyer's agent understands and will respond to. Unfortunately appraisals really don't mean much to the seller price of a property outside of getting a loan.
I agree with Chris a short sale may be the only option for you here. This is something that you should discuss with your agent and make sure that they are competent to handle that kind of transaction.
Web Reference: http://velox-realty.com
0 votes Thank Flag Link Tue Aug 30, 2011
Insulting a buyer is a serious offense in this market.
0 votes Thank Flag Link Fri Aug 5, 2011
Mubichubelle: You sound like a candidate for some kind of Owner Finance transaction. There are buyers out there with good income and down payment money, who cant do the usual bank qualifying, who might find your condo WITH THE LOAN attractive, if its a fixed rate loan and has a relatively low monthly payment, when compared to rents in the area. Its called selling "subject-to-the-existing-financing" and is perfectly legal, if done correctly. In essence, they would buy your condo for the amount of the loan, and you wouldn't have to bring any $ to the table - they would simply take over your loan payments- advising the lender of this, of course. The buyer would cover all the closing costs as part of their down payment. Contact me if you want more details on how this could work. I use an experienced real estate attorney to review all the paperwork. HUD has a category for this kind of transaction on their HUD-1 settlement forms.
0 votes Thank Flag Link Fri Aug 5, 2011
What are the recent SOLD COMPS for your unit? It's "nice" that your appraisal is higher but the actual market value is based on sold comps more than anything else.

Here's a starting point:

http://www.trulia.com/UT/Salt_Lake_City/84102/#sold/84102_zi…
0 votes Thank Flag Link Wed Aug 3, 2011
It depends how fast you want to sell it, If you feel you can wait, than counter offer at asking price and simply see what happens.
0 votes Thank Flag Link Wed Aug 3, 2011
If you don't have the money to make up the difference in price on what you owe and the offer amount then you may be in a short sale situation. Perhaps you could counter offer and explain the situation and try to get the buyer to take care of the extra 3 grand?
0 votes Thank Flag Link Wed Aug 3, 2011
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