Home Selling in 75025>Question Details

Trying to Se…, Home Seller in Plano, TX

I countered an Offer in this Market, was I crazy?

Asked by Trying to Sell, Plano, TX Wed Sep 17, 2008

I recently recived and offer for my home. For protection of actual contract I will modifiy the numbers to reflect the true listing in variance. The home is listed at $300000.00 and the offer was made for $286000.00. There was a $4000.00 closing cost request for me as the seller to pay. I countered with $2000.00 for closing, a year warranty, at a price of $295500.00. I owe $273839.40. After a 4.5% comminsion payout to Realtor I'm look at no more than a $3000.00 net. I'm not trying to be greedy, but I want to be fair. The comps in my area for simular home sold for much more, I'm just trying to stay out of the red. I'm I being reasonable?

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I agree with Naima. The borrowers need the money to close. You should keep the 4K in the deal and change your sales price up. To them its 8-12 bucks a month. Point is they need the 4K to close. You are not greedy but dont take away their closing costs. Otherwise they might not be able to buy it.

16 years mortgage real estate exp
1 vote Thank Flag Link Wed Sep 17, 2008
I am sure that they expected a counter offer. However, I think that if buyers are asking for cash to close, they probably need it. They may have good credit to get a loan but be cash poor. So be prepared for them to come back and insist on the 4K in closing costs.

I don't think you blew it. You gave a decent counter offer and I am sure that you guys will meet somewhere in the middle.

Good luck,

Web Reference: http://www.sumnerrealty.com
1 vote Thank Flag Link Wed Sep 17, 2008
How long was the home on the market?
1 vote Thank Flag Link Wed Sep 17, 2008
If they aren't expecting a counter then they haven't been well prepared by their agent. It sounds to me like it was a good counter. You have the comps and know what they have sold for, you've taken in account the money needed to close and shown that you aren't being unreasonable.
0 votes Thank Flag Link Mon Jul 30, 2012
You need to factor in the appraisal as well. If that comes back less than the executed amount - you will have another decision to make. For example - if it comes back at 280k......Buyer or Seller will have to pay an additional cash amount of 6k. Don't assume that your home is going to appraise for 286k. They Buyers bank wont fund the loan.


Hunt Holdridge
Office: (214) 866-0050
Mobile: (214) 457-1639
Email: hunt@huntahome.com
Web: http://www.HUNTAHOME.com
0 votes Thank Flag Link Mon Jul 30, 2012
So how did it end up? Did they accept your counter offer?
0 votes Thank Flag Link Wed Oct 1, 2008

No, you are not crazy....

You did what you thought was right so stop second guessing yourself. If your counter is not accepted you can always go back and accept their offer.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Fri Sep 19, 2008
I think yo made a great counter offer, Like somene said below they might come back and ask for the rest of the closing cost again.
0 votes Thank Flag Link Thu Sep 18, 2008
From the initial look of it.. you did ok and gave a pretty solid counter, but like it's already been said before... expect to have to come out of more w/ the closing costs and then have a higher sales price.

Best of luck!

Web Reference: http://www.exposedhomes.com
0 votes Thank Flag Link Thu Sep 18, 2008
The home has been on the market 30+ days
0 votes Thank Flag Link Wed Sep 17, 2008
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