Home Selling in 11210>Question Details

Sue, Both Buyer and Seller in 11210

Lost all cash offer

Asked by Sue, 11210 Tue Mar 27, 2012

I bought my home for $795k 2009 brand new. I paid total $810 with transfer tax . Biulder sold home next door for $750k in 2010 , 765K with transfer tax. This was last new home in community sold by by builder same exact home as mine. I took a $550 mortgage. I want to sell. I received a offer of 730k cash . I told them I need $800k they came back with $750k cash. they keep stressing the home next door is a comp sold a year after mine $45k less.. what should I do they said they are walking away. Haven't heard from them

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Answers

7
Homes are worth what a real buyer and a real seller agree on. Comps are only a guidepost to help us create a range of possible value.

The real question is if you don't sell now, what is your plan B? Once this buyer goes away are you ok with staying in the home until the market improves? If you don't have to move and can wait it out, it's no problem. If you have a reason to move and money is the only obstacle......don't let your emotions cloud your gut instincts. In a tough real estate market and the offer is that close, you should really consider moving forward and moving on with your future plans. Don't get tangled up in what the home used to be worth.

Best of luck to you. Your situation is tough. I'm sure you'll make the right decision.

As my grandfather used to say....."Don't ever fall in love with something that can't love you back...."

Best,

Chris Schilling, ABR, CRS, GRI, GREEN
Broker-Founder
Turbo Realty
2 votes Thank Flag Link Tue Mar 27, 2012
In this crazy real estate market, houses are getting multiple offers on the first week. Cash offer are better because you know for sure that you will close and do not need to wait long to do so.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Thu Aug 29, 2013
Sometimes it's better to go with an all cash offer, especially if your mortgage payments are too high. It is difficult for people to qualify for mortgages these days unless you're prepared to finance the property yourself. Good luck with your sale.

Ps. If you go with the cash offer, you can also ask them to pay the transfer tax, which would alleviate some of the cost involved in selling a property.
0 votes Thank Flag Link Mon Aug 26, 2013
I have a professional he said were in season see if I get a higher offer. The people who offered that said the house next door is a comp
0 votes Thank Flag Link Tue Mar 27, 2012
You need a consultation with a professional. Call me anytime. (212) 300- 3919
0 votes Thank Flag Link Tue Mar 27, 2012
A year-old comp is not considered a comp. See what was sold in the area within the last 6 months, what is in contract. You have to have a clear picture for yourself. It sounds like you are trying to sell without real estate professional's help. Consider at least a consultation with a realtor, we are in business to negotiate and create deals, so it might be helpful in your situation.
0 votes Thank Flag Link Tue Mar 27, 2012
They are holding a comp in hand at $750K for a like property. It's hard to deal with that unless you show newer sales. The comp is about 2 years old - have there been no re-sales for similar properties. If so you may have a point that there is no inventory and show the desirability of your property. Lack of inventory is a major driver of prices.

Also call all previously interested parties who looked at your home and tell them you have an all-cash in hand. See if you can drum up some competition.

Brest of luck,

Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
0 votes Thank Flag Link Tue Mar 27, 2012
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