Home Selling in Gurnee>Question Details

Cristina, Both Buyer and Seller in Gurnee, IL

This question is for sellers and brokers. How do the sellers feel when their house it empty and has been on the market for a very long time aprox 180?

Asked by Cristina, Gurnee, IL Thu Feb 11, 2010

days or more. Now comes a buyer with a low offer of 30% less of the asking price, should they work with that buyer or not?

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Answers

13
Excellent answer Lisa. That is exactly the advice we would give our sellers.

Ron and Kat Becker
1 vote Thank Flag Link Sat Dec 11, 2010
old question, I like Lisa's answer best
0 votes Thank Flag Link Sun Mar 31, 2013
Hi Cristina-
The question you should be asking yourself is, "Do you want to or need to sell your home"? Ultimately, you are in control of whether or not and for how much you sell your home. But at no point, should you ever negotiate from an emotional standpoint.

Unfortunately, the market is not the same as it once was. Homes are not selling in the same time frame or at the same price as they used to. Please qualify "30% less of asking price". Did you come to the Listing price or did your agent?

There are only 3 things that can change to effect a sale on your home. Location, Condition AND Price.

If you are unable to pick your house up and move it anywhere in the world to get a better price for your home, (which most of us are not capable of) than you cannot do anything about your Location. If your property smells like Friday nights party, (which you said it was vacant, but sometimes, that does not matter.), than you need to address Condition.

HOWEVER, if you cannot change Location and your condition is impeccable than the only thing you can change is price. And, just to clarify, Price does not mean what you paid for it, or what you think it's worth. It means what a buyer is willing to pay for your home.

Generally, your first offer will be your highest and best.

Whether or not you choose to work with this buyer is your choice. But, you are the only one that can affect the sale of your home, ultimately.

Hope this helps!

Good Luck!
0 votes Thank Flag Link Thu Dec 9, 2010
You should work with every serious buyer. But it really depends on the thoughts of both parties. If somethings been for sale for half a year and hasn't sold it's got to be somewhat overpriced for this market so some reduction in price is expected. 30% though is a huge reduction and a person might be better of leaving a house vacant or renting it out rather than taking a 30% reduction in price. It really all depends on both parties specific situation though. Good luck.

Mike Stodola
0 votes Thank Flag Link Sat Jul 31, 2010
Each and every transaction is different. The longer the listing sits, the more desperate some become, others get more steadfast in their belief the price is right. As a buyers agent, I try and find out about the sellers situation as it can influence what kind of offer they may accept. For example, is it an estate sale where the kids are out of state and looking to sell parents property for their inheritance? Divorce situation? I think it would also depend on how much the sellers bought it for and what they owe on it.

Some sellers would see the 30% as a slap in the face others as a jumping off point to counter. The longer it sits (DOM=Days on Market) the higher the % that they will be more agreeable to a lower offer. Good luck.
0 votes Thank Flag Link Sat Jul 31, 2010
Work with any buyer who has a serious interest. If the price doesn't work for both parties there's nothing that can be done, but I always tell my sellerrs to be glad that the buyer submitted an offer. If they want to be mad at someone, be mad at the people that come through that don't submit anything. That usually puts things in perspective.

Good luck,
Mike
0 votes Thank Flag Link Fri Feb 12, 2010
Average market time is over 180 days. If the home is vacant and empty it DOES give buyers the idea that the owners are desperate and may be paying 2 mortgages and may low ball. (or that it is a short sale or foreclosure since most of those are empty as well). I'd stage the home if at all possible.

Pricing is KEY right now. About the only thing that is selling is short sales. The banks are also getting ready to release a ton of foreclosures onto the market now that the moratorium has lifted. That will decrease your chances of selling even more. If the home is in the first-time buyer's price range, you need to price it correctly for the market NOW or you will miss the boat. The $8000 tax credit will expire on April 30th. If you are not willing to lower your price to "current" market value now, be prepared to wait until 2018 when the values will finally find their way back to 2006....which was the height of the market. Experts say we are going to lose another 8-10% in value over 2010. For 3+ years the values will be flat...then another 3 years to increase in value. Visit our website for more seller advice. http://www.BeckerGroupOnline.com
0 votes Thank Flag Link Thu Feb 11, 2010
If a home has been on the market for over that length of time without an offer, it indicates that this home was overpriced for the current market. An offer of 30% lees may seem very low but in fact may not be if recent home sales are near that price. The seller needs to price their home competitively in this market or plan on no sale. Every offer should be considered and either accepted or countered.
Web Reference: Http://www.GaryGeer.com
0 votes Thank Flag Link Thu Feb 11, 2010
Christina,

This is a very good question!

Considering that many areas are expected to decrease another 10% in value this year, would it be reasonable to view this offer as now being only 20% off.

Regardless of this, not showing an interest to negotiate only accomplishes one thing.....it pushes a highly motivated buyer on to another property option, leaving you to wait for another possibility. Attracting the right buyer to your property is a major piece to selling property.

Bu showing a willingness to work with the buyer you may be able to negotiate the price back up to a comfortable level....hopefully, one that each of you will be willing to live with.


Good luck


The Eckler Team
0 votes Thank Flag Link Thu Feb 11, 2010
If you finally received an offer--start negotiating--the longer you sit on the market the more money you stand to lose--and who knows when the next offer will be forthcoming--how much longer do you wish to wait.
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Christina,

This market has certainly been frustrating for a lot of sellers. I would need more information to answer your question more specifically--has the home been at the same price for a long time or has it been recently reduced. In this market many buyers have been writing low offers--regardless of whether it has been on the market a long time or short time. The ready availabiltiy of short sales and bank owned properties has made buyers more more bold in asking for a big discount.

You need to do the best you can, with the help of a good agent , assess how well you are priced in the market place, consider your specific cirumstances, and decide if your final price you negotiate works for you.

In general, if a buyer makes a low offer in this environment--try to keep the emotion out of it--it does not matter where the buyer starts--it matters where he ends up. And he may just be trying a low offer as a trial baloon. Good luck in your negotiation!
0 votes Thank Flag Link Thu Feb 11, 2010
Cristina,
I would think a seller would feel crummy.
However, I would also think that virtually any offer on the table is an opportunity. The worst that happens is that it doesn't work out and people go their separate ways.
I hope it goes well for you.
0 votes Thank Flag Link Thu Feb 11, 2010
It will come down to one thing.

Do you want to sell or do you want to sell for that high price you listed at?

If you want to get rid of the property you work with that buyer.
If you want to get a high price go ahead and wait another 180+++ days hoping someone else might want your property. Good luck with that.
0 votes Thank Flag Link Thu Feb 11, 2010
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