Question Details

Beebee, Home Buyer in

Seller's stickinng to list price? Interested in area, but have already encountered flipped homes with

Asked by Beebee, Wed Apr 23, 2008

sellers that are not even willing to budge 5%. Is this the norm for SFH in Danville, CA?

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Thanks Leslie. We have looked at the comps, but it is hard to compare because not many homes in that area that we are interested in have sold recently. I know that the sellers want to re-coup what they put into it and maybe not lose any money-- but they bought it last year, an even with the upgrades they made, the house has only appraised for 20K over what THEY bought it for. And that it only one banks estimate. It needs more work (new roof, some electrical...). We want the location and really think the house has potential (needs some work)-- but we have offered what we can afford. So-- they would of course be taking a loss if they accepted our offer-- since they have to pay the agent fee and because they sunk money into it since they wanted to make a profit. No one would take a loss, right? It has been on the market for close to 5 months with a couple of failed buyers (financing falling through).
I guess we are just looking outside our price range-- the sellers have every right to hold out for what they want! I wouldn't want to lose 50-70K either!
0 votes Thank Flag Link Wed Apr 23, 2008
My first reaction is to tell you to have your agent check the history of the listing, how long has it been on the market, has your agent spoke with the listing agent and found out what the sellers motivation to sell is, timing, type of loan, previous buyers that backed out, there are so many factors that are possible that may be keeping this Seller with the list price. I would not say that it is the norm, but if the house is priced right, then verify that fact and go from there. If the house is what you want and it is at a fair price that is in your budget, why not give them the price they want?
0 votes Thank Flag Link Wed Apr 23, 2008
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