Ann

You're not comfortable with 372, understandably, that's quite a drop---$27,900. And you should consider that there may be more, you are only pitching over a price before you go to closing. Your house still needs to undergo inspection. If someone comes up, you have to pay to have it fixed or make a monetary concession. And, you have to work out some other details like how long you will have to stay put before you need to move out. Don't forget, you have to pay the realty, the agents, the closing fees, and the attorney. But even more than that, you have to decide if you can live with your bottom line price, somethign this low or slightly lower....for the rest of your life.
Can you hold out a year? Long Island real estate has never stayed low bid for long. That's history! I'm not a real estate person.
Do you need to get out now? Then, sure, take what you can get and move on. God, I'd love to see our family move on. But we can wait it out, a bit.
Do you see where at closing, you might need to drop even below the $372,000 should surprises pop up? Be ready for that.
With all that in mind, go ahead and make a counter. A Counter Offer with some of this things in mind. You might end up settling on $372 at closing. But then again, you might do so happily having a few rent-free summer months before you move. Where you are moving, are they a summer tourist place? Do you have a place to go, or will you need to rent at high summer prices before you finally settle?
Lot of variables. Take a few days of deliberations. It is never good to move to fast. Not weeks, though.
Right now, the only affirmed thing you have is your binding contract for is to sell your house at $399, 900. Maybe you should split the difference of $27,000 in their offer, and counter with --consider this a blessing if I get it right, you're making me do math do realize that I'm not numerically gifted---$385,950---$13,950 off.
Good luck! - Sun May 11 2008, 18:31

When big money might be such a penalty, see an experienced attorney.
Be sure and not legally vulnerable. Even if this wasn't an unseen realty matter, you should have a good association with a lawyer who handles real estate issues, before you enter into a closing. See him/her for this matter, and for the nitty-gritty on your mortgage offer before you sign, and even on any other contracts that may be related to the purchase of your home. It's an extra expense. But if you are weighing the wisdom of a few hundred against a few hundred thousand, you want to make sure that the most expensive thing you will use, your home, is not legally vulnderable to misunderstandings from the get-go.
Don't kick yourself for not being too fast to purchase. It is understandable that you want your land beneath your steps and a place to call your own. But, there are areas in life where being part of the "Turtle Express" is wiser.
Good luck. - Sun May 11 2008, 18:04

Forgive me if it sounds as though I was putting down your profession. I'm not. I'm not well, over tired and a bit frustrated over this whole thing. House selling...may it never be in my epitaph. *L* I'm following family cues, soon to to betaking a long break. In time, when Mom and my energies have recharge, we will do as you have suggested and contact a pro before figuring out who to approach for the selling. And thank you for sharing, taking the time to reply, too!

I belive good sales persons fuel the world. In faith, Jesus tops my list on sales professionals. But less religiously focused, I think people who sell responsibly ought to take a bow. Selling is how cars became a standard, bathrooms got moved indoors, and better health advances caught on. Selling brings energy in for change, often goodly changes.

As real estate pros, you must get a certain personal satisfaction. You put up with a lot of undeserved attitudes and unexpected roadblocks like the present economy....and then call it challenges, draft new attack plans and move on. I imagine, you put in a lot of off-the-clock time, researching and self-schooling to be more than you were, to be better in light of competition. You're always in competition. But what I also see is that you're not just selling a product, a large expensive product; you're paving the way for someone to slip into his/her new home. You help families into new futures, new beginnings. You help sellers break from the old and move on. You bring life to communities and ample concerns over matters like education when news media might otherwise ignore it for not being flashy enough for a top headline. You work with all types of properties and semi-cryptic stats, but are mostly you career in a genuine people business. The good many of you, I'm sure.

Visiting trulia is refreshing for me, a little nobody who is trying to help Mom sell her house, seeing so many professionals taking the time to answer and ask questions. Some may be here only to plug themselves. But for the most part, from what I've been seeing, many of y'all are telling it like it is and thankfully....keeping energies alive.
Happy Mother's Day. Many blessings to you and yours. - Sat May 10 2008, 17:35

Thank you.
What I was looking for is a measure of agency and agent success.
You've mentioned s Selling agent, and marketing agent? Okay. The marketing agent sets up the seller's paperwork and goes ahead with advertising the place? The seller agent actually comes in with buyers and tries to get the MLS place sold? A buyer's agent is their problem, the buyer's right? And then, there is the original agency--the office that handles the secretarial aspects during the seller's contract? So, the same person could take a role as being a marketing agent and then a selling agent but secure both comissions if the home is sold?

We had a marvelous experience with a gentleman from North Carolina. I guess he is one of the Jack-of-all-trade realators. He had sellers that he had sign-on. And he did the selling and showing of homes in his area. He handled the sale or property and all phone conversations. Because he was affiliated with a large network agency, he could also make referrals...but not a specific referral to a person he didn't know, a realator around here. He's old school, knows when he offers advice that he intends to keep it as accurate as he can.....and he has this other piece of property for sale. *L* He's a kick! God bless him. - Sat May 10 2008, 01:44

Davidoff,

Don't rely on a friend's referral.
I am not an agent. I am helping my mother to sell her home. We made a major mistake going with a friend's recommendation for a real estate agent. The local agency has cut corners on advertising themselves, never mind having them peddle a proper pitch about our property. They expect us to bring in buyers for them to take over. If we knew that from the start, I would be shouting, "If I'm to do that work, what do I need you for?" So, please, take time and pick someone who actually has recently sold homes in your area. Someone who works hard even after you sign on the line to contract for their help.

Prepare for a long ordeal.
At present, we are nearing the end of a 6-month contract, and will be taking the house off the market for a small breather. I'm disabled. My mother is a senior citizen. Living here, trying to sell in this economy and with this weak agency, makes for a hard, tense time. Every weekend, we have been spruced up and preened. Sometimes we have had a weekday phone call for a visitor-- with only a two-hour window to prepare. Some folks can do Open Houses. We have a dog and no way to make that work. But through all these months, I'm so drained and a bit miffed. Don't let your battery run low on you. Money is the matter....doesn't it matter how much surely should be parked in your pocket?

Draft a rough write-up for your home before you sign.
You're the seller. This is a good organizational step. Hash out with your agent just what top points will be the selling points to go with. Ours...somehow got lost! The agency/agent we have had, has not been selling our place accurately or properly. It is advertised as horse property because it is land that legally can be used for a someone owning a horse. That's nuts! We don't and have never had a horse. We don't even have a stable! We have a little over an acre, most of which is wild. There is a lot of room for someone to build, even another home if they chosee.Mom purchased this place twenty-years ago as woods---in every way there has seemed to have been no horses roaming here. So why would anyone primarily advertise a single-home as such?

Someone said put your self in the eyes of a buyer. Yes! This place would be perfect for a young family looking to buy affordable property, and yet also looking to the future to expand. But what average buyer looking for a home would be jazzed about land that might be pestered with manure and flies?

Consider a Home Inspection before you sell.
We fixed, had fixed, and surveyed for anything we thought might be a problem. The house is 19 years old. We heard about WIN Home Inspectors who are used during the closing process, and paid (as sellers) for our home to be inspected now. We weren't looking to save the buyer the expense or step. We wanted to know if any hidden issue existed that we might need to fix, now, before a buyer came to look. Why have the buyer's inspector find a potential deal-buster at closing? He said that we had three things. We fixed those three things. The inspector was here almost four hours. It is not a light scan that they do. He did termite inspection. He crawled into the attic spaces. He was on the roof, in the basement, in the cupboards, closets, nooks and crannies. For real, he found a tiny leak under one of the sinks that none of us would have found on our own. It was well worth the four-five hundred dollars. And after those repairs, after that inspection; we knew we were ready to roll. But we went with the wrong agency. In future, we will go with one that can proof selling prowis and buyer appeal.

Good luck to you. Hope this helps. At this point, I'm doing my best to rack up a few brownie points with God. The house will sell, the house will sell, Life is Change, Sometimes change gets to work for you, the house will sell.
*grin* - Fri May 2 2008, 18:53

Hi, alittle advice and a slice of Long Island, okay.
I am not a real estate agent. I am helping my mother sell her house. We live in Suffolk County, Manorville which is between Riverhead and Selden, before the fork, as we say. (If you look at Long Island on a map, it sort of looks like a lobster's claw. "the Fork" is the pincher section.) This is a good family area. Easy access to the LIE and Sunrise. Highway access is a big deal for most of Long Island.
Look into schools, entertainments, area safety records, and TAXES. I don't know how young your children are, but you might also want to look into day care options too. Most child entertainments will be a drive. This is not a city block area. You might want to look for access to Long Island Railroad stations. Many folks who commute from here, drive and park, and then commute into the city. It's a chance to catch your breath, read, chat, and look out the window while someone else drives. Check into "predatory" lending practices of some major mortgage lenders, you might want to read up at Better Business Bureau info. I can't speak long on that, not my forteit. And make sure, you have, a good attorney long before entering into negotiations. Understand that your lawyer gets paid only if he/she makes that house sale happen. Your seller's lawyer gets paid whether the contract is made or not. If you come to terms with your seller before closing, as specifically as you can, you might save yourself some misunderstandings. And always realize what influence a stalled closing might have over your chosen lawyer when he or she makes suggestions.
You want to start off right, make a step to better your family. God bless you. Do your homework. You'll have to live with your decisions a long time, hopefully in a happilly set path.
As I said, I am not an agent. Originally, my family came from Jackson Heights. We moved out to Hampton Bays in the seventies when I was a kid, a place further east on Long Island. It is a lovely area. However, over the decades, the summer area developed a bumper-to-bumper traffic problem. People jam to the "Hamptons" for the beaches, clubs, and other attractions. That's the hamptons, and not all of Long Island. Manorville is not that way. We have quite a smorgasborg, here. Orchards, great schools, small farms, historical societies. One local farmer is from Brooklyn, makes for an unusual "Farmer Brown," but his hardworking family keeps a steady commerce. Potatoes, corn, cabbage, pumpkins. I'm sure the local stands must be importing watermelons. But the potatoes are the best spuds! In Manorville, we have horse stables not far from here, riding lessons and even stable rentals are available. Petting zoos. A few playgrounds to drive to. There is scheduled to be a massive amusement park built in Calverton--near Riverhead town. By King Kullen, there is a dance class studios. Probably a few more within a ten minute drive. I think Tai Kwan Do is still here.If not, Riverhead should have some, or Patchogue, or Shirley, 10-20 minutes drive. Grocery shopping is five minutes to a King Kullen, ten minutes to Riverhead for so much more: Tanger Run Mall, Target, BJs Warehouse, Walmart, Walbaums, K-mart, Home Depot, and more. Riverhead commerce is building up.
In the area, some folks own boats on trailers and just plop them in the waters. There are rentals on mooring/docks in Center Moriches. Some think that the cost is a bit stiff. I wouldn't know. Fishing, yes. Hiking trails, a few close by. We've got a lot of wild woods.
We live a mile from the LIE and yet, I've enjoyed deer visiting in the backyard. Pine Hills Golf club is up the road. A small airport offers lessons for piloting and skydiving. There is no one single picture that says this is all of Long Island. You have to decide what best you really want and go from there. Do you want a garden, a swimming pool, or a secure community that offers access to this and that? Do you want to live close the ocean or closer to the city? Do you want room to grow in case your family grows? Do you want to be close to a community college? Suffolk Community in Riverhead, Selden. SUNY Stonybrook University, St. Joseph's College, and more.
You live the same thing, one day that is recycled into something new each time, at your choice.
Look down the road, same five years. What do you want to see for your family, for yourself?
And good luck to you. It is exciting starting new. - Wed Apr 30 2008, 19:35