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Home Selling in Fredon : Real Estate Advice

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Jeanne Feeni…, Real Estate Pro in Basking Ridge, NJ
Sat Jun 30, 2012
Jeanne Feenick answered:
Here is my advice - if you are not getting showings or offers, you've got a pricing issue. Recommend you lower the price to attract the buyers. If you are getting showings and turning away offers because buyers are not in the position to cover closing costs, then go back to those buyers and offer to consider a seller's concession to cover them.

Here is the wrinkle with seller's concessions - your price is the net, but the purchase price on the face of the contract and for the appraiser/bank is the price grossed up to include the concession. The home must appraise to cover that higher price. Essentially, the concession is allowing the buyer to finance the closing costs. So the issue can be that it may "strain" the appraisal.

There is a possibility then that your home may appraise adequately to cover your net, but not the price with the concession, and then you'd be at a decision point - either reduce your gross price and with it your net, or lose the buyer. That can be a tough nut to swallow.


Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
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Cynthia Hous…, Real Estate Pro in Flanders, NJ
Wed Sep 24, 2008
Cynthia Houser answered:
Hi Dave,

I have found the full listing including photo for 14 hillview rd in Fredon nj
please contact me at cindyhrmax@yahoo.com and I will forward it to you.

Cindy
Remax House Values
973-229-0706
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