iamshack Posted April 10, 2013 Author Share Posted April 10, 2013 QUOTE (RockRaines @ Apr 9, 2013 -> 05:50 PM) Right. Both a buyers and sellers agent use them to justify their pricing. In this case, this guy is f***ing crazy. The are the highest priced place anywhere near them and its beat to hell including puddles in the basement, I would have to drop in upwards of 100k to make it one of the nicer ones around. One of their comps was a place in the best part of the west loop, almost new, larger, and completely upgraded with everything from fixtures to heated floors in every bathroom. His place has been on the market for 170+ days and will still be there another 170 at his price. There is a home like that that we looked at and made a bid on as well...some people are just unrealistic... Any other places you like? Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 11, 2013 Author Share Posted April 11, 2013 House went on the market today...already had a few showings...sounds like we will have an offer this afternoon.... Maybe I should delist it and jack up the price Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 12, 2013 Author Share Posted April 12, 2013 Got a cash offer for full listing price on day 2... Trying to get somewhere with the folks at the home we want to buy now... Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 12, 2013 Share Posted April 12, 2013 QUOTE (iamshack @ Apr 10, 2013 -> 09:49 AM) There is a home like that that we looked at and made a bid on as well...some people are just unrealistic... Any other places you like? Going to see some open houses this weekend. Ironically the place I really want is having an open house and then they are "going to counter". I bet people say the exact same s*** I've been saying to them for weeks. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 13, 2013 Author Share Posted April 13, 2013 QUOTE (RockRaines @ Apr 12, 2013 -> 02:27 PM) Going to see some open houses this weekend. Ironically the place I really want is having an open house and then they are "going to counter". I bet people say the exact same s*** I've been saying to them for weeks. Let us know how it goes... I'm about ready to accept the offer on my house...just working out the details...they are going to allow me to rent the house back for a few weeks after closing so we can try and get this deal done on the other house. Put it an offer on that one last night...now we wait...and look for backups. Quote Link to comment Share on other sites More sharing options...
IlliniKrush Posted April 13, 2013 Share Posted April 13, 2013 Good luck shack. Don't have experience with this...it's got to be tough to try to sell your place and buy a new one and time it perfectly. Do people generally try to secure a sale, then figure out where they are going to live and purchase? Or do they buy something and then figure out how to sell? Obviously you try to keep people in the dark on your situation so you still have leverage either way. That's great that they'll let you rent for a bit. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 13, 2013 Author Share Posted April 13, 2013 QUOTE (IlliniKrush @ Apr 13, 2013 -> 09:01 AM) Good luck shack. Don't have experience with this...it's got to be tough to try to sell your place and buy a new one and time it perfectly. Do people generally try to secure a sale, then figure out where they are going to live and purchase? Or do they buy something and then figure out how to sell? Obviously you try to keep people in the dark on your situation so you still have leverage either way. That's great that they'll let you rent for a bit. Well, a lot of times, a purchase of a home will be contingent on the buyers' selling their own home...which can be kind of a headache, but the reality is, most buyers don't have the funds to buy the home they want without the proceeds from their own home they intend to sell...or they cannot afford a loan for the home they want to buy without unloading the other property first. However, in our market (and in yours as well, from what Rock is saying) inventory is so low due to the banks holding their properties off the market, that most sellers do not need to accept an offer contingent upon the sale of another home. If you make that offer, many sellers won't even seriously consider it. What happened in our case is that we had saved funds for the downpayment on a home, and we actually made an offer on this home previously. They sellers went a different direction. After looking around a bit, we decided to just live in my house. We put a lot of the money earmarked for our downpayment into renovating my home. We also bought new furniture and redid some of the landscaping. Then all the sudden the sellers from the home we offered on came back to us because their other buyer fell through. Normally, I think we both would have been happy to stay here in my house, but we want this other property badly. It is almost the perfect property for our needs/wants. However, since we had spent a significant portion of the funds earmarked for the downpayment previously to renovate and relandscape this house, the only way to really make another offer on the house was to try and sell mine. My house is really unique...I live in an older neighborhood where almost all the other homes are 50-60 years old. However, my home was rebuilt from the studs up about 15 years ago...so it doesn't bring with it a lot of the deteriorating electric, plumbing, foundation issues that almost all of the other homes in my neighborhood do. It also has some finishes that are almost entirely unique in this neighborhood, such as stained concrete flooring, tongue and groove vaulted redwood ceilings, spray foam insulation, etc. So it is a bit of the "most expensive home on the block" syndrome...which can be problematic. It was tough to find comps (there are literally 0) and therefore tough to find a valuation and determine what to list it at. Bottom line, the home is still just 1800 sq ft, so there are limits to what we could list it for. We listed it at $199,900 and got a cash offer from the first people that walked through it. When I bought it less than 2 years ago, it only appraised for $133,000, so my guess is it would not appraise for $199,900 today...it may not even appraise for $175k today, just because of the relative prices of homes in the immediate vicinity. But getting a cash offer saved us from having to get an appraisal and deal with a lender who would not loan more than the appraised value of the home. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 15, 2013 Share Posted April 15, 2013 QUOTE (iamshack @ Apr 13, 2013 -> 09:36 AM) Let us know how it goes... I'm about ready to accept the offer on my house...just working out the details...they are going to allow me to rent the house back for a few weeks after closing so we can try and get this deal done on the other house. Put it an offer on that one last night...now we wait...and look for backups. Dude thats awesome. Really lucky that happened for you so fast. I am about to list my condo since one in my building sold in a couple of weeks at list price. I am still on the fence about maybe renting it out and waiting but I really want to motivate myself to start packing. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 15, 2013 Share Posted April 15, 2013 On my house search, I am anxiously awaiting if anyone dumb enough offered more on the townhouse I want. I went and saw a few yesterday in Wicker/bucktown and I like it, however the area is a little too busy for me. I really like the relative serenity of this area. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 15, 2013 Author Share Posted April 15, 2013 QUOTE (RockRaines @ Apr 15, 2013 -> 10:31 AM) On my house search, I am anxiously awaiting if anyone dumb enough offered more on the townhouse I want. I went and saw a few yesterday in Wicker/bucktown and I like it, however the area is a little too busy for me. I really like the relative serenity of this area. Is this the one you were talking about before with the delusional seller, or a different one? Yeah, I am anxiously awaiting a response on our offer... It's hard for me to do anything on days like this... Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 15, 2013 Share Posted April 15, 2013 QUOTE (iamshack @ Apr 15, 2013 -> 12:35 PM) Is this the one you were talking about before with the delusional seller, or a different one? Yeah, I am anxiously awaiting a response on our offer... It's hard for me to do anything on days like this... Same one, they had one open house planned this weekend and turned it into two at the last min. I am fully expecting them to come back to us since the place is just not in great shape. They bought it for WAY over market value in 2005, and I am not about to do the same. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 16, 2013 Author Share Posted April 16, 2013 Well, my house is under contract...there is no turning back now... Still waiting on the offer to the senile old lady whose house we are trying to buy...hoping to hear today...can't believe my fate lies in her hands... Quote Link to comment Share on other sites More sharing options...
farmteam Posted April 16, 2013 Share Posted April 16, 2013 QUOTE (iamshack @ Apr 16, 2013 -> 09:43 AM) Well, my house is under contract...there is no turning back now... Still waiting on the offer to the senile old lady whose house we are trying to buy...hoping to hear today...can't believe my fate lies in her hands... Oh man, those are some pretty chapped, wrinkly and calloused hands to be in if she's a senile old lady. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 16, 2013 Share Posted April 16, 2013 So of course the seller got an "offer" at the open house. However they came back to me and dropped their counter. Weird. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 16, 2013 Author Share Posted April 16, 2013 QUOTE (RockRaines @ Apr 16, 2013 -> 08:53 AM) So of course the seller got an "offer" at the open house. However they came back to me and dropped their counter. Weird. What do you mean they dropped their counter? You mean they rescinded it? Quote Link to comment Share on other sites More sharing options...
Soxbadger Posted April 16, 2013 Share Posted April 16, 2013 I was assuming that they lowered the price. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 16, 2013 Author Share Posted April 16, 2013 QUOTE (Soxbadger @ Apr 16, 2013 -> 09:03 AM) I was assuming that they lowered the price. Ahh...sorry, I am on pins and needles today... Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 16, 2013 Share Posted April 16, 2013 QUOTE (iamshack @ Apr 16, 2013 -> 10:59 AM) What do you mean they dropped their counter? You mean they rescinded it? They lowered it quite a bit and "wanted to come back to me first". Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 16, 2013 Author Share Posted April 16, 2013 QUOTE (RockRaines @ Apr 16, 2013 -> 09:15 AM) They lowered it quite a bit and "wanted to come back to me first". Is it anywhere in the ballpark of where you wanted to be? Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 16, 2013 Share Posted April 16, 2013 QUOTE (iamshack @ Apr 16, 2013 -> 11:16 AM) Is it anywhere in the ballpark of where you wanted to be? Not really. My instincts are screaming that they are full of it. Quote Link to comment Share on other sites More sharing options...
Soxbadger Posted April 16, 2013 Share Posted April 16, 2013 Its usually not a position of power to lower your offer like that. Only hard part is no way of knowing what the other person offered. If I had to guess Id say the other buyers offer was closer to your original offer, than to the sellers counter. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 16, 2013 Share Posted April 16, 2013 QUOTE (Soxbadger @ Apr 16, 2013 -> 11:23 AM) Its usually not a position of power to lower your offer like that. Only hard part is no way of knowing what the other person offered. If I had to guess Id say the other buyers offer was closer to your original offer, than to the sellers counter. Exactly what my instincts are telling me. If the other offer was so good why didnt you just take it? I'll play the game but not for long. Quote Link to comment Share on other sites More sharing options...
iamshack Posted April 16, 2013 Author Share Posted April 16, 2013 QUOTE (RockRaines @ Apr 16, 2013 -> 09:58 AM) Exactly what my instincts are telling me. If the other offer was so good why didnt you just take it? I'll play the game but not for long. I don't get caught up in what others are supposedly offering. Offer what you think is a fair price in your market. Unless you absolutely HAVE to have the house, stick to your guns...and if you really want it, don't lose it for 10% or less than what you think it is worth. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted April 16, 2013 Share Posted April 16, 2013 QUOTE (RockRaines @ Apr 16, 2013 -> 11:58 AM) Exactly what my instincts are telling me. If the other offer was so good why didnt you just take it? I'll play the game but not for long. They are bluffing, just like a used car dealer. Walk away and tell them to call you when they want to accept your offer. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted April 16, 2013 Share Posted April 16, 2013 QUOTE (southsider2k5 @ Apr 16, 2013 -> 01:57 PM) They are bluffing, just like a used car dealer. Walk away and tell them to call you when they want to accept your offer. I had my agent call over and tell them I am thinking about that, but I could possible go up a touch more and thats it. We'll see. LIke I said before, the market around here is incredibly nuts right now and I think they are caught up in it with a unit that needs a TON of work. Quote Link to comment Share on other sites More sharing options...
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