Lauren8211
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We might be buying a house!
- Thread starter ladypirate
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Rock_of_Love
Brilliant_Rock
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Yay! That house is adorable!! And, the view...spectacular!
On a good note, rates were REALLY low today. Here in cali, they were aboutr 4.5%! So, as far as your loan payments, difference between $265K and $290K is only about $140/150ish a month! That is just one less trip to Target, ha ha!!
I say just go for it! If you accept their counter, you have a new home!!! (in 30 days!)
Woo hoo for you!!!
On a good note, rates were REALLY low today. Here in cali, they were aboutr 4.5%! So, as far as your loan payments, difference between $265K and $290K is only about $140/150ish a month! That is just one less trip to Target, ha ha!!
I say just go for it! If you accept their counter, you have a new home!!! (in 30 days!)
Woo hoo for you!!!
Selkie
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sunnyd
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ladypirate
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OK, so we got some more information from their realtor. Here''s what he said:
They purchased home in 1975 and sold it in 1980. Then purchased home back in 1986 and have owned it since. Tear off roof was done in 2003 for $15000. The plumbing was done in 2005 for $8000. The baths were done in 2005 for $20000 plus. The furnace was done in 2006 for $2500. The electrical was done in 2008 for $3000. The sewer line was done in 2008 for $3000. The carpet was done in 2009 for $1800."
Totaling these:
roof 15K
plumbing 8K
baths 20K
furnace 2.5K
electric 3K
sewer 3K
carpet 1.8K
TOTAL $53,300
My thoughts on this are as follows: The roof was done over 5 years ago, so it seems odd to try to use that to increase the price. The sewer and electric were necessary (they came up in the home inspection a year and a half ago). Basically, I would say that the roof, plumbing, furnace, electric and sewer were all standard home maintanance that just come with the territory. Also, one of the baths was done nicely but the other is seriously awful and would have to be completely redone (seriously--they painted the windows to look (sort of) like leaded glass, so even those would have to be replaced.)
We''re currently thinking of countering at 275K. Thoughts?
They purchased home in 1975 and sold it in 1980. Then purchased home back in 1986 and have owned it since. Tear off roof was done in 2003 for $15000. The plumbing was done in 2005 for $8000. The baths were done in 2005 for $20000 plus. The furnace was done in 2006 for $2500. The electrical was done in 2008 for $3000. The sewer line was done in 2008 for $3000. The carpet was done in 2009 for $1800."
Totaling these:
roof 15K
plumbing 8K
baths 20K
furnace 2.5K
electric 3K
sewer 3K
carpet 1.8K
TOTAL $53,300
My thoughts on this are as follows: The roof was done over 5 years ago, so it seems odd to try to use that to increase the price. The sewer and electric were necessary (they came up in the home inspection a year and a half ago). Basically, I would say that the roof, plumbing, furnace, electric and sewer were all standard home maintanance that just come with the territory. Also, one of the baths was done nicely but the other is seriously awful and would have to be completely redone (seriously--they painted the windows to look (sort of) like leaded glass, so even those would have to be replaced.)
We''re currently thinking of countering at 275K. Thoughts?
Hudson_Hawk
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tlh
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depends on the roofing material to its lifespan. Some roofs can be up 15 years w/o issue... some almost 50! So.. depending on the material, 5 years isn''t that long ago.. as you won''t need to re-roof for maybe another decade.
If shingles... I''d walk around and make sure they don''t look too uniform (ie installed incorrectly)... though if you don''t quite know what you''re looking at - it would be a moot point. Also check to make sure it doens''t look patchy. Was it re-roofed from scratch only 1 layer (if shingle roofing)? or was the 2nd layer put on top of the 1st... so when you re-roof they''ll need to remove all layers...
Depending on the material... I''d use it as an arguing point... not 15K to up the price... but as it''s already used up perhaps 1/3 its lifespan... drop the value by 5-7k... but this more applies to shingles. If it was a slate roof - they last longer... hope this helps.
If shingles... I''d walk around and make sure they don''t look too uniform (ie installed incorrectly)... though if you don''t quite know what you''re looking at - it would be a moot point. Also check to make sure it doens''t look patchy. Was it re-roofed from scratch only 1 layer (if shingle roofing)? or was the 2nd layer put on top of the 1st... so when you re-roof they''ll need to remove all layers...
Depending on the material... I''d use it as an arguing point... not 15K to up the price... but as it''s already used up perhaps 1/3 its lifespan... drop the value by 5-7k... but this more applies to shingles. If it was a slate roof - they last longer... hope this helps.
ladypirate
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Bia
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Linda W
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ladypirate
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We have until Friday at 5. We''ve been talking about it and our plan has changed slightly. Basically we''re going to say "Look, we really didn''t want to go above 275K and we understand that you don''t want to come below 290K. We can both walk away with nothing or we are willing to meet in the middle and agree on 282,500."
Thoughts?
Clairitek
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We were in a situation last year where the current owners had done some expensive maintenance on the house. This included a new roof that replaced the original (50 yr old) roof. It was torn off down to the roof framing and replaced from there. When we were negotiating with the owners of the home they never brought that up as a reason to counter us so I totally see where you're coming from with the routine maintenance thing. I think that they are sort of grasping at straws here with some of the items on that list.
Since you want to top off at 280 one thing you could consider doing is countering like we did. You could say something like "We will pay $283,000 if you give us $3000 for closing help"
So basically you would fiance the $285,000 but would pay less cash out of pocket for your closing costs, etc.
Just for the point of sharing my experience this is how our negotiating went:
They listed the house in June 2007 for $239,900. Dropped it $10,000 a month through September before settling on $209,900. Then in January 2008 they dropped again to $199,900. No offers. We came along in early March and offered $175,000. Then they countered with $192,000. We then offered $187,000 with $2000 back at closing for help. Sad for them they originally paid $153,000 in 2003 for the house. Since they did a good amount of work I doubt they made one cent on the home after paying their side of closing costs and paying for the agents.
I really hope you can work something out with the sellers! Its such a lovely home. It seems like you are close and I doubt that they will let qualified buyers walk away in this sort of market.
ETA: We were typing out a response at the same time. I think your counter-counter-offer is reasonable.
Since you want to top off at 280 one thing you could consider doing is countering like we did. You could say something like "We will pay $283,000 if you give us $3000 for closing help"
So basically you would fiance the $285,000 but would pay less cash out of pocket for your closing costs, etc.
Just for the point of sharing my experience this is how our negotiating went:
They listed the house in June 2007 for $239,900. Dropped it $10,000 a month through September before settling on $209,900. Then in January 2008 they dropped again to $199,900. No offers. We came along in early March and offered $175,000. Then they countered with $192,000. We then offered $187,000 with $2000 back at closing for help. Sad for them they originally paid $153,000 in 2003 for the house. Since they did a good amount of work I doubt they made one cent on the home after paying their side of closing costs and paying for the agents.
I really hope you can work something out with the sellers! Its such a lovely home. It seems like you are close and I doubt that they will let qualified buyers walk away in this sort of market.
ETA: We were typing out a response at the same time. I think your counter-counter-offer is reasonable.
ladypirate
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chocolatefudge
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Sounds good LP! We were sooooo cheeky with our offers on our house and in the end got a fantastic bargain. Did you say the house has been on the market for a while? Sorry, can''t remember what you originally said. With things the way they are people are really struggling to sell (well here in the UK they are!) I say that you put in this midway offer and if they decline it walk away. I bet within a week they will be calling you back. It''s sooooo hard to do but it''s how we managed to get our house.
I would even put your final offer at 280k if that''s what you originally said was your top budget. It''s a gorgeous house and I really hope that you get it!
FrekeChild
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Linda W
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ladypirate
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Freke, I''ve never seen Property Virgins. Silly not having a TV. The amount per square foot is $205 if you don''t count the unfinished basement and $126 if you do.
Chocolate Fudge, we''re definitely going to walk away if they don''t accept our midpoint offer. If it falls through, that''s how the cookie crumbles.
Linda, thanks for all the dust! We''re hoping they accept our new offer as well.
Chocolate Fudge, we''re definitely going to walk away if they don''t accept our midpoint offer. If it falls through, that''s how the cookie crumbles.
Linda, thanks for all the dust! We''re hoping they accept our new offer as well.
FrekeChild
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ladypirate
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Nope, not until tomorrow. Here's the letter we're planning on submitting with it:
Dear Sellers,
Thank you for the opportunity to review your counter-offer.
When we made our initial offer on your house, the top price we were willing to consider was $275,000. However, we have been told that you do not want to accept less than $290,000. After much discussion, we have decided that we like the home enough to attempt a compromise on the price. If you are willing to come down a little bit from your offer price, we will come up from ours and meet you in the middle. Our attached offer for $282,500 reflects that.
Warm Regards,
Ladypirate and Mr. Pirate
Dear Sellers,
Thank you for the opportunity to review your counter-offer.
When we made our initial offer on your house, the top price we were willing to consider was $275,000. However, we have been told that you do not want to accept less than $290,000. After much discussion, we have decided that we like the home enough to attempt a compromise on the price. If you are willing to come down a little bit from your offer price, we will come up from ours and meet you in the middle. Our attached offer for $282,500 reflects that.
Warm Regards,
Ladypirate and Mr. Pirate
Mannequin
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For both of us! (And you''re going to have to let us know when they have to respond by, so I can be by my computer!)Date: 4/9/2009 6:15:38 PM
Author: ladypirate
LOL! You and me both, babe!
I think we''re going to give them until monday at some point to respond (probably either noon or 5:00). It''ll be a hard weekend...
ladypirate
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I will do! My only worry with this is that we're offering too much...but I suppose I'd be worried about that no matter what.Date: 4/9/2009 6:17:34 PM
Author: FrekeChild
For both of us! (And you're going to have to let us know when they have to respond by, so I can be by my computer!)Date: 4/9/2009 6:15:38 PM
Author: ladypirate
LOL! You and me both, babe!
I think we're going to give them until monday at some point to respond (probably either noon or 5:00). It'll be a hard weekend...
FrekeChild
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Deelight
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Date: 4/9/2009 6:27:08 PM
Author: ladypirate
Date: 4/9/2009 6:17:34 PM
Author: FrekeChild
Date: 4/9/2009 6:15:38 PM
Author: ladypirate
LOL! You and me both, babe!
I think we''re going to give them until monday at some point to respond (probably either noon or 5:00). It''ll be a hard weekend...
For both of us! (And you''re going to have to let us know when they have to respond by, so I can be by my computer!)
I will do! My only worry with this is that we''re offering too much...but I suppose I''d be worried about that no matter what.
Hrmm personally I would offer 5k less then what you really want to pay top for so in this case 270k instead of 275k that way they hopefully come back with the 275k and you get the figure you want
.GL
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