Overpriced house - lowball offer or wait?

[Anonymous]

Anonymous wrote:

Anonymous wrote:There is no such thing as overpaying. The "right" price is whatever someone is willing to pay for it. If there are no other homes available in a sought after neighborhood, then it might b priced right. Just because the last house sold in the area might have been for less or might have been in better condition is meaningless if this is the only house on the market in a desirable neighborhood.

Spoken like a true greedy seller. Yes there are people out there who will overpay for a given house, and OP could certainly lose the house to one of them. However, that doesn't mean the concept of value as determined by comparable sales is meaningless. OP, if you lose this house, there will be more houses in the spring.

OP, this.

[Anonymous]

Anonymous wrote:I don't think the Reston house is overpriced. Forrest Edge is a STEM and AAP school. Look at the square footage as well. It may not sell as quickly this time of year but it will sell.

http://franklymls.com/FX7895454, most recent comp, 5300 sq. ft., $825k. OP, these houses are abominable. Why would you seek to live in a neighborhood where the people have this kind of taste?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think the Reston house is overpriced. Forrest Edge is a STEM and AAP school. Look at the square footage as well. It may not sell as quickly this time of year but it will sell.

http://franklymls.com/FX7895454, most recent comp, 5300 sq. ft., $825k. OP, these houses are abominable. Why would you seek to live in a neighborhood where the people have this kind of taste?

OP is not looking at the Reston house. That house was posted by someone else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't think the Reston house is overpriced. Forrest Edge is a STEM and AAP school. Look at the square footage as well. It may not sell as quickly this time of year but it will sell.

http://franklymls.com/FX7895454, most recent comp, 5300 sq. ft., $825k. OP, these houses are abominable. Why would you seek to live in a neighborhood where the people have this kind of taste?

Uh oh. Someone sounds jealous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't think the Reston house is overpriced. Forrest Edge is a STEM and AAP school. Look at the square footage as well. It may not sell as quickly this time of year but it will sell.

http://franklymls.com/FX7895454, most recent comp, 5300 sq. ft., $825k. OP, these houses are abominable. Why would you seek to live in a neighborhood where the people have this kind of taste?

Uh oh. Someone sounds jealous.

Darn. You saw right through me. I wish I could decorate my house with such panache.

[Anonymous]

I would wait another week and then make an offer. I would also try to have few contingencies if you're coming in that much lower but still
protect yourself. Like do the home inspection prior to your offer so you can waive the contingency.

[Anonymous]

Anonymous wrote:I would wait another week and then make an offer. I would also try to have few contingencies if you're coming in that much lower but still
protect yourself. Like do the home inspection prior to your offer so you can waive the contingency.

3 weeks? For a -10% offer? I doubt it. Most realtors recommend the first price drop at 30 days, some will say 60 days. Unless the sellers were desperate when they put the property on the market, I doubt you would get anyone to consider 10% below list before 30 days at a minimum, more likely 60 days, but it depends on the sellers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would wait another week and then make an offer. I would also try to have few contingencies if you're coming in that much lower but still
protect yourself. Like do the home inspection prior to your offer so you can waive the contingency.

3 weeks? For a -10% offer? I doubt it. Most realtors recommend the first price drop at 30 days, some will say 60 days. Unless the sellers were desperate when they put the property on the market, I doubt you would get anyone to consider 10% below list before 30 days at a minimum, more likely 60 days, but it depends on the sellers.

OP said the house needs a ton of work. That leads me to believe these are not serious sellers. They didn't bother to do any work to prepare the house for sale and on top of that they overpriced it. They don't need to sell and there's no way they are going to accept a -10% offer two weeks after listing. OP, if you really want the house be prepared to pay more than you think it's worth.

[Anonymous]

This happened to us. We loved the house but knew it was overpriced. We waited for five months and through two price reductions before we made an offer. We got the house. If they had priced correctly at the beginning, it would have sold in two weeks (to us).

[Anonymous]

OK, I get the OP thinks the house is overpriced (and it may be), but what does the competitive market analysis say? Look at the comps and base it on that. If there is concrete proof that the agent can take to the other agent, than yes, they might accept the offer. But basing it on a feeling that it is overpriced? Nope, not going to work.

[Anonymous]

OP, if this is the house that you are looking at, then yes, go ahead and make an offer:
http://www.realtor.com/realestateandhomes-detail/5606-Midwood-Rd_Bethesda_MD_20814_M57155-03962?ex=MD558881438

The house is shamelessly overpriced. The house is tiny and dated. No garage or carport. It really has only two bedrooms. The third bedroom is the finished attic space above the former garage. The fourth bedroom is the finished attic space above the taller part of the house.

I think the owner is serious about selling, though.

I saw this house two weeks ago, 48 hours after it had been put on the market. The agent bragged about already having received two offers and expecting "many more" that weekend. Well, this is the result. People are not stupid, even if this is the only house under $ 1 M within walking distance to Bethesda metro in that part of the town.

[Anonymous]

We low balled after 3 months of sitting on the market, after the third price reduction. We offered what we thought the price should be and asked for closing. The sellers countered for a higher price than listed. We walked away. We found a better house that came on the market days later.

Be prepared to offend the sellers. I really didn't care they were offended because it is a business transaction. Just be prepared to move on. There are other houses on the market and more coming on line every day. It is just a house.

[Anonymous]

Anonymous wrote:We low balled after 3 months of sitting on the market, after the third price reduction. We offered what we thought the price should be and asked for closing. The sellers countered for a higher price than listed. We walked away. We found a better house that came on the market days later.

Be prepared to offend the sellers. I really didn't care they were offended because it is a business transaction. Just be prepared to move on. There are other houses on the market and more coming on line every day. It is just a house.

Was the higher price equivalent to the closing you help you needed?

BTW, if you need help with closing costs, you probably shouldn't be buying.

[Anonymous]

Anonymous wrote:OP, if this is the house that you are looking at, then yes, go ahead and make an offer:
http://www.realtor.com/realestateandhomes-detail/5606-Midwood-Rd_Bethesda_MD_20814_M57155-03962?ex=MD558881438

The house is shamelessly overpriced. The house is tiny and dated. No garage or carport. It really has only two bedrooms. The third bedroom is the finished attic space above the former garage. The fourth bedroom is the finished attic space above the taller part of the house.

I think the owner is serious about selling, though.

I saw this house two weeks ago, 48 hours after it had been put on the market. The agent bragged about already having received two offers and expecting "many more" that weekend. Well, this is the result. People are not stupid, even if this is the only house under $ 1 M within walking distance to Bethesda metro in that part of the town.

WTF why are people randomly guessing about OP's house when we don't even know what state it's in?! Someone guessed Reston and now Bethesda . . .

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would wait another week and then make an offer. I would also try to have few contingencies if you're coming in that much lower but still
protect yourself. Like do the home inspection prior to your offer so you can waive the contingency.

3 weeks? For a -10% offer? I doubt it. Most realtors recommend the first price drop at 30 days, some will say 60 days. Unless the sellers were desperate when they put the property on the market, I doubt you would get anyone to consider 10% below list before 30 days at a minimum, more likely 60 days, but it depends on the sellers.

Then the sellers are stupid. My agent, and our friends that are agents, all told us that the first offer is almost always the best offer, and the seller rejects it at his peril. We made an offer of 595 on a house listed for 630 last year, and were rejected. 8 months later, they finally sold for 535.