Agent urged us to underprice our house now we regret it
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Anonymous
| The idea that you will stray a bidding war is just a way of saying let’s sell your house quick for cheap so I can move in the the next one.... |
Anonymous
| If your house is such a good deal 50k under what it’s worth I feel like you would’ve gotten more than 1 offer. Maybe not a bidding war but at least 2 offers to consider. |
Anonymous
The “quick” part was also driven by the contingent offer we made on another house but I hear you, she could have been more thoughtful |
Anonymous
| If you were to relist at a higher price future buyers will see the lower list price and ask why you increased by so much without adding extra value to the home. I would never offer more than the original list unless up against competition. Even if you are not greedy, your moves will come across as such. Have your realtor give up some commission and take the lower offer. |
Anonymous
Exactly. This doesn’t make any sense. I just went under contract selling my house, for over asking, and the market is still HOT for buying another based on what I’m seeing. I would have had 15 offers instead of 5 if I had priced it even lower based on the number of showings alone. There’s something you’re missing, and I find your obtuse attitude and that you’re so okay with screwing over your new seller disgusting. |
Anonymous
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Can you wait until the beginning of next spring? If you are in NOVA or DC you'll get additional appreciation and you can get a better relator. Timing and pricing are very important in some areas. She screwed you.
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Anonymous
Exactly what these two said. If you have only one offer at supposed "50k" discount, what on earth are you smoking to think you would have more at a higher price? Comps are comps. A house down the street selling for X has absolutely zero guarantee what yours would sell. It's an indicator at best. There are so many variables that go into place such as location, yard size, layout, upgrades, etc. You should be happy you have an offer and given your attitude, it doesn't come across like you have much experience in this area. I have no blame for the realtor. She brought you a qualified offer based on what someone is willing to pay. Supply and demand. That's your actual present value of your home - what you have in hand not a made up idea in your fantasy lane. |
Anonymous
Our friends priced their house $50k under to start a bidding war. They had two dozen families walk through before the open house and received 7 offers. They ended up nearly where they had hoped they would land. If you only got one offer, then your house is likely priced appropriately. Sorry. |
Anonymous
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The mistake was putting the house on the market in August! There are very few bidders right now, and you'd have no offers at a higher price, OP. The realtor is just trying to sell your house for you. If you don't want to sell at that price, de-list and wait until spring 2020. With a different realtor. |
Anonymous
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Also, what are the terms of your home sale contingency? You have a full priced offer (not the one you wanted, but still a full priced offer). Could you be in breach of your contract on your new home purchase of you refuse to accept a reasonable offer on your home? I imagine there is some sort of good faith requirement to accept an offer
I agree with what a PP said to see if your realtor will chip in part of her commission, especially if she’s your buyer’s agent too. It will be less work for her than starting over so she may be willing to help get this deal to go through. Also, how strong was the full priced offer? Do they have strong financials, willing to waive any contingencies, etc? Maybe you could counter for terms that would be to your benefit (such as informational only home inspection) so you don’t have to sink money into doing any repairs? |
Anonymous
But it's no longer last month. People who were buying houses this summer are done buying houses - schools start next week or the week after. People are done, OP. If you're not getting multiple offers higher than your list price, then obviously you listed it at the right price. I think you're a little delusional, OP. The feeding frenzy is over, late August is not the time to incite a bidding war. If that many people have been through and you only have one offer, then you should take it. You're not going to get more offers in a couple months (in October??? Please.) at $50K higher than what you received now. You're nuts. |
Anonymous
In the contract for the new home we said wouldn’t list current home above the 50k price we wanted. Because we weren’t on the market yet and had fully intended to list at that amount before our agent told us we should set it much lower |
Anonymous
Wut? Not at all. Cut the price in half for a screened porch with lights, fans, and fully stained. |
Anonymous
| I think underpricing is just supposed to mean underpricing the market but not pricing below what you would accept. |
Anonymous
| Ditch that agent, delist and start again with a new agent. Takes only a few days to get up and running again. |