<p>If they have an open house scheduled this weekend, they may be torn about waiting to see whether they get any other nibbles.</p>
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<p>Have no fear. I’m not about to go in there with a sledge hammer! All things in due course.</p>
<p>Consolation, I was hoping to render the Open House unnecessary, but we’ll have to see what happens between now and then.</p>
<p>Offer has been formally delivered in writing, along with 1% of the offer price.</p>
<p>Edited to add: You are all very indulgent to listen to my minute-by-minute progress!!</p>
<p>Some of us are a little envious! :)</p>
<p>I’m curious, how long has the house been on the market? And you said it was a lowball offer, but how low? It is in the range of possibility? Has your agent shown you the history of when it was listed, price changes, etc? I like to look things up on Redfin (don’t know if that is everywhere), since my license is inactive and I can’t get MLS info by myself…just to follow along. Lots of info there.</p>
<p>The house has been on the market for around 32 days. We offered 88.9% of the asking. That’s why it feels a little low-ball.</p>
<p>I just checked Redfin; they’re not in my area.</p>
<p>Fingers crossed! Hope you hear soon.</p>
<p>We are buying the house (hopefully) from a deceased person’s estate. I’ve been lead to believe this may go slower than normal. (Normal being, the owners are still alive.)</p>
<p>Well, having been recently in the position of selling a deceased person’s house, it should not take any longer unless there is a non-family member appointed to sell the proceeds of the estate or if there is more than one executor/executrix of the estate to weigh in on any decisions. That could slow things down.</p>
<p>I think it depends on the circumstances and personality of the executor. Are they from the area? How much of the proceeds go into their pocket vs being split up 6 ways, for instance? If there are multiple heirs, do some need the money more than others? Its not possible to know any of this as the potential buyer, but obviously it affects the decision to accept an offer.</p>
<p>I hope you get it, but its very tough to tell what will happen if you have the estate situation.</p>
<p>Not as bad as buying a short sale, but still . . . </p>
<p>It appears there is one person who is handling the estate, as only one person signed the disclosure papers on the house. Of course, who knows what lurks behind the scenes.</p>
<p>Im sending you positive thoughts and crossing my fingers. :)</p>
<p>just a general strategy question…</p>
<p>friends are thinking of buying a condo in South Loop area of Chicago–empty nesters. They want a great view, about 2000 + sf, and all the amenities.</p>
<p>They found one they like…it’s been on the market about 140 days, has had 2 price reductions. They think it is still overpriced at about $700,000.</p>
<p>They were thinking of offering $600,000…pipe dream?</p>
<p>No, it is possible. The Chicago area RE has been pretty weak. Your offer might be looked at seriously, make sure it is cash offer with quick close. We were in the Hyde Park area looking for a condo for our D, just for the sake of looking. The properties are not moving much and of course, we were not serious either. Our experiences have nothing to do with the loop area, but from discussions with the agents, that is a picture they painted for Chicago in general.</p>
<p>They countered.</p>
<p>We countered.</p>
<p>Fingers crossed.</p>
<p>boysx3: I think it’s possible. In effect their list price right now is $700K. An offer of $600K should get a counteroffer – maybe down to $680 or $675.</p>
<p>On the issue of a sale by an estate, be aware there is the possibility that the Personal Representative (executor, administrator) will need to get permission from the court to sell. In our state, that’s called a “license to sell.” All sorts of reasons for that, including protecting the PR from claims by other family members that he/she didn’t get the best price for the property. If the court says the price is good, then no one else can complain about it. In most cases where the need for a license is seller-driven (as opposed to title insurance company driven), the Seller will most likely include language about this in the Purchase & Sale Agreement. It’s not a huge big deal: in our state, getting the license could take a week or so, sometimes faster.</p>
<p>A PS to previous msg because I don’t know how to edit:</p>
<p>The 1-2 week timeline I mentioned for license to sell assumes there is no objection by any other heirs. If so, then all bets on timeline are off, and whatever date you think you are supposed to close is likely to end up postponed while family drama plays out. Doesn’t happen often, but something to know if buying from an estate.</p>
<p>They would love to offer even lower than $600,000 because they would love to get it for right around that number but I think the sellers might not even want to counter…</p>
<p>it sounds like just so much money in a relatively slow market. Friends said the condo sold for about $950,000 in January 2007.</p>
<p>Then offer less than 600,000.</p>
<p>A friend listed a place above 3 million. I can’t remember…maybe 3.5 million.</p>
<p>Over the last two years, my friend has lowered the price to 2.5 million. Finally got a bid.</p>
<p>1.9 milion. He has lowered the offer to 2.1 million. So from an offer of 3.5 million, he is down to 2.1 million.</p>
<p>Just back from my walk through on my new place, closing next week. I think the construction guy was either wierded out or surprised when I pulled out a 4 page check sheet, a flashlight, tester, my coveralls and my stepdad (contractor) and proceeded to go over everything carefully. Nervously anticipating move in…</p>