counter at $10,000 off your asking price.
if they sold a 10,000 sq ft home they can afford yours easily
Glad you’ve got an offer to ponder.
Exciting! Hope it’s not a very low offer and there’s room for you to negotiate.
It’s very low, not sure we are going to meet at a good place. They are claiming the ‘comps’ support their offer
I have every confidence that you and your agent will come up with the right strategy.
And, of course, your agent can goose along the others who have been back repeatedly with the news that there’s an offer on the table.
If they sold a 10,000 sq ft house, they are able to afford this house. They are looking to get a “bargain”. I agree with MPM. Don’t counter with anything less than $10,000 off your asking price.
Get a list of their comps…betting none are renovated to new.
You of course know what the real comps are. Agree that if they are unwilling to move much from a lowball offer, they are not serious. You have already reduced once. A small drop as a counter is reasonable, since you know they are going to expect to continue to negotiate price.
And with a cash offer they dont have to get an appraisal. You might think about throwing that in as a negotiating point down the road if they wont move up in their offer. That you will pay to hire your own appraiser to get a real figure of value.
Usually an all cash offer has no appraisal contingency. For some reason this offer has the standard inspection contingency, request for a $500 home warranty (which is a waste of everyone’s money when you have brand new appliances in a house that are already covered by a warranty - but that is a whole other conversation) and an appraisal contingency.
I have no idea who they think is going to come out for an appraisal, since there is no bank loan involved. We are definitely going to counter out the appraisal contingency. I think it was just an oversight on the buying agent’s part.
@coralbrook If they want a “vacation home close to the beach for family” I would think they would want a house with 3 bathrooms. I see nothing comparable to your house in the area at your price point with 3 bathrooms.
Right. No appraisal contingency as there is no loan. But it’s proof of value.
Stuck to your guns. Loballers at looking for a deal, and you know that. And how about declining the home warranty.
*stick, not stuck
Still waiting for my agent to ‘wake up’ and get engaged this morning 
Real estate agents don’t seem to be morning people
I have scoured through all the comparables and I just cannot find any good comparables to make a case either way - to support their low offer or to support my pricing. This neighborhood is just all over the map from the small 2 bd houses across the street with steep stairs to house selling in the low 700s to the big houses on Poinsettia and Amaryllis selling for $1.2 to $1.6 million. For some reason, homes on Poinsettia sell higher. It defies logic because it is a busy street, it just has some ‘cache’. My little street is kind of hidden
Eagerly awaiting news from @coralbrook.
We have a strategy and we are going through our steps. Not going to respond to the low offer until we’ve done all our due diligence and exhausted our other potential offers.
cb, have you thought about redoing a condo instead of a house? I think you’ve done them in the past, correct? http://www.sdlookup.com/MLS-150060833-4494_Mentone_St_21_San_Diego_CA_92107
Good move. Let them sweat.
Definitely would consider but there are a lot of issues to be considered. Have to be careful that the ‘complex’ qualifies for financing between HOA reserves, high owner occupancy, no litigation. Then I have to make sure there’s enough room in the purchase price because the future appraisal will be based on other sales in the same complex. Its hard to convince a bank appraiser “but we have new kitchens and baths!”
The small dark house on Adair sold for $870,000 from list price range of $849,000 to $899,000. Sold all cash in 10 business days.
The Newell Comp (with horrible tile and kitchen) just dropped their price a whopping $3,000 off $1,098,000 in order for the property to go back out in email updates. I find the practice of dropping list price in small bits rather puzzling. Do they really think a flood of new buyers and offers are going to come in because the price is $3,000 lower now?
I just couldn’t help myself. I have so many tools to dig into real estate, ownership, etc that I got snoopy about the buyers. Without, hopefully, revealing too much personal information this is what I found out
Their ‘home’ is not sold, it has been on the market for over 150 days with lots of price drops
Home is not even close to “10,000 sq ft”, however it is an impressive home (slightly outdated) at about 6,800 square feet
It’s being sold by same agent that is representing the buyer in our offer
Buyer is a retired pro golfer
They have moved to Hawaii
The agent sent ‘proof of funds’ today and he did not have the sense to cross out/hide buyer’s account number or current address. Not good. I am very careful about any document that I forward to real estate agents.