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Update on the apartment

November 7th, 2009 at 04:19 am

We offered 290K.

Realtor believed it was a good offer.
It was declined a day and a half later.

Today (realtor was trying to convince the seller for 2 days) she came back saying she is willing to sell it for 315K.

She is being very emotional about it.
She originally listed it at 359K (which had no basis in reality).

We are not taking it. We can afford it, but I don't believe this is the right price. I looked up records of sales in that building and they are are nowhere near that figure. They were not that high even in 2006.

I don't know if I am doing the right thing - I really like the apartment.
But I don't want to overpay by a lot.

10 Responses to “Update on the apartment”

  1. LuxLiving Says:
    1257588306

    Are you going to counter-offer?

  2. snafu Says:
    1257594265

    I would want to know...Is the seller fishing in the market or does she truly want to sell? How many offers has she rejected from other qualified buyers?
    Ask your realtor to do a sf comparison for 'solds' for that bldg. in the past 6 months. They should be able to evaluate appliances, decor condition, cupboards/closet sf, parking etc. for each item. Do you now how long she has owned apt? Did she buy at mkt. bubble?

    Any counter you give needs a 24 hr. deadline; any property is only worth what a willing buyer and seller deem it's value.

  3. gamecock43 Says:
    1257602941

    I am glad you are keeping your head in this game. Go look at others to get your mind off this one.

  4. creditcardfree Says:
    1257603479

    Good advice from gamecock: go look at others. I also wouldn't want to overpay.

  5. monkeymama Says:
    1257604001

    Very common in this market. Good deals to be had - but hard to knock sense into sellers.

    Definitely the right thing.

  6. homebody Says:
    1257607792

    Everyone is giving you good advice... I echo it! Good luck.

  7. zetta Says:
    1257622425

    If you really love the place and haven't already stretched to your max, you might consider going up by $10k or $15k -- the payment would likely be just another $100/month.

    Otherwise, let it go. There will be more deals out there.

  8. Nika Says:
    1257625583

    I do love this place. And yes, we could afford it. But this is not the point. The point is that this apartment is not worth that price, objectively.

    That is the only reason we are not countering. 25K extra is a lot of money to pay just for seller's emotions.

  9. LuxLiving Says:
    1257633636

    Don't counter w/25K extra. Up it a little, like $2500 to 3000 and see if she'll bite. If not, off you go down the road. If she does, you'll likely be happy not to have to go on the hunt again.

  10. scfr Says:
    1258421678

    Just catching up on the blogs ... I'm happy to see you chose Apt#1 ... What a nice kitchen!!

    You are absolutely right to take emotion out of the equation as much as you possibly can. I'm not sure if $290K was your bottom-line ... If not, it wouldn't hurt to throw out one more offer, a bit higher, and make it clear to the seller that it's a "take it or leave it" offer.

    Snafu is right about what sets the market price of a house. When I sold my previous house, I was stretched to the absolute lowest price I would go and the buyer was stretched to the absolute highest price she would go (literally ... we're talking hundreds not thousands). I say "I" and "she" because interestingly it was the wives on both sides who were driving the negotiations.

    If you did throw out your best offer, take that as a lesson for the next house you bid on ... Perhaps hold a little back for the negotiation stage.

    You found 2 houses you like that were doable. You WILL find more! It is not the end of the world if you don't get either. You are learning a lot.

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