Thread: Should I sell???? HELP!

Originally Posted by nikib76

We just rec'd an offer on our home that we're selling. It is WAY below what we wanted for it. We have it on the market for $169,000 and we got an offer for $136,000 from someone who can't go any higher. We only owe $30000 on the home, but the homes in my area are truly coveted and under normal circumstances would sell for at least $180-200,000. WHAT SHOULD I DO? I would ideally like to sell it in the $150's, but I don't imagine the market getting much better any time soon. This would essentially pay off all of our bills- we would be debt free except for a student loan at 3% and a car payment which we will pretty much always have anyway. Please help! I don't want to get greedy. What could we expect to walk away with if we only owe $30,000 and our commission is 4%? Thanks for any advice. I REALLY appreciate it.

To truely answer this question we would need more information than was provided like what part of the country you are in, what are the closed sales prices in the last 90 days, the last 180 days and do they show a down ward trend, and what is the transfer tax for your area. The only way a meaningful answer can be provided is if you grant us this information. You should be able to get all of this from your real estate agent.

What about carrying a second mortgage for them?
Let's say you counter offer at $160K providing a second mortgage of $24K with a balloon of 5 years for example...
Talk to your Realtor, (s)he'll know all that stuff....

Firstly, have you not spoken to your REALTOR about this?

Secondly, you mention that you received an offer far below what you "wanted" for the house. Is the offer in line with the market value?

Time and time again we see sellers pass up the first offer in hopes of getting another, and by the time they get the second offer, the price has fallen.

Usually the first offer is the best offer. Consult your REALTOR and a financial advisor and you'll be sure to find the right answer...

You should have discussed with your Realtor if a bottom offer was to have come in what was the lowest amount you would accept.

The bottom line is why are you selling, and if you are relocating and need a new home you are going to be taking on new debt for a house.

You are correct in saying that the market over all is not going to be changing any time soon, In my opinion.

Originally Posted by fmike630

You should have discussed with your Realtor if a bottom offer was to have come in what was the lowest amount you would accept.

The bottom line is why are you selling, and if you are relocating and need a new home you are going to be taking on new debt for a house.

You are correct in saying that the market over all is not going to be changing any time soon, In my opinion.

I agree. You should know how low you would accept. You can get advice from your realtor so that you would know the pros and cons.

Why are you selling now? Given your financial situation, can you wait until next Spring/Summer when it's a better time to attract Buyer's? Is it worth it now to sell your house for so much lower than you want?

Mario J.