Monday, January 21, 2008

Our first offer was rejected. After the offer was made, we spend the following day sitting by the phone, waiting for the phone call. I was daydreaming about the house, picturing my black sofa in the living room, my fuzzy rug next to the fire place…you get the picture. The phone call finally came but Jane said that the offer was rejected; the seller didn’t want to go below the listing price. We, on the other hand, offered 70K less than the asking price, which was absolutely reasonable, considering the condition of the house and the condition of the real estate market at the moment.
The house was a total wreck, an abomination, but with a lot of potential, to be precise, a lot of work. I’m just very fortunate because my husband is very handy, which is quite helpful. Because of the realty market crisis, it is mostly a buyer’s market at the moment (too many houses on the market, not too many buyers), meaning, potential buyers are allowed to make lowball offers, i.e. offers way below the listing price.

Then again, most houses are artificially priced (I would say 100K more than their real value), and sellers continue to keep them unchanged?????
Personally, I don’t think that this is a very smart move on their part. As a result, the best case scenario is to find a seller who is very motivated, i.e., a seller who is desperate to sell because of an impending foreclosure, because of relocation or whatever reason. Usually, your real estate agent will be the person who will give you all that info.

Oh well, I guess it was not happening for us, at least not with respect to that house, anyway.

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