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My first choice house 2 years ago just sold

 
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PostPosted: Fri May 20, 2011 3:53 pm GMT    Post subject: My first choice house 2 years ago just sold Reply with quote

MLS 71115491

This is a gloating kind of post.

We've been house hunting for 3+ years. 2+ years ago we thought this house, first listed at 399,990 but down to 389,990 would be the best fit for the two of us with an easy commute, everything finished, not too big. We got an agent, started at 335,000 and our agent conveyed to us that he got yelled at. (Btw I'm 100% sure the house has been on market >2 years, more like 3 years).

Another year, another agent. The house was now listed at 379,900 I think. Could be 369,900 at that point. We started at 345,000, sellers went down 1 dollar. I think we tried to go up to 350,000 or close to it (can't remember), but no deal.

We decided the seller really was too stubborn, can't work with them. So I completely discarded this house from my list of houses, even though it was the 1st choice. Now it sells at 353K. Sellers ended up paying >5K worth of association fees and >10K in taxes because they wouldn't deal. Congrats to buyers, I really thought this was the perfect house for a small family with no kids, with an easy commute to everywhere. The agent doesn't care - he nets around the same number.

The only person who loses out is the seller, assuming logical reasons for selling.
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john p



Joined: 10 Mar 2006
Posts: 1820

PostPosted: Fri May 20, 2011 8:03 pm GMT    Post subject: Reply with quote

That stinks. Where you are kind of wrong in your thinking (in my view) has to do with the context.

The guy selling to you has to worry about three basic things:

first, how much they can profit or have to bring to the table,

second, how long he might need to carry two mortgages,

three, how much does what he wants to move to cost.

With respect to the third, at the time he wanted to sell at $400k, the house he wanted may have cost $650k.

When he lowered his price to $353K, that $650k he had his eye on may have dropped to $589k?

Keep in mind that sellers are tied more to the fabric of the current price structure and unless they are desperate they tend to hold on as long as they can.

If a place stays on the market more than the average days, that is a good sign that they are priced too high and are stubborn, and typically, aren't motivated.

I would say in these cases, many are seeing what bites they may get and it will only be worth it if they can get $50k more than the typical price structure because they'll most likely have to lose money for the realtor and the move and closing costs.

Ideally, someone looks to sell to someone that will overpay a bit because it would be their "best fit", and trade up to someone who is selling and is desperate.

I wondering if companies are paying for people to move as much; with so many qualified people unemployed, I bet those days are over for the most part....

My advise is this: "Never chase a woman or a bus, there is always another one coming."
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Boston ITer



Joined: 11 Jan 2010
Posts: 269

PostPosted: Fri May 20, 2011 8:39 pm GMT    Post subject: Reply with quote

john p wrote:
I wondering if companies are paying for people to move as much; with so many qualified people unemployed, I bet those days are over for the most part....


I specifically know of one person whose company did not help with the loss on his home, after a move. They did, however, offer a small re-location fee, albeit, just enough to cover the basics.

He's renting today. Once burnt, twice shy.
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