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About the Second Offer

April 16th, 2015 at 08:28 am

The second offer that came in Tuesday morning as we were preparing our first counter offer was interesting. It was a full price offer, asking for $2500 in closing costs. However, the buyer wanted it contingent on the sale of their home which had not even been listed. They indicated it would be listed by May 1 and requested a July 15 closing date. Our realtor didn't like that they weren't yet really in a position to sell. I do like their closing date, although really much farther out then we were looking for. It would have meant longer time away from my husband by another month.

The first offer already has a solid pending offer on the sale of their home which they close on May 28. This was the date they wanted for closing but did then change it to June 8 when we indicated our daughter didn't even finish school until June 5. We then countered back with a June 12 closing.

I think the buyers got a little nervous hearing another offer was coming in and agreed easily to our June 12 closing in order to secure the home. It sounds like the couple has four young kids. They will definitely fit into this neighborhood well as they are many young children around us.

So there was no bidding war exactly, but all potential buyers were notified that offers were coming in and given a chance to produce one. Which did prompt the second offer. While the offer was good or maybe slightly better financially, it wasn't as solid as the offer from the buyers that already have a pending sale on their home.

We are very happy with the outcome. The only caveat our agent mentioned was that at full price and a recent sale down the street we could have an appraisal issue. The comparable on our street sold for $260K is the exact floor plan as ours except they have a sunroom addition. Our home has sold for $255K. We priced it at $255K expecting some negotiation and more likely to land at $250K. Of course, I'm thrilled with an extra $5K! Fingers crossed it can appraise at that value. Smile

Time to pay bills!

14 Responses to “About the Second Offer”

  1. scottish girl Says:

    Brilliant news!!

  2. LivingAlmostLarge Says:

    It's not an offer if it's contingent on the sale of a home. At least all the realtors told me that I interviewed. None would take that sort of offer. I wouldn't either. I think your plan solid.

  3. AnotherReader Says:

    My guess is your property shows shows better than any of the competition and the appraiser will take that into consideration in adjusting the comparable with the sunroom.

    If it does not appraise, the buyer can ante up the difference, you can split it in some fashion, or you put it back on the market. With the spring selling season just getting underway in the colder parts of the country, you may get better comps in the next 60 days.

  4. creditcardfree Says:

    Yes, AR...I figure these people want it, there will likely be a compromise if needed. There are likely other comps that will help but this one on this street WILL be included. It is the most recent and best comp. Realtor has only had two homes not appraise in her 10 years as a realtor, so I think we are probably fine. One agent who showed the home said it looked like new construction. It is in really good shape! These people buying should be very happy!

  5. AnotherReader Says:

    LAL - both offers are contingent. This is the Midwest, not San Francisco or Washington DC. Things work differently there. There is no long line of cash buyers at the door of every new listing. Instead, the buyers are probably move up buyers or military transfers with houses to sell, and contingent sales are common.

  6. creditcardfree Says:

    Yes again AR, nearly all sales around here are contingent. Agents do a great job at screening buyers to make sure their homes are solid sales and have pre approval from a lender. Our buyer has already has a pending contract and will at this point close about two weeks prior to our closing. I've personally never had a problem with a contingent sale.

    If that second offer was our only offer, we may have actually passed, or encouraged listing ASAP. Too many unknowns there. Smile

  7. LivingAlmostLarge Says:

    very interesting. I hope everything goes smoothly. Probably why I couldn't stomach buying before selling out place. But we have friends doing it.

  8. My English Castle Says:

    In the UK, things are even more complicated. Typically popular properties have a long "chain" with everyone's sale dependent on the others in the chain. If an early link falls apart, the whole thing can crash down. It's horrible--and so you see some things listed "chain free" which is very popular--if you can get it!

  9. Ima saver Says:

    Creditcardfree, Could I ask in what state you live? I can't believe that things are selling that quickly!

  10. creditcardfree Says:

    The reason it is selling quickly is we live in a small town, a suburb of a larger town, of about 2500 people. ALL single family home lots are sold. There are plenty of condos that are moving fast, too. The house across the street is only 150 sq ft more, but they are listed at $299K. They have higher end stuff in their home. There were literally only 8 listings when ours went live on Monday. Only one was less than our listing at $149K, which is a 2 bedroom ranch. We really had zero competition for a great neighborhood in a desired school district. Our home is just under 3 years old...so many factors in our favor on this one! Smile

  11. PNW Mom Says:

    Congratulations! Smile

  12. Ima saver Says:

    The reason I ask is that we alos have a house for sale. It is brand new, 3 bedrooms, 3 1/2 baths, family room with wet bar, with a mountain view and on a creek. We have not had any offers yet.(Price is $270,000)

  13. creditcardfree Says:

    Ima is the home staged? That might make a nice impression for those looking. I hope you get an offer soon!

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