We had our engineer come and look at the house which is my brother-in-law - anyway the house has a serious sagging problem - we called them to discuss this and they got very angry and just said are you buying the house or not - we said we want to buy but we want to address this problem - we wanted them to come down in price (we were giving them the asking price for the house) we just felt that we couldn't pay that for a house that needs that kind of work before we move in - well it just goes to show you what kind of market it is b/c they were getting the asking price and we only wanted the price lowered $7 - $10,000 for this (and they hung up on us and said they will call the other people)
I'm a little sad about it b/c it's the first house we truly loved and that is after seeing about 80 - but I know something will come along again. It is so hard our there. You have to pay top dollar for a house that needs a lot of work.
Anyway just wanted to share -
Kathi
Posted:
Member since
Goodbye House already... Sorry to hear, Junebride
That stinks. The right house will definitely come along. In the meantime, are you working on your mortgage pre-qualification? It`ll help to have that ready for when the *ideal* house comes along!!
Meanwhile, our search has intensified. We`ve come close to making an offer but I truly felt the house wasn`t worth what they were asking and it was mentioned that it would sell 'cery close to or at asking'. Well, not to us! Hang in there. I`ll be doing the Open House thing this coming Sunday...again.
:)
Junebride
Posted:
Member since
Kathi
When we first started looking - about 6 months ago we thought none of them were worth what the asking price was. However, the more you look the more you realize that's what they are selling for. We kept bidding 'what we thought they were worth' and now we know why we never got called back. If you want someting you are probably going to have to bid very high - that's the market and there is nothing we can do about it. We have let some houses go by that we could of bought b/c we didn't feel at the time they were worth it - but looking back now - we realize we should of bought them. But, now we have more experience and when we see the one we will know. (This one was a keeper) but we coulnd't pay asking for something that had so many problems.
Good Luck to you (that's what you need in this market Luck... and that is the truth.
MichelleW
Posted:
Member since
Kathi/June Bride
Sorry to hear about that. We are still trying to figure out where we want to live, Orange County or Suffolk. Basically all we can afford is in the LOW 200 range. YEESH why can't I hit Lotto :)
NuBride
Posted:
Member since
Goodbye House already...Pay the asking Price???
I'm sorry to hear about your situation, but I'm sorry I just have to ask....why would anyone pay asking price? It doesn't make sense before they put that house on the market they already know the bottom line price they will accept for that house and believe me, it's never the asking price. Just look when you buy a new car, new furniture...you never will pay the asking price. I don't ..just my two cents, I hope you find what you want.
Junebride
Posted:
Member since
Yes, people are getting asking price
I will give you an example:
You put your house on the market for $129,000 (open house 1 day)
That day you have 5 offers
$90,000 - $100,000 and two at $125,000 in order to get this house you have to bid at least $125,000 (but those people are willing to go up too - I wasn't taken (I had inside scoop) those were the offers on the house so (we had to pay asking to get it) $129 for example
When it's a sellers market in an area that a lot of people are trying to get into (you will pay asking) or you won't get the house. Believe me... I have tried bidding $10,000 - $40,000 less than asking (we never even came close to getting it) Now I know that if we want something we will have to be willing to pay close to asking or walk away. (or wait until the market changes.
Karen H
Posted:
Member since
Depends on the supply and demand of houses and buyers
Not too long ago on LI, there were many more buyers than sellers, and when something good came on the market, buyers were actually offering MORE than the asking price, in order to get the house. You would often have sellers say they were accepting offers for a given week, then they'd select the one they wanted, so it was kind of like a silent auction - if you really wanted it, you offered more.
One of our real estate brokers told us that she's noticed a change in the last several months where buyers are no longer 'grabbing and upbidding' as she called it, but they are still paying anywhere from the asking price, to a little below.
We were able to talk our buyers down by about $10,000, but would have considered going to the full asking price, as it was close to fairly priced as compared to other things we'd seen, and it suited all our needs. It had all our 'must have' list and 95% of our want list.
It's still a seller's market out there.
KGB
Posted:
Member since
Goodbye House already...Pay the asking Price???
I agree. Anywhere you read, they tell you that if the house has structural problems, you need to renegotiate the price. If you wanted to renegotiate, ten others will as well when they discover the problem. plus think that perhaps banks won't be too happy to give a mortgage on a house that is not structurally sound.
By the way, who hung up on you? Did you call them directly or are you dealing through lawyers? Maybe there's a way the lawyers can handle this. If you agreed on a price, it must have been contingent on the property passing inspection. Not 'as is'. Look into it.
Kel
Posted:
Member since
When we first looked, houses were going ABOVE asking price! *NM*
Kel
Posted:
Member since
Junebride
I`m so sorry to hear that this house didn`t work out. I can understand how you must feel .. I was so worried something would keep us from closing on our house that we fell in love with.
But, hang in there! There is a house out there for you, and luckily you found these problems before you continued with this house, rather than go to closing and found it later when it`s too late.
Best of Luck!!
Lee
Posted:
Member since
Junebride - Sorry to hear!
Sorry to hear that - is there nothing the lawyers can do? Had you even gone to contract? Good Luck to you again!
You are right about the asking/selling prices. Nowadays its asking price or bust - still a sellers market. The right house for you is out there, and I agree, maybe this wasn't meant to be -- I believe everything happens for a reason. Better to find out now than later...
phyl
Posted:
Member since
NUbride-and all (long)
When you start looking for a home in LI, then you will see what is going on out there.
It is a seller's market. WE bought our house ...june will be 2 years...and it took us over a year to FIND this one. We did almost all the work searching, scouring the neightborhood every weekend...driving up & down streets,looking for signs , then calling realtors.
Market was tight in Long Beach. Most people were entering bidding wars over homes- going over asking price.
Most of the homes we saw had some damage due to neglect...some downright structural damage - and they were still asking $290-$325...and you had to knock the house down to make it livable. (I know- my dad was in construction and I worked side by side w/him on many jobs).
We 'founf' this home on pres day- and jumped to make an appt that day. We were the 2nd bid in, we new what it was worth...and the value of all the things that theyu were leaving for us- all appliances including a profess stove and all fixtures.
Then we had the engineer come and they had to addresscertain probs including an electical line that wasn't installed correctly. SO they came down cuz they knew it was easier to do that with someone READY to move in.
Don't fall victem to the realto's speal..this one will go quickly, are you approved, how much to u have in the ank,etc. they are only looking out for themselves.
Kate
Posted:
Member since
MichelleW - Orange County
Go to Orange... or at least check it out. We did and absolutely love it. Check out this article from local paper...
http://www.recordonline.com/archive/2002/01/25/jrrailro.htm
I almost don't want to tell people how much we enjoy it so it won't get too crowded (which is already happening)
MichelleW
Posted:
Member since
Kate/Orange County
Kate,
Where in Orange are you, we live in Westchester right now. I have a very good friend that lives in Central Valley and we do like it there. However, hubby is a firefighter assigned to Brooklyn, so we are ot sure about his commute and I work in Midtown, so I am equally not sure how long it would take to get ot work on a daily basis
Kate
Posted:
Member since
Kate/Orange County
Michelle,
What is your email? I'll send you a note separately.
I am very, very sorry to hear this...but, I agree with one of the earlier posts - check with your lawyer and have them do the negotiating with the seller's lawyers. You should not have to call the sellers directly.
If this doesn't work out, something better is bound to come along. Keep your chin up!! Good luck!
