Great News!!!

So DH has had his condo for about 14 years. He's a packrat, which is all in our attic now. (can you say Sanford and Son? ) And the goodness knows when the last time the place had a good cleaning!

Anyway, we just finished with the renovations - just a new coat of paint, new carpet, new floor in the kitchen and laundry room and a VERY thougrough cleaning! The condo officially was listed on the market Monday, DH got a call Tuesday morning that someone made an offer for the asking price and a 30 day closing date!! We were going to wait to the open house this weekend, but the agent is really pushing this deal because of the amount of cash the seller is putting down and the 30 day close date - which is REALLY appealing because this $$ is all going to pay down the mortgage on our house.

I just can't get over how quick we got an offer!

that's great news! congrats!

Congrats!

I would still have the open house this weekend, but ask if you can sign the contract and still show until you are out of attorney review. In New Jersey you have that option, I am not sure if you have the same option in NY, otherwise, I would ask if you can hold off on accepting the offer until Sunday night. I would inform people that are viewing at the OH that there is an offer in place.
Honestly, an all cash or mortgage offer should not make a difference, as you are getting the chesk at the closing anyway. It just makes your Realtors' life a lot easier so she does not have to work as much for the comission. I would be happier with the fast closing date since you will incur fewer monthly expenses.

GREAT NEWS!!! Love to see the debt go down!

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Posted by lrs2005

I would still have the open house this weekend, but ask if you can sign the contract and still show until you are out of attorney review. In New Jersey you have that option, I am not sure if you have the same option in NY, otherwise, I would ask if you can hold off on accepting the offer until Sunday night. I would inform people that are viewing at the OH that there is an offer in place.
Honestly, an all cash or mortgage offer should not make a difference, as you are getting the chesk at the closing anyway. It just makes your Realtors' life a lot easier so she does not have to work as much for the comission. I would be happier with the fast closing date since you will incur fewer monthly expenses.

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I agree- this offer can still fall thru- at least if you show it you will have more people just in case

and maybe someone will offer more then asking

the real estate agent is pushing b/c they want to make there commission and they push thru people with large down payments b/c they are less likely to walk away

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Posted by lrs2005

I would still have the open house this weekend, but ask if you can sign the contract and still show until you are out of attorney review. In New Jersey you have that option, I am not sure if you have the same option in NY, otherwise, I would ask if you can hold off on accepting the offer until Sunday night. I would inform people that are viewing at the OH that there is an offer in place.
Honestly, an all cash or mortgage offer should not make a difference, as you are getting the chesk at the closing anyway. It just makes your Realtors' life a lot easier so she does not have to work as much for the comission. I would be happier with the fast closing date since you will incur fewer monthly expenses.

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We discussed that, and talked it over with the agent DH is working with and my father who really knows real estate because that's his job. And they both felt this was a great offer and we shouldn't hesitate to take it. There was ALOT of foot traffic through the place between Monday and Today and this was the only offer. There was one other that was well below asking price, the realtor said no way on our behalf. There are also 2 other comparable units on the market in his building too, and he didn't want to lose a buyer to one of them. The most attractive thing is the fast closing date. DH is also very anxious to pay down our house mortgage.

The less debt the better!!!

This was our last loose end thing left post wedding, and has been a big source of stress. I'm so happy that this could potentially be off our plate!

I didn't realize other people had seen it- I thought this was the only person

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Posted by Beth1210

I didn't realize other people had seen it- I thought this was the only person

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This person put the offer up on Tuesday afternoon. DH has been away on business and our attorney was away until today. So until DH said yes (or no) to the offer, they continued to show the place.

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Posted by lrs2005

I would still have the open house this weekend, but ask if you can sign the contract and still show until you are out of attorney review. In New Jersey you have that option, I am not sure if you have the same option in NY, otherwise, I would ask if you can hold off on accepting the offer until Sunday night. I would inform people that are viewing at the OH that there is an offer in place.
Honestly, an all cash or mortgage offer should not make a difference, as you are getting the chesk at the closing anyway. It just makes your Realtors' life a lot easier so she does not have to work as much for the comission. I would be happier with the fast closing date since you will incur fewer monthly expenses.

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I would have to agree that you should still have the open house. you can let people that come know you have an accepted offer. deals die everyday. who's to say this buyer finds a different place tomorrow and then you are back at square one. to be fair, you can hold all other offers as back ups.

however, i disagree with the negative comment about realtors. in NYS, we take an oath to work for the seller and deal honestly and fairly with the buyer. it is in YOUR best interest to take a deal that is putting alot of money down because it means its easier for the buyer to get a commitment, or in your case...all cash means no appraisal issues. if someone were to come in with the SAME EXACT offer but is only putting $5000 down. which would you take??? common sense says to take the one with more money down. realtors don't get paid any faster because there's more money down. Also, regardless if it's cash or mortgage, the realtor still has to deal with the attorneys, home inspections, title issues, and insurance companies. so it really doesn't make our lives easier because of cash.

dont mean to vent...but i work hard and it's very frustrating to read that someone has a negative attitude towards realtors. we're licensed professionals...at least I am. sorry if you guys had bad experiences with other realtors.

After much thought, we did take that offer, we are supposed to come out of attorney review today and have a close date of April 7th.

There were many factors that played into that decision. Right now we're carrying two households, our mortgage on our house, and still paying the taxes, maitenance fees, electric, etc.... it's saving us quite a bit of $$ in the long run.