I never knew selling a house could be so hectic. After a few weeks of tweaking this, repairing that, painting walls and baseboards and making it look better than it ever has, our house finally hit the market on Thursday. The next three days were absolutely insane. We know our house is worth a little more than $200,000, but there were two recent sales on our street that an appraiser will use for "comparables". One lost his job and did a quick sell for less than it was worth. The other went through a nasty divorce and did the same thing to unload the house before his soon to be ex got it. With that in mind and based on the advice from our realtor we listed our house for $190,000. Evidently our house is very, very popular. We had 20 showings in three days, three of which were impromptu drive-ups who called the realtor from the driveway. I ended up showing it those times. We have six dogs, so showing our house is no small feat. We had to corral all six dogs in the dog run out back and stay there with them. Once I spent three hours out with the dogs during four back to back showings. Anyway, we met with our realtor last night and went over the offers. The one we are going to accept this morning is an offer for $204,000 and the buyer is willing to go $15,000 over a low appraisal, so we should end up getting what we originally wanted and maybe even more.
good luck, we as well maybe putting our house up for sell, once my son graduates from high school. so in about a year, ive been doing some painting and up keep now / ie new cement patio out back
How do you know your house is/was worth "a little more" than 200K? If you didn't have an appraisal done and your agent is using the 2 distress sales as a guide, your agent is worthless!! If an appraiser is using those local sales as the only comparables and your agent did the same, you probably got screwed. Those are abnormal sales. An appraiser should be able to find other comparables within the last year the better match your circumstance. I am glad you have an offer more than your asking price don't get me wrong, but you and your agent may have left too much met on the bone.
I know the feeling well, my wife and just did this! Luckily it only took 1 day to sell ours. On the flip side the buyers we gracious enough to let us push out our closing date for 2 months ( our new house is still being finished up) and now we are living in my wife’s parents basement for 2 more weeks..... at least we are almost done with it! Good luck with your sale!
Those weren't the only two comps, but there just weren't that many comps here local. We just think that those two are going to have a negative impact on an appraisal. I say "we know" it's with over 200K because we've been keeping an eye on he market around here for a couple of years now, we know what we paid for it new and I know the value of the improvements I've made. I probably should have said that I "believe" it's worth over $200,000.
Also, I have to say that this young lady realtor we hired is a real hard charger and she seems to be really good. As I said, she did have other comps and we based our asking price on the price per square foot of the best of the comps, not the two lower sale price comps. Even then, we thought that the price per square foot on the best of the comps was too low, so we listed it at a higher per square foot price than the best of them.
Here is to hoping that those distressed sales have too many "adjustments" to really be a comparable to your home. And the buyers bank tosses them out.
I know your pain. I'd rather take a beating than sell a house. Ours is on the market right now just to see what happens. I'm not getting any sleep at all. I hate moving even more than selling the house. The only reason it's on the market is that there are people paying crazy amounts for things right now. We might ass well get some of that crazy too. Best of luck Chief! Sent from my SM-G930V using Bowhunting.com Forums mobile app
Moving is worse than selling. I didn’t know I had so much stuff! Then those other people want to move into your house, so you have to get out! Rude!
As of 4:00 pm yesterday we are under contract for $205,000 with a closing date of 28 September. The contract does contains their offer to pay $15,000 over appraisal if it appraises lower than $205,000. It's kind of stunning this happened so quickly because we really thought this would take months, if not up to a year. Ah well, this was the first house we ever bought and of course is the first one we've ever sold. We have an exterminator coming out this afternoon to perform an inspection and get a letter certifying that our home is "free of wood destroying insects". We have to pay for that since the buyers are both ex-Army and are using a VA loan, and we know we're termite free because we already had it inspected for peace of mind. We just didn't get the letter that time. The inspection is Wednesday at 1:00 PM and their appraiser will be here either Wednesday or Thursday. If all of those go off without a hitch we will be in a scramble to get our stuff packed up and into storage until we settle on what place in Missouri or Arkansas we want to buy. I sure am glad we have our travel trailer. I don't look forward to packing up and moving at all, but I'd rather do that than go through this selling process again.
How in the world did I type February? Autocorrect maybe? I have no idea. I edited my post so no-one else is confused. The closing date is 28 September. We have a week and a half. That's why I said we would have to "scramble" to get our stuff into storage.
I was thinking that you were a REALLY laid back dude if you thought 13 weeks to move was scrambling. LOL Get off BHOD forums and get packing!
I'm not packing a thing until after the appraisal (which is at 3:00 pm today now) and the inspection (which is tomorrow at 1:00 pm) go well. Packing doesn't worry us. We're both retired Navy and we've both packed and moved many, many times. It's just another drill for us.
We finally heard what our house appraised for. The realtor was just as shocked as we were. It appraised for $209,000. The offer is $205,000 and we are going to close on Friday.
Good for you guys! Best of luck with the move and deciding on the next place to put your boots down. Also thank you for your service. Sent from my iPhone using Tapatalk
Great for you for the quick sell and even quicker closing date. That being said, I would be livid at my realtor, if you had 20 showings it says right there that it was listed well below the market, they are supposed to be experts in their field and this one dropped the ball in my opinion. If it appraised for $209,000, he just robbed you of $4000 because of his ineptness Sent from my iPhone using Tapatalk
OP did receive an above ask offer. Sometimes a perceived low asking price can set off a bidding war-sometimes not. The question becomes how long do the sellers want to go back and forth between bidders and risk it all falling apart. The agreed price is approximately 98% of the appraisal price. I believe I would take that with a smile. It beats the alternative of an over bid of the appraisal price and the bidder dropping by including a contingency of them getting a mortgage approved.
