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Jamie * | Condo being sold Overpriced... HELP? |
I am probably overracting, but let me know what you think.
My mom had a vacant (clean) condo on sale for $169,000 in Southern California. She received an offer for $177,000 and the buyer wanted her to pay $12,000 for their 'closing costs' which is why they offered over the price. My mom would only be getting $165,000.
The last three condos that sold in that complex (same size)were $177, $175, $173.. in May
My mom refused and they offered $175,000 and asked for only $10,000 in closing costs. We said OK, but here is my concern. The contracts lists the sale price as $175,000. The agent told my mom the commision would be based on that price. I questioned that. The buyer wants us to pay for termite check and some other things. I think my mom is getting a RAW deal. The agent said the condo may not appraise for $175,000 and said it's not worth ending the deal just for a few thousand dollars. It angers me cause the REAL sale price is $165,000.
Additional Details
I understand the buyer is probably making my mom pay for their loan. But, I don't understand why this is fair since it raises all the other prices, like commision.
We don't think the condo will appraise for $175,000. But, I don't understand why we should have to come down on a price just because they are asking for $10,000 extra.
We are supposed to pay (on top of the $10,000) for the termite inspection as well as the insurance protection for the new tenants for a year and some other things. In some ways, I hope this deal does not go through. |
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FaZizzle
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First off--in this market, having the house go for anywhere NEAR the asking price is amazing. Even if your house is impressive, you're fogetting that it's August. The market is winding down. You're lucky that the buyers didn't offer around $150K for it. DO NOT GET GREEDY.
Next off--while it may not seem pleasant to you, having a buyer offer to pay YOU more in order that you pay for the closing costs isn't that bad of the deal. In the end they have a higher mortgage payment but avoid the closing costs. You're getting paid for it all.
Lastly--I suggest talking with your realtor. Termite inspection is pretty standard, and if your mom already agreed to it in the conditions , then she's obligated to pay. And paying for the home warrenty isn't really that huge of a deal. In the long run, you want to leave the house in the hands of a happy buyer. |
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PRC SD
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I just sold my home in SoCal. Unfortunately, the way the market is going right now, that is typical. We got lucky in that the agent paid our closing costs because the was double-dipping (both buyer and seller contracted her as their agent).
Keep in mind that housing prices are almost in a free fall in SoCal. We lost around $60,000 in value in a little over a year before it was sold. |
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Vlady
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Why are you upset again?? they are trying to compensate for the termite reports and other things that need to be completed like retroffiting and inspections, but I don't see how she is getting a raw deal is she is coming away with the same amount you are asking for minus the commission she agreed to at the initial listing contract.
Outside of this, I can only offer you this piece of advise....SELL NOW! Condos are tough to unload. You are not being taken advantage off and between May and August the mortgage real estate industy has changed from night ot day... like cramer says sell ....sell.....sell
The difference in commision is $ 300 dollar your going to walk away for $300 dollars.... |
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fluke
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In this market, be happy you have a buyer. Just make sure you have a lawyer to represent you. |
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Boston George
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also check with a cpa and find out how much that will increase your taxes on the sale. if she has owned it for quite some time it shouldnt be that bad |
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William
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Well you don't have to sell, you can do whatever you want, ask whatever you want and accept or reject what the buyer asks of you. It is her property after all. You can always counter offer the buyer and ask that you pay 1/2 the closing costs. Also in cases like this I always tell the real estate agent, especially if they represent both parties that their fee will be figured on the amount net of the money back to the buyer. Negotiate, negotiate, negotiate but it is a buyer's market especially where you are. |
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lenderjayne
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This is actually a common practice in real estate sales. The sellers typically have a bottom line price they want to net from the sale. So when a buyer comes in wanting closing costs paid they will bump up the purchase price so that the seller nets close to their original amount. Commissions are always based on the final sales price. If the sales price were to drop it would be based on the lower price as well.
As far as the termite report and stuff, that was all negotiable in the contract. Your mom could have countered back stating she would not pay for those items.
You realtor could be right as far as appraising the property. As you know many things have heavily affected the market since May and the condo may not be worth the $175,000 value. If that turns out to be the case, then you are back at the negotiating table. You are not obligated to take the appraised value and still pay their closing costs. Everything comes back to the table to negotiate. It sounds like you don't have much confidence in your realtor. You may want to consult with his broker to ease some of your concerns.
I hope this helps you some. One thing, is the person selling your house the same one that brought you the buyer?
Good luck. |
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Leo F
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The deal may not fly at all. Im an appraiser and I require a copy of the purchase and sales contract and when I check MLS and see listing price of $169,000 and a sales price of $177,000 and see the seller is paying all closing, I have to put all that information into the appraisal report. This will raise a red flag with some lenders. Tell them to get their own pest and pay their own insurance (counter offer) The agent is just looking out for her own interest as allways. |
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lynda d
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doesn't sound like a bad offer, termite inspection is always the owners responsibility, also normal is a home warranty, you got to remember this is not may and the housing market is correcting itself, 1-2 months from now the condo will be worth less, be happy she's on of the lucky ones that actually received an offer, 1 in every 690 homes are in repo at this time |
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TM
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No matter where you sell the property at, all the commissions, closing costs & inspection expenses is pretty much on the Seller, not the buyer. You are lucky that you even got an offer with the price close to your range. Remember now is a buyers' market. After the sales, if there's profit, your mom will also need to pay tax. Commission is definitely based on sales price, not the net price. The real estate agent is not ripping you off. |
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