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Mel | "Blackmail" Offer on our home, did we make the right decision? |
We have had our home on the market for about a year. Many people want to buy it, but they can't get the loan. We had a new bank manager move to town about a month ago. He has been renting until he had enough time to look. They looked at our home on Tuesday & made an offer Friday. He told the realtor, "I'm putting $56,000.00 cash down with my offer. Also, if they don't take what I offer ($156,000) then my offer goes off the table & I will make an offer on another home in town. We live four miles out of town & have two extra acers, also 4,000 total sq ft. The other home, 800 sq ft short & in town. We put in a counter offer today, & he told the realtor, he removed his offer & is done. We think he was a bully & trying to push his weight around. Did we do the right thing??
Additional Details
Our asking price is $179,500.
We don't NEED to sell, but it sure would be nice to move back to town & have a little extra money. But selling to him at $156,000 would leave us short $2000.00 to pay off our mortgage & realtor. It would be like giving our home away & saying "here, take over payments". We have invested at lease $10,000 + in the last three years. This would be a huge loss & kick in the gut for us. |
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HeyDonny
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You don't say what your selling price was for?
It's hard to say with out knowing this.
Obviously, after a year on the market, your not in a hurry to sell, since you declined his offer.
He did not accept your counter offer and the deal is null and void.
It doesn't matter what you have as far as acres and sq. footage.
If he wanted your home bad enough, he would have accepted your counter offer or made a new counter offer to you.
He didn't do that. So, you lost a possible buyer.
He's with in his rights to do it the way he did.
Bully ?? maybe.
That's the way things are done though now day's. |
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Real Estate Guy
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This is what happens.
HOWEVER, from your post, I'm betting that the house is over priced. I bet that you have priced your home to that you would be able to pay off the loan and the realtor and make a few bucks.
The questions is: how much is your home worth TODAY. Has your agent given you a recent (last 30 days) update on the comps (recent sold homes) and tell you their opinion of value. Maybe the 156,000 price was a fair value, based on what the market is today.
Your agent, at the time they presented the offer, should have given you real, upto date information on the market. If they didn't they did you a huge disservice.
I'm sorry to say, but what YOU want (or need) to sell the house for is of NO value to a buyer. The market and recent sold sales drive the price. |
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Landlord
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He was not blackmailing you. He was not being a bully either.
He made his offer and was NICE enough to let the agent know that there would be only one offer. He had his eye on something else too and was not interested in a counter offer. He wanted a yes or no from you.
You said no. I do not know if you did the right thing, but it sounds like you did, as the offer was obviously not acceptable to you.
But, do not fault this guy. He made a clean offer and was very honest about where he stood. |
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conservativegal
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You had a right to counter offer, and he had a right to remove his offer. This wasn't blackmail, this was him putting his cards on the table upfront and letting you know that this was the only offer he could provide. If you didn't want to accept that offer, that was your choice, and you can keep your property on the market until you find a buyer that can meet your terms. As far as if you did the right thing or not, that depends on how badly you need to sell your home. Sometimes people hold out for offers that never come, and then they end up in foreclosure. So you have to decide if you made the right decision or not. However, at this point, the question is moot, as the buyer has already moved on. |
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ohh_herro
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only you can answer that question. If you can afford to keep paying the expenses on the house, then stick to your guns. |
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Noneya
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What he did is not all that uncommon. He found a home that was on the market for a year and figured you must be desperate so why not try and get a great deal for himself.
I would suggest that you take your home off the market since you don't NEED to sell. ITS A BUYERS MARKET, never try to sell anything in a buyers market unless you absolutely have to. Wait until the market rebounds some and then sell. |
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MSAD
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In essence what he said was...here's my offer. It's a firm offer. Take it or leave it. That's not blackmail. It just means that's all he was willing to pay for your house.
You rejected his offer and counter offered.
He rejected your counter offer.
So you have a choice...either call him back and take his low offer....or keep the house on the market and see if you can get a better offer. |
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g239b
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Mel, you cannot rely on what other people say re: whether or not you made the right choice.
This is obviously a buyer's market and buyers will make every attempt to appropriate that economic advantage. Everybody does the same thing and where that can't justify it being the right thing, you have little choice in the matter.
If you still want to sell to him go back to your realtor and ask her to contact the buyer with the message that you have reconsidered. If you buy another house right away, you may be able to exercise the same economic advantage in that purchase.
Good luck to you |
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Jim T
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Yes you did unless you had to get rid of it.
That's how people with money do things, most people are afraid to turn them down. Bully for you, if he did buy something else he lost on your good deal. |
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