Jeannie in NJ Posted February 6, 2012 Share Posted February 6, 2012 our house is listed for $499,900 (being sold as is) and has been on the market for 9 months. OUr realtor just called and said he is writing up an offer to us for $475,000 and with no contingency whatsoever. His advice is that we do not counter, that we just accept this offer. Any opinions? This is the first house I have been involved in selling. We owe $350,000 on the mortgage and the house we want to buy is listed for 279.000 (we have not made a offer yet as we wanted to be able to buy it without us having to have a contingency ourselves) Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted February 6, 2012 Share Posted February 6, 2012 No contingencies??? Yup. Quote Link to comment Share on other sites More sharing options...
hana Posted February 6, 2012 Share Posted February 6, 2012 Me too. Quote Link to comment Share on other sites More sharing options...
Cassy Posted February 6, 2012 Share Posted February 6, 2012 I'm in the UK, I don't know if things work any differently over there, but I would have thought with the property market being what it is at the moment that's a very decent offer. Best wishes Cassy Quote Link to comment Share on other sites More sharing options...
caitlinsmom Posted February 6, 2012 Share Posted February 6, 2012 In this market, yes! Quote Link to comment Share on other sites More sharing options...
houseofkids&pets Posted February 6, 2012 Share Posted February 6, 2012 (edited) :iagree: with the posters who would take the offer. Edited February 6, 2012 by houseofkids&pets spelling error Quote Link to comment Share on other sites More sharing options...
Lolly Posted February 6, 2012 Share Posted February 6, 2012 Definitely. Without hesitation. Quote Link to comment Share on other sites More sharing options...
happi duck Posted February 6, 2012 Share Posted February 6, 2012 yes! Quote Link to comment Share on other sites More sharing options...
justamouse Posted February 6, 2012 Share Posted February 6, 2012 our house is listed for $499,900 (being sold as is) and has been on the market for 9 months. OUr realtor just called and said he is writing up an offer to us for $475,000 and with no contingency whatsoever. His advice is that we do not counter, that we just accept this offer. Any opinions? This is the first house I have been involved in selling. We owe $350,000 on the mortgage and the house we want to buy is listed for 279.000 (we have not made a offer yet as we wanted to be able to buy it without us having to have a contingency ourselves) As fast as you can. Quote Link to comment Share on other sites More sharing options...
jillian Posted February 6, 2012 Share Posted February 6, 2012 Yep I'd accept Quote Link to comment Share on other sites More sharing options...
prairiewindmomma Posted February 6, 2012 Share Posted February 6, 2012 Yep. Absolutely. Do they have their financing in place? (And I'd be thrilled. :)--congrats!) Quote Link to comment Share on other sites More sharing options...
kathymuggle Posted February 6, 2012 Share Posted February 6, 2012 Yes. One guideline I had heard is to expect an up to 10% reduction on listing price. $475 000 is only 5%. I would do it. Quote Link to comment Share on other sites More sharing options...
beaners Posted February 6, 2012 Share Posted February 6, 2012 9 months and this is your first offer? And it's in the general ballpark? And there are no contingencies? Yes. Quote Link to comment Share on other sites More sharing options...
jplain Posted February 6, 2012 Share Posted February 6, 2012 Take it, take it, take it! That's a fantastic offer. Grab it and run. Quote Link to comment Share on other sites More sharing options...
kitten18 Posted February 6, 2012 Share Posted February 6, 2012 Yes!!! Congrats!!!!! Quote Link to comment Share on other sites More sharing options...
linders Posted February 6, 2012 Share Posted February 6, 2012 In this market? I'd accept in a heartbeat... Quote Link to comment Share on other sites More sharing options...
Laura in MI Posted February 6, 2012 Share Posted February 6, 2012 Yes! Quote Link to comment Share on other sites More sharing options...
Momof3littles Posted February 6, 2012 Share Posted February 6, 2012 Yes, absolutely. Agreeing with figuring out where they are with their financing. We had 2 full priced offers on our house for sale several years ago (when the market was still hot). One was a no contingency offer that was supposedly cash. Realtor did not have us counter assuming no contingency cash offer was awesome. Went to closing and buyer didn't have her check yet from the bank and wanted our realtor to drive an hour one way to get it for her. We had our car packed and loaded for an out of state move. We ended up being able to close but her "cash" deal was not really a cash deal at closing. I just saw that house went to foreclosure not long ago. My only concern would be figuring out where they are with their financing, but otherwise, take it and run. Quote Link to comment Share on other sites More sharing options...
Grover Posted February 6, 2012 Share Posted February 6, 2012 yes yes yes yes yes Quote Link to comment Share on other sites More sharing options...
justamouse Posted February 6, 2012 Share Posted February 6, 2012 Yes, absolutely. Agreeing with figuring out where they are with their financing. We had 2 full priced offers on our house for sale several years ago (when the market was still hot). One was a no contingency offer that was supposedly cash. Realtor did not have us counter assuming no contingency cash offer was awesome. Went to closing and buyer didn't have her check yet from the bank and wanted our realtor to drive an hour one way to get it for her. We had our car packed and loaded for an out of state move. We ended up being able to close but her "cash" deal was not really a cash deal at closing. I just saw that house went to foreclosure not long ago. My only concern would be figuring out where they are with their financing, but otherwise, take it and run. Did that happen in Nj? Because my lawyer would have had that money proven and in escrow way before closing. Quote Link to comment Share on other sites More sharing options...
KidsHappen Posted February 6, 2012 Share Posted February 6, 2012 Heck yeah! Quote Link to comment Share on other sites More sharing options...
OLG Posted February 6, 2012 Share Posted February 6, 2012 Absolutely!! Do it today.:001_smile: Quote Link to comment Share on other sites More sharing options...
Momof3littles Posted February 6, 2012 Share Posted February 6, 2012 (edited) Did that happen in Nj? Because my lawyer would have had that money Provence and in escrow way before closing. PA. I was disappointed with him (he's on several realty boards and has been in practice for 30+ years. We were a relatively small client for him and perhaps as a result he didn't give us the type of attention we should have had? He was a former LL of DH's years before we purchased a house and has an outstanding reputation). He did call lots of contacts from outside of closing to flip out about the other realtor letting things get to where they did. No check at closing and no heads up they didn't have it, and the expectation that our realtor was going to drive to pick it up for her. It was not pretty. And all on a Friday afternoon...lesson learned about closing on a Friday. If I remember correctly they did prove funds but it wasn't escrowed? I'm fuzzy now as it this was 7 years ago. Edited February 6, 2012 by Momof3littles Quote Link to comment Share on other sites More sharing options...
Catwoman Posted February 6, 2012 Share Posted February 6, 2012 Absolutely yes, provided the buyer has already been completely approved for their mortgage. Make sure it truly is a no-contingency offer, and not a "no contingency as long as we eventually get around to applying for financing, and by the way, we won't be able to close for another 9 months" offer. I hope it works out for you, Jeannie!!!! Quote Link to comment Share on other sites More sharing options...
jennsmile Posted February 6, 2012 Share Posted February 6, 2012 Yes! Quote Link to comment Share on other sites More sharing options...
Stratford Posted February 6, 2012 Share Posted February 6, 2012 Take it, that's a great offer for this market. Congrats! Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted February 6, 2012 Share Posted February 6, 2012 (edited) Good luck! :) Edited February 7, 2012 by LibraryLover Quote Link to comment Share on other sites More sharing options...
Teachin'Mine Posted February 6, 2012 Share Posted February 6, 2012 Congratulations on the sale of your house!!! IOW - yes!!! :D Quote Link to comment Share on other sites More sharing options...
K&Rs Mom Posted February 6, 2012 Share Posted February 6, 2012 yes yes yes yes yes :iagree: Though, like others have pointed out, make sure they can really pay what they're offering. So many people here to agree with, but I really enjoy Grover's avatar. ;) Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted February 6, 2012 Author Share Posted February 6, 2012 thanks everyone. I will check with my realtor about the buyers qualifying and financing, etc. We already have our pre-qualifying letter for when we put an offer on the house we want. Will also have to ask realtor how soon they want to settle. Like I said this is all new to me, so didn't think to ask those questions when realtor called. He said he should have the offer to us tomorrow or Wed. Quote Link to comment Share on other sites More sharing options...
QuirkyKidAcademy Posted February 6, 2012 Share Posted February 6, 2012 The prudent answer is probably "what will the market in your area stand?" but MY answer would be "IN A HEARTBEAT!" Our house has been on the market for 2yrs without a single offer. We are even willing to take less than we owe at this point, and just make up the difference ourselves. Good luck! Quote Link to comment Share on other sites More sharing options...
chepyl Posted February 6, 2012 Share Posted February 6, 2012 Yes!!! Quote Link to comment Share on other sites More sharing options...
QuirkyKapers Posted February 6, 2012 Share Posted February 6, 2012 Yes! It will be interesting to see what their financing is. If they are first time buyers, sometimes the type of loan they are going with will have inspections that need to be done and things on your end that would need to be fixed prior to loan approval. Quote Link to comment Share on other sites More sharing options...
Sweetpeach Posted February 6, 2012 Share Posted February 6, 2012 yes. YES. Take the offer. and the RUN for the hills. Way to go! :) Quote Link to comment Share on other sites More sharing options...
dsmith Posted February 6, 2012 Share Posted February 6, 2012 Yes, absolutely! We are selling mom’s house as is, and all of the offers have been at least $75000 under our very reasonable price. It’s early in the game, but we would probably accept an offer within $25000 of our asking price. Quote Link to comment Share on other sites More sharing options...
thescrappyhomeschooler Posted February 6, 2012 Share Posted February 6, 2012 In a heartbeat! Quote Link to comment Share on other sites More sharing options...
AuntieM Posted February 6, 2012 Share Posted February 6, 2012 I would carefully examine the fine print to make sure there are no surprises. Then I would take that offer and run! Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted February 6, 2012 Share Posted February 6, 2012 I would take it in a heartbeat. congrats! Quote Link to comment Share on other sites More sharing options...
Mom in High Heels Posted February 6, 2012 Share Posted February 6, 2012 As long as the closing is in the very near future and they have financing in place I'd take it. That is a great offer considering how little you owe in comparison. Out of curiosity, has your house been appraised? I don't mean by your Realtor doing comps, but really appraised, by a certified/licensed aprraiser. Most houses aren't appraised, as homeowners generally don't want to pay for an appraisal when one will be done at closing, but in this instance, it might not be a bad idea. If the house doesn't appraise at $475K, the bank will not be able to back the loan, even if the buyers qualify. It might very well appraise for more, but with the way the market is right now, a lot of houses are appraising low. I still have loads of friends in the real estate world (I used to be a Realtor) and this is a constant issue they are running into. Good luck! I hope it closes soon and you are able to get into a new home soon! Quote Link to comment Share on other sites More sharing options...
DaffodilDreams Posted February 6, 2012 Share Posted February 6, 2012 In this market? Heck, yeah. Sounds like a good deal for all. Quote Link to comment Share on other sites More sharing options...
MistyMountain Posted February 6, 2012 Share Posted February 6, 2012 (edited) Yes. Without a doubt I would jump at that. It has been sitting for 9 months I would not counter or not accept it I jump at it. You have plenty of equity. I have been on the market for 9 months too. You have a lot more wiggle room then us and more equity. Congrats!!! I have been waiting for that day myself and starting to lose hope. Edited February 6, 2012 by MistyMountain Quote Link to comment Share on other sites More sharing options...
elfgivas Posted February 6, 2012 Share Posted February 6, 2012 the first time you do something like this it seems huge. i'm glad you have a realtor who is giving you a heads up about the offer and giving good advice, too. i'm with all the others, and would say yes. (i'd ask about the closing date, but unless it was outlandish, i'd still be saying yes. at the rate of one offer every 9 months, it will be almost Christmas before you had another offer, and this one is definitely in the ball park! :auto::auto: movin, movin, movin..... :001_smile: ann Quote Link to comment Share on other sites More sharing options...
LMD Posted February 6, 2012 Share Posted February 6, 2012 As fast as you can. :iagree: It's been on the market 9 months already? I'd take it and run... Quote Link to comment Share on other sites More sharing options...
DawnM Posted February 6, 2012 Share Posted February 6, 2012 That is a good offer! YES! I would ask how fast I can sign. Dawn Quote Link to comment Share on other sites More sharing options...
Donna Posted February 6, 2012 Share Posted February 6, 2012 I agree with the yes votes especially since there are no contingencies and you are selling as is. Quote Link to comment Share on other sites More sharing options...
4kiddies Posted February 6, 2012 Share Posted February 6, 2012 Truthfully, I don't know. I understand what everyone else is saying but since you are a beach locale and the summer is coming I don't know....I'm wondering if your house would be more attractive to buyers in the next couple of months. Was it on the market last summer? Or just Fall? Quote Link to comment Share on other sites More sharing options...
Heatherwith4 Posted February 6, 2012 Share Posted February 6, 2012 Another yes! Quote Link to comment Share on other sites More sharing options...
Mama Geek Posted February 6, 2012 Share Posted February 6, 2012 It sounds like you are going to a much less expensive house. Assuming they are all on the up and up, jump on it. Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted February 6, 2012 Share Posted February 6, 2012 As fast as you can. LOL yep! Quote Link to comment Share on other sites More sharing options...
berry Posted February 6, 2012 Share Posted February 6, 2012 I'd take that. Quote Link to comment Share on other sites More sharing options...
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