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would you accept this offer on house


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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)

Yes. In this market, with no contingencies, but I would require proof of funds from bank within 2 days.

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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.

A prequalifying letter is meaningless, legally. All it says is that "IF the buyer's financial conditions are as he represented, THEN we would lend him money."

 

You need proof of funds from your buyer. And for yourself, after I had selected my lender, I would get an approval letter, not a prequalifying letter. Even approval letters aren't foolproof, but are what you can get now.

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yes, it is true that we live in a beach town but our house was built mid 1970's and needs quite a bit of work done, mostly the bathrooms and the tiny kitchen which we cannot afford to take care of now. All of dh's extended family (all of whom, I dearly love) live offshore in the same community about 15 min. from us. THe house we are looking to maybe put an offer on is located 1 block from our nephew, his wife and their beautiful dc. It was built in 2006, has an extra bedroom, a finished basement, a fenced in yard with 2 decks and an above ground pool. But best of all, our mortgage payments with be at least cut in half from what we pay now

Edited by Jeannie in NJ
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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)

 

 

YES!!!!!! And don't look back. Congrats!

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I've bought & sold many times, and even in a good market, this would be a solid offer.

 

Given the facts (this market, 9 mos, no contingencies), I'd jump on it.

 

1) make sure the contract is solid w/truly no contingenices

2) check the closing date

3) get solid earnest $$. I'd say minimum $10k for closing w/in 60 days. Another $5k for each additional month delay. (I've never actually seen the "standard" 10% earnest $$. I've seen more like 2% on houses in that price range.)

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