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How should I be feeling right now?

Y

Yax

Platinum Member
My neighbor's home was sale pending for 550K, 3200sqft (two stories). So I took the average between the homes currently listing and the homes that just recently sold and my asking price was 479K for 2060sqft (single story), largest lot on the block (.14 acres).

Then someone from 4 blocks down lists their home, same as mine but on a smaller lot however with a pool. They listed for 545K (their lot was .11 acres).

Then someone else around the corner on my block lists their two stories 2700sqft for $529k.

Because of the second home being so closed to mine and listing so low, I decided to take an offer for 469K. Then I find out that the one listing for 529K accepted an offer too but theirs was 550K and I was like :Q

Then I find out that the other home like mine also accepted an offer too. I don't know how much, but its definitely way higher than mine. Probably asking price because of the sudden surge of demand.

To top it off, the appraisor asks why I was selling so low. I was like huh??? it would've been overpriced just a month ago, now I'm selling too low? WTF?
 
If I was you I would've never listed for 480k in the first place. Set it high and then negotiate down.
 
tell the buyer the house is AS IS, maybe that will scare them off, so you can resell it at higher price, if not, then if they found something wrong with the house later on, they can't come after you..its win-win for you.
 
should have done more research....sucks but nothing you can do about it now...although for that kind of money, I'd back out if I had any chance
 
Have you already closed on the property? Is the contract notorized? There are more than a few ways to weasle out of a contract, just let me know which level of hell you'd like to end up at 🙂.

If you've already closed on the property then don't sweat it, the money we don't make can drive us to madness 🙂.
 
A pool on a lot of .11 acres? How? My lot is ~.25 acre and I can't imagine fitting a pool back there.
 
I wouldn't be feeling good if I were you, that's for sure.
I'm in the process of buying a house for $77k that's appraised at $86k.
 
Originally posted by: feralkid
Why did your Broker / Agent list it so low?
Click to expand...

We listed for 479K because I talked to a couple of brokers and they said if we listed at that price we'd be able to sell it within the month. Plus there was another home what was listing for 490K which was slightly smaller than ours but been on the market for well over a month.

The really sad thing was the one asking for 490K also sold. It sold for 510K. So now there's a home smaller than mine sold for higher price.

Its just crazy. I don't know what formula they were using.
 
Depends. How much money did you make off your house? What did you buy it for? If you didn't lose money on the deal, I wouldn't feel too bad if I were you, and if I made $50-$100K on it, depending on how long I owned the house, I'd think I'd feel pretty good about it.

What's really going to suck is if you don't roll it into a new property to avoid capital gains.
 
Originally posted by: Yax
My neighbor's home was sale pending for 550K, 3200sqft (two stories). So I took the average between the homes currently listing and the homes that just recently sold and my asking price was 479K for 2060sqft (single story), largest lot on the block (.14 acres).

Then someone from 4 blocks down lists their home, same as mine but on a smaller lot however with a pool. They listed for 545K (their lot was .11 acres).

Then someone else around the corner on my block lists their two stories 2700sqft for $529k.

Because of the second home being so closed to mine and listing so low, I decided to take an offer for 469K. Then I find out that the one listing for 529K accepted an offer too but theirs was 550K and I was like :Q

Then I find out that the other home like mine also accepted an offer too. I don't know how much, but its definitely way higher than mine. Probably asking price because of the sudden surge of demand.

To top it off, the appraisor asks why I was selling so low. I was like huh??? it would've been overpriced just a month ago, now I'm selling too low? WTF?
Click to expand...

Who was your realtor?
 
If you didn't know the real estate agents involved, you shouldn't really trust them if things don't look like they are in your favor - they are only looking for that 2% commission.

Upgrades to your property should have been taken in consideration for the asking price. So if your house was a dump inside, then maybe the price was justified.
 
Originally posted by: xirtam
Depends. How much money did you make off your house? What did you buy it for? If you didn't lose money on the deal, I wouldn't feel too bad if I were you, and if I made $50-$100K on it, depending on how long I owned the house, I'd think I'd feel pretty good about it.

What's really going to suck is if you don't roll it into a new property to avoid capital gains.
Click to expand...

You're right. We made a good gain on it. We bought it 4 years ago for 300K. That's why its such a confusing feeling. I feel good that we sold and made some money, but then feel kind of cheated seeing other homes getting higher offers right after we accepted.

But then prices are still going up like crazy in our neighborhood. I mean less then 6 months ago, my other neighbor sold his 3200sqft home with all the upgrades for 480K. Then that last neighbor who didn't even take care of her lot sold hers for 550K. That's less then 6 months. Same model home.
 
Did you sell "By Owner"? If so that at least saved you ~ 6%..

It's not always easy to judge pricing.. you want to to move briskly but when it sells too quickly, it does make you think it was underpriced.
 
Originally posted by: Sex Smurf
If you didn't know the real estate agents involved, you shouldn't really trust them if things don't look like they are in your favor - they are only looking for that 2% commission.

Upgrades to your property should have been taken in consideration for the asking price. So if your house was a dump inside, then maybe the price was justified.
Click to expand...

Actually I talked to a couple of realtors. They were in agreement on the pricing. I didn't go with the other realtors because they charged 2-3% plus another 2-3% for buyer's agent too.

I asked a friend of mine to list my home on the MLS since she was a broker too. She simply asked me what I wanted to list at and after we looked at the selling rates, I figured we list at what the first two brokers suggested. 479K. She wasn't in it for the commission. She only took 1 point to cover her expenses.

Thinking about it, I'm relieved that I got the home sold. I think I should be happy. I still can't believe there are so many qualified buyers at that high of a price.
 
if you're still under contract, then there might be hope. just refuse any requests for repairs and hope the buyers will back out. you can also talk to your lawyer and ask him/her if there are any other ways to back out of the contract.
 
i expect you should feel how i would if i bought a video card for 175 and the next day it was 170... only, pretend you bought 14 thousand video cards
 
Originally posted by: Yax
Originally posted by: xirtam
Depends. How much money did you make off your house? What did you buy it for? If you didn't lose money on the deal, I wouldn't feel too bad if I were you, and if I made $50-$100K on it, depending on how long I owned the house, I'd think I'd feel pretty good about it.

What's really going to suck is if you don't roll it into a new property to avoid capital gains.
Click to expand...

You're right. We made a good gain on it. We bought it 4 years ago for 300K. That's why its such a confusing feeling. I feel good that we sold and made some money, but then feel kind of cheated seeing other homes getting higher offers right after we accepted.

But then prices are still going up like crazy in our neighborhood. I mean less then 6 months ago, my other neighbor sold his 3200sqft home with all the upgrades for 480K. Then that last neighbor who didn't even take care of her lot sold hers for 550K. That's less then 6 months. Same model home.
Click to expand...

Making $180K in appreciation off your home over 4 years is nothing to sneeze at. I definitely wouldn't feel bad about it. Did you sell low? Maybe. Could you have gotten more? Maybe. But figure $180K over 4 years... that's $45K a year you've been paid to live in a house, minus whatever interest you've had to pay.

All in all, I'd say sit back, smile, and have a :beer:, knowing that you've given somebody a really good deal while making a lot of money.
 
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