Posted by dhermesc on October 19, 2016 at 11:57:15 from (24.248.193.103):
In Reply to: Re: OT: house buying posted by Goose on October 19, 2016 at 09:18:08:
Many times the seller will insist on a price that has nothing to do with market or value. It has more to do with what they want or need to pay off what they've borrowed against it (home equity loans in addition to the mortgage).
I tried to buy a place recently. The owner has lived there 4 years and has done nothing to improve the value of the home a few things that has hurt the value. He overpaid when he bought the place in 2012 (was on the market 2 years before he bought it) - about $30,000 to $50,000 more than it was worth. He originally listed it in April for a full 1/3 more than he paid for it. When he first listed it he turned down an offer for $35,000 more than he paid for it (realtor advised the bidder it was too much) - bet he wishes he has taken that. When I came along about 4 months later I offered what he paid for it and he countered at 25% more than my offer. I figured there was no point in trying to negotiate with him - especially since I kind of like where I live anyway. Been on the market for 6 months - will probably take them a couple years to get the price down to where it will sell it at this rate.
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