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Buyers Offer Less |
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I have received an offer of $110K for my house that is listed at $150K. I know the market is tough right now, but the offer is not even close to what I would consider. Beyond the price, the terms were terrible as they wanted to do a land contract with only 3% down. It is best to reject the offer or to counter. My bottom is near $140. |
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I don't know your whole situation (would you be just as happy receiving your money over a period of years on a land contract?), and I don't know house values in your area (was $150,000 a sensible price in the first place?) Of course there's never any harm in countering with the figure you really would accept--nothing to lose.
BUT before you committed yourself to any counter-offer, you should insist on a credit report and financial analysis of those would-be buyers' financial situation. With a land contract, you'd be involved with them for many years, and you absolutely shouldn't commit yourself to anything in writing until you have some assurance they pay their bills on time, at the very least. |
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Edith
Originally published on December 21, 2007 |
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