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The waiting game

June 5th, 2014 at 04:28 pm

Well, negotiations are dragging on in this home deal. The seller countered our offer (which we were under the impression was not a counter so much as accepting *their* counter, so it's like they're countering their own counter!). They asked for more money and a few other conditions.

I was inclined to just say "no," flat out, since they've now reneged on the asking price they said they'd consider. But my realtor convinced me to look at it, and wait to talk to the broker about what the new terms would mean to our monthly payment.

Depending on what he says, there's a chance we will make another counter. More money would be absolutely off the table for me at this point, but we might consider a few of the other conditions, though not all of them. So I'm not even sure if it's worth countering, but if it looks like we can counter with an offer that would not add much to our already-stretched-thin monthly budget, I guess we'll try.

In a way, just saying "no" would have been a relief because the uncertainty is getting to us all, and this is just dragging that out further. But we've gone this far, so we might as well go a little bit more.

On the good side, we have decided to really cut our condo renovations down to a few essentials and see if it will sell with just those improvements. So that could potentially save thousands of dollars we were planning to spend.

8 Responses to “The waiting game”

  1. creditcardfree Says:
    1401982527

    The waiting is hard, on either side! I'm glad to hear you are considering fewer upgrades...or at least less expensive ones. I'd like to see after pictures too! Smile)

  2. My English Castle Says:
    1401982553

    Waiting is so hard. How is the condo market in Minneapolis?

  3. ceejay74 Says:
    1401982811

    Seemingly better than it's been in a while. There's actually a chance we'll break even on our current mortgage amount, which we didn't think was possible. Some places seem to go quickly while others stay on the market. If we put ours on, it'll be the highest floor available in our building right now, which means better view than the others on the market. And we won't be putting the highest asking price at all; we'd probably go for $155K, and right now there's a $165K and a $180K out there, as well as some going for $105K and $115K that are in kind of rough shape. So we'll look like a good midrange option.

  4. My English Castle Says:
    1401989515

    That seems really reasonable. Good luck with the sale!

  5. Another Reader Says:
    1401991400

    If these sellers had a better offer, they would not be talking to you. They are just trying to squeeze a little more money out of you. In your shoes, I would say that you accepted their first counter and that's it. Without a better offer on the table, they are more likely to agree.

    I would do what was necessary to get the condo sold quickly at an acceptable price if this deal goes through. Otherwise, I would pick and choose the upgrades and do them as you wait for the land deal and for your savings to grow.

  6. CB in the City Says:
    1401997305

    In hindsight, I think I spent too much upgrading my house when I sold. Granted, it sold in four days, but I wasn't in a hurry, and that was more of an inconvenience than a blessing. I would have saved money with fewer upgrades, and bought myself more time.

  7. rob62521 Says:
    1402008380

    Waiting is never easy...hope things work out.

  8. Looking Forward Says:
    1402032537

    I think AR has a very good point.
    At the same time you have to ask yourself if you want to lose the place over $1k or $2k?
    Only you know for sure - Listen to your GUT feelings on this. Smile

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