Wednesday, June 11, 2008


We just got an offer tonight (for our condo - the market around here is still good) that was 13% lower than appraisal value and 10.5% lower than our asking price (we are already listed $5k below appraisal to sell faster). We are not using realtors and are selling FSBO. Our buyers are buying without a realtor. Considering our asking price is $145k and they offered $130k, we're not sure how to counter the offer.

Oh, and they've requested a close date/move-in date of two weeks.

We're thinking of counter-offering (by the way, how do we do that?!) with $145k (full asking) with their currently requested move-in date or $140k with the standard month closing.

Any advice?! help!

We have to respond to their offer by 8pm on the 12th.


Gingerlylizzy said...

Hey Chelsea,
We did a FSBO with our townhome. Did they put their offer in writing? You should be able to use the same form copied with the ammendments made.

I would definitely suggest coming down on your price a little and extending the closing date (how big in a hurry are you guys looking to sell it?) - In this market, if you need to sell soon - you don't to scare them off by coming back at full price... Just suggestion though - you guys need to do what you feel is right!

Chelsea said...

Thanks for the help! We actually found a form for counteroffers. They put their offer in writing, however they didn't bother to sign it, nor did they provide any sort of earnest money or a loan pre-approval - common practices even in FSBO, from what I've been told and read.

We've decided to counter this:

$140k with standard closing of 30 days (date of July 10th)

or $145k firm with closing/possession of their requested date (June 27th).

We still have 2 months to sell, so we're not worried that this might be our only offer.

The last FSBO that we're aware of that sold in Chambery went for $147.5k, just 8 weeks ago.

Our thoughts on arriving at this price is that it's halfway between what they offered and the appraisal value of the home, plus it's still less than the last FSBO that sold (that I know of, I'm sure others have sold since) in our area. The nice thing about our area is that it typically sells for $10k more than the neighboring Condo Communities (we have better amenities and HOA).