We put a bid on a home last week. A older home, one that has been on the market for 3 months, one that needs a new kitchen, all new appliances, new bathrooms, updated wiring, a new garage door, and new driveway pavement. Oh, and the basement had a leak we never did get full details on. Our agent (Frank) presented them with a figure and it was rejected soundly. Very soundly. Their faces dropped, and their eyes clouded with anger.
First they kicked Frank out of the house.
Then their own Real Estate Agent was tossed to the curb.
And there both agents sat for 45 minutes until the homeowners called them back in with an ultimatum: "We will only sell at this amount. Take it or leave it"
And so Frank left it.
"Aren't you going to call your people?" They asked his back.
"I don't need to." he replied. "They aren't going to pay that for a home in need of so much work." He left them slack jawed and angry.
"We're taking the house off the market!" They wailed.
You do that folks. Go right ahead. But I am not paying over $300,000 for a home that needs a minimum of $50,000 in work.
It is still on the market.
Our search goes on.