Real Estate Investor · NC · Member since 2008 · 22 posts · 2 votes
I'm not sure if this belongs in this forum or another forum. I am selling a condo FSBO, and have an offer on the table.
The offer is $8,000 below our asking price, and also the offer contract requests that we put $4000 towards closing costs. There is also going to be a 2.25% real estate commission which will be a little over $3000.
I am now drafting a counter-offer. To increase my selling profit, I can come back with a higher price, a lower closing cost contribution, or some combination of both.
My question to the group- is there a strategic advantage to flexing on one of these rather than the other? My inclination is to counter-offer with something close to my asking price but leave in the closing costs because it will be easier for the borrower to get another $1000-$7000 from the bank than come up with cash for the transaction costs. But I'm open to alternate strategies.
Real Estate Investor · Portland, OR · Member since 2009 · 660 posts · 244 votes
17y
I'd go with your inclination ....in an effort to save cash, closing cost help from you will make them more likely to pay full price for your condo as it will only add a few dollars a month to their mtg pymnt.
Real Estate Investor · Portland, OR · Member since 2009 · 660 posts · 244 votes
17y
I'd go with your inclination ....in an effort to save cash, closing cost help from you will make them more likely to pay full price for your condo as it will only add a few dollars a month to their mtg pymnt.
Real Estate Investor · NC · Member since 2008 · 22 posts · 2 votes
17y
First, thanks for the advice/confirmation of strategy.
I wound up getting $1250 below my asking price with $4000 towards his closing costs. I am also doing a $525 repair/improvement that will lower his condo dues $20/month.
All in all, I successfully bargained up approximately $6750 from their initial offer.