Back & Forth

Thumbscrews Would Make This Go Quicker...

Ah, the blissful pastime of property value negotiations!

As mentioned earlier, the offer contract for the condo got sent to the seller, and the fight is on.

Quick breakdown:

Asking Price = XX,000

Offer Price = 4/5 of XX,000

Counteroffer by Seller = XX,000 - 2K

Counteroffer by me = 5/6 of XX,000

Final offer by seller = 11/12 of XX,000

And here's the problem.  Comps in the area are about as abundant as hair on a frog.  There's just nothing similar to compare it to.  The one good example of a recent sale in the area that the seller is basing his price on was roughly the same size, but had some serious renovations done.   Paint, cabinetry, bathroom & kitchen fixtures, etc.

I like this little condo, but this pic of the entryway should give you some clue how long ago any sort of redecoration took place:

Makes me want to hang up a mirrored disco ball and do the Hustle...

So, we're offering to go halves on an appraiser of their choice and get an unbiased opinion of the value.

Truth be told, I'd pay what they're asking, but it's not up to me.  If the value ain't there, I don't get the loan.

Keep thinking happy thoughts, y'all.  I need a home!