We are sooooo excited tonight! We just learned that the offer we have been in negotiations over for the last 2 weeks has been accepted!
The Fair Market Value is $180,000 and we got it under contract for $97,000. We have already advertised it out to all our buyers and we are asking for a $3500 Assignment Fee. We also posted an ad on CL so that we can get the word out to as many buyers as possible, plus we may be able to build up our buyers list at the same time.
This offer has been an exercise in patience, something we are in short supply of! Our original offer was $90K to their asking price of $150K. At the time, they accepted another offer. Then about 3 weeks later, they called to ask if we were still interested, as the offer fell through. We said that we were, and a few days later, they countered at $135K. We then re-countered at $92K, with a deadline of 5 days.
The deadline was a MISTAKE! They changed their MLS listing to say, "Only taking offers until Wednesday! Another offer on the table." Our realtor said she couldn't believe the amount of interest that stirred in the property. Sure enough, another offer came in to compete with us. The listing agent said the offer was $97K, but contingent on financing and that they would rather take our cash offer. Would we be willing to come up $5000? We agreed, but said we wanted to hear by Friday (that gave them 2 days).
They completely ignored our deadline!! Friday came and went and NO WORD! We were so frustrated by this point that we decided to pull the offer, but our realtor said that she had worked with this bank before and they are notoriously slow. She recommended that we be patient and wait it out, because if we pulled our offer they might lower the asking price, thus generating more competition. We took her advice.
Then, this morning the listing agent called our realtor to ask us to continue being patient, and that HE was frustrated with the bank, too! At this point, we weren't holding our breath!!
Then, tonight at 4:30 we got word that our offer was accepted!! We now have a 10 day inspection period to get it assigned. WOW!!!
Let's just pray that we don't blow it NOW!! Thank you everyone for your support and words of encouragement!! We will keep you all updated!
Dominic and Kim
Go confidently in the direction of your dreams. -- Henry David Thoreau