Thursday, October 8, 2009

Offer on a condo - Take 3

I put in an offer on an one bedroom condo today. This will be my third offer. My agent is surprised I picked this one because the inside is a little outdated for my taste. However, I love the location and the condo complex. The outdated fixings I can change to my own personal preferences later. I think the fact that it's outdated and been on the market longer than most of the listings in the complex could mean good value for me.

She sent me the comparables last night. When we talked this morning both our valuations came in about the same. Actually I think we were both being generous since all the comparables we looked at are either updated with granite counter tops, stainless steel appliances, and hardwood, or they are a new phase of the development with contemporary finishes. However because it is such a big gap between our number and the listing price ($34K)we were willing to start off a little higher on the offer.

But. There is a but. She had a talk with the seller agent about what our offer will come in at. He doesn't think it will even be looked at. He believes comparables put it even higher than what they are listing at. Both my agent and I are baffled. Because the prices he is talking about we have also seen, but for two bedrooms and two bathrooms in the same complex.

What to do? Should I even bother? I don't believe in giving up before even trying. I don't believe in wasting my time either because there is a second condo that is my backup purchase. So we put in an offer. It is a final offer which will expire today at midnight. My agent has also included the comparables we looked at to come up with the offer. Believe me, we are by no means low balling this person. So tomorrow I will either be buying this condo, or putting in an offer on condo #2.