Comments on: A Counter-Offer: Offer More or Wait It Out?

By: jim

jim — Wed, 11 May 2005 15:56:26 +0000

The inside is in immaculate condition. The outside looks old because of the color of the paneling and the time of day the picture was taken. When you come over and check it out, you’ll appreciate the value I’m getting out of it. And when I post the official article and the situation, you’ll more than appreciate the value.

By: Tim

Tim — Wed, 11 May 2005 15:34:34 +0000

So the outside looks really old, is the inside in good condition or does it need some rejuvenation on your part if you move in? Looks like the TH was built in the 70s from your previous posting pic…

By: jim

jim — Wed, 11 May 2005 12:59:32 +0000

Thanks for the well wishes Jason, the verdict is in but until it’s in writing and “official,” I’m not saying anything. (but I guess you can infer what that means)

Howard County, MD is hot right now, to paraphrase a line from Zoolander, and homes list on Friday and offers are heard on Monday, with homes gone from MRIS by the next Friday. In the City of Baltimore, homes listed for three months are common. In Texas, you pay list if you really really want it. It’s all because of the location and the texture of the market. (I supposed that goes without saying.

I don’t know how prevalent bidding wars themselves are but $300,000 seems like the equilibrium price for a townhome with 1700 sq ft; that’s why a 2400 sq ft. home at $295,000 is something to appreciate.

The sellers want an accelerated closing schedule – within three weeks!

Thanks again Jason.

By: Jason

Jason — Wed, 11 May 2005 12:44:36 +0000

Good luck!

It is amazing how different real estate markets are from place to place (OK, that’s probably obvious). In the area of Upstate New York where I am, there are NEVER bidding wars, houses NEVER sell for more than the listing price and marketing times are in the 3-9 month range! That is for all ranges of house – $40,000 and $600,000 alike. (And on appraisals, the market is always listed as being in equilibrium.)

Once you have an accepted offer in place, how long is the time to closing? About 2 months is the norm here, with nearly all contracts having the standard mortgage and inspection contingencies.

Again, good luck!