Active Rain May 21, 2009

Congratulations! You Just Bought Your House Back!

The fact pattern:

  1. Total time on market: 18 Months. Time with my company: 120 days
  2. Original Price with prior broker: $629,000
  3. Original means of pricing home: oldest son’s date of birth (6/29)
  4. Current price: $489,000
  5. Number of offers before yesterday: 0
  6. Current offer: $420,000
  7. Number of competing home for sale: 40
  8. Number of comparable sales: 4
  9. CMA value: $440,000
  10. Counter offer to yesterday’s offer: $465,000. 
The outcome: 
The buyer walks, moving on to one of the other 40 competing homes.
Congratulations! You were the high bidder! You get (to keep) the house! You town assessor agrees and will continue to bill you on the assessed value of $550,000! You can continue to pay your bills with credit cards! Why live near the grand kids? That’s what web cams are for! Why trade in your $300,000 mortgage for an $80,000 one? You’d lose all that deductable interest!
Shall I send flowers or a bottle of wine?