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Personal Finances / Buying or Selling a Home


Subject:  House for sale - offer expected Date:  5/13/2013  8:47 AM
Author:  Jennlee222 Number:  125257 of 128075

My house went up on the MLS on Friday. We've had three showings so far - two on Saturday and one on Sunday. Apparently the Sunday person is interested and may submit an offer today/tonight.

There's not even a sign in the yard yet, and it may sell already! That's exciting.

I'm a little nervous about considering the offer and how to decide whether to take it, if it is lower than asking.

My situation is this: I bought the house in 2000. Paid $168K. Put down about $100K. I have paid off about $25K in mortgage. So I only owe about $43K on it. (Currently have a 12 year mortgage for 3.89%)

The realtor listed the house at $225K. We think this is a decent price, and maybe even a little low. The comps for the area that includes surrounding neighborhoods would probably have it listed a bit higher, but unfortunately a house really close to mine sold for only $185K within this past year. That house is smaller than mine, has a smaller lot which backs up onto a supermarket parking lot, and the kitchen is a lot smaller and a galley style.

Anyone looking at the two properties closely would know that mine is worth more, but on paper it seems like a big price difference if you don't look closer.

My realtor did also say that in the area homes are going for about what the city assessments for them are, and my city assessment is currently $222K.

I somehow have it in my head that I'd like to walk away with $160K cash, but I'd need an offer of something like $222K given commissions and fees.

My carry cost is about $1100 a month ($500 in mortgage, $400 in taxes, $200 in utilities). I can easily afford it. I'm living with my fiance (we're getting married in three months) an