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Real Estate Predictions?

  1. Billie Kelpin profile image92
    Billie Kelpinposted 3 years ago

    I don't know if I'm allowed to ask this here, but here goes anyway.

    We have an offer on our condo in Orange County, CA, but it seems like it's $10,000 below the price we could get next Spring. 

    Situation - our condo has two law suits filed suing the Water Company here and suing the contractor for faulty work done recently.  Our offer is all cash from an investor.  It was a nice offer at first and then when they countered, they countered $10,000  lower than their own original offer "because of the litigation". 

    I know no one can advise us and it's our decision.  No one has a crystal ball either.  We need the money, but we COULD hold out for a few months hoping to get closer to our asking price.  We haven't confirmed our acceptance as yet. 

    The risk?  If we reject this offer and wait, the price may go lower and we may never get as much.  The gamble?  We might get $10,000 more and we really need the $10,000. 

    If this is an inappropriate questions, please ignore.  I'm sure it will be flagged if not appropriate.

    Thanks gang,

    Billie

    1. Writer Fox profile image76
      Writer Foxposted 3 years agoin reply to this

      Orange county has seen more real estate value crashes than almost any other place in the U.S.  You've got a lawsuit against the builder for faulty construction.  That's scary, too.  All over the news this weekend was the scare over the big quake now past-due to hit southern California. Take the offer and run. The offer is certain; the future is not.

      1. Billie Kelpin profile image92
        Billie Kelpinposted 3 years agoin reply to this

        Writer Fox,  thank you so much for your input.  I like to gather lots of opinions to make my decisions.  My daughter says I make decisions by vote of the majority.  (very democratic of me, don't you think? smile  I never thought about the overdue earthquake question.  Wow, if that happened in our complex, we'd have nothing. Thank you again for your input.  Cheers to you.

        1. Writer Fox profile image76
          Writer Foxposted 3 years agoin reply to this

          You might get $10,000 if you win the lottery.  It's not the kind of thing to base a financial plan on, though.  Why don't you just present a counter offer and split the difference: offer a sales price $5,000 more than their last offer.  They might go for that. The fact that they countered means that they aren't exactly sure about the purchase, but you have to give them something to encourage them to make a deal. After all, you're the one who put the kink in the transaction by not accepting their first offer. You gave them too much time to think about it.  Make a fast counter now before they have time to find another condo.  There are thousands of them on the market now (without law suits for shoddy construction).

 
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