When is a Home Overpriced?

When is a Home Overpriced?

Residential News » Q & A with Dottie Herman | By Dottie Herman | June 12, 2015 9:42 AM ET

Q &A with Dottie Herman
Question: There is a home in my area that my husband and I love. We have looked at a number of homes, and also have lived in the area for years. This house is totally overpriced, and we want to make what we think is a fair offer. We don't want to insult the homeowners. It is listed by a company that I have never heard of before and isn't big in our marketplace. Could they have listed it incorrectly? Or promised the homeowners more money in order to get their business. We are unsure how to best proceed.
ANSWER: In many regions where supply is low and demand is high, sellers want to take advantage of market conditions. If, after you've researched recent sales of comparable homes and find that there is still a great disparity, you should convey your offer, along with your rationale and credentials. If you are represented by a real estate professional, your agent can speak with the seller's representative to learn more about their pricing strategy.

Question: I am closing on my home in 20 days. We are also purchasing a new home and have gone to contract. The sellers of our new home will not set a closing date with us until we close on our current residence. Is that fair? Timing all of this is incredibly difficult and we feel they are just holding up the entire process for us.
ANSWER: If there are no contingencies in the Contract of Sale that prohibit your ability to Close prior to the Closing on your current home, you might want to direct your attorney to speak to the Seller's attorney to try and work this impasse out.
Question: I have just sold my home but I am unsure where I should purchase now. My family and I are waiting for some job information for my husband before we make any permanent decisions. The person who purchased my home can't move until October. Would it be reasonable to ask to rent the home from them for the next few months? Is that possible?
ANSWER: In many cases Buyers, upon advice of counsel, are reluctant to do a lease-back which may result in difficulty gaining occupancy down the road. It is not unusual for this type of accommodation to be made, but must be worked out carefully between your respective attorneys.
Question: My neighbor's house is completely disgusting. It gets worse and worse as time passes. What rights do I have to make someone mow the lawn and fix the property? It is beyond gross and it's an eye sore for us to look at.
ANSWER: Bringing the condition of your neighboring home to the attention of your Township is the best route. If the property's condition is in violation of Town Ordinances or your Community Association Rules, there should be enforcement mechanisms in place. In addition, you might want to speak with other neighbors impacted by this property's appearance and approach the owners as a group.

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