House, offer, sellers, et cetera

[sevfiv]

Found a house I'm interested in and made an offer; house was listed higher than recent appraisals (I know, not the final word). Made an offer on the 17th and expected a counter offer within 48 hours because there are four parties involved on the selling end. The house is not in pristine condition, some updates have been made, but there are quite a few cosmetic ones and possibly an electrical upgrade depending on the outcome of the later inspection (upgrade may be required for the sale, and if nothing else rooms with old wiring will eventually need to be upgraded regardless). The house was built in 1958.

It has nearly been a week and the sellers are unhappy with the idea that it may cost a lot to upgrade the wiring (if it's determined to be needed). The issue is that they are getting an bid on the electrical work before they have even countered the offer. Normally, this would take place after an offer has been accepted and after inspections, etc., right? The sellers don't seem to know much about the house (original owner passed away 3 years ago) and foundation work was done, and the foundation paperwork cannot be found. In addition, the house is listed for a significant amount higher than area comps of recently sold homes. The seller's realtor also advised them not to list the house so high but they declined to lower it. Our offer is their first in the 2 months it has been listed (could have been listed longer, but don't know). My realtor advised to wait a few more days because we were assured the family would counter the offer based on their electrical bid (Monday). Also, I was told that the same extensive time frame occurred during the listing of the house.

Question: What do you think is going on with this? Are these sellers just inexperienced? Could their electrical bid-seeking be out of line at this point considering we are only at step 1? What are your thoughts on this and ideas of what else could be going on here..

TIA!

[musicman]

Found a house I'm interested in and made an offer; house was listed higher than recent appraisals (I know, not the final word). Made an offer on the 17th and expected a counter offer within 48 hours because there are four parties involved on the selling end. The house is not in pristine condition, some updates have been made, but there are quite a few cosmetic ones and possibly an electrical upgrade depending on the outcome of the later inspection (upgrade may be required for the sale, and if nothing else rooms with old wiring will eventually need to be upgraded regardless). The house was built in 1958.

It has nearly been a week and the sellers are unhappy with the idea that it may cost a lot to upgrade the wiring (if it's determined to be needed). The issue is that they are getting an bid on the electrical work before they have even countered the offer. Normally, this would take place after an offer has been accepted and after inspections, etc., right? The sellers don't seem to know much about the house (original owner passed away 3 years ago) and foundation work was done, and the foundation paperwork cannot be found. In addition, the house is listed for a significant amount higher than area comps of recently sold homes. The seller's realtor also advised them not to list the house so high but they declined to lower it. Our offer is their first in the 2 months it has been listed (could have been listed longer, but don't know). My realtor advised to wait a few more days because we were assured the family would counter the offer based on their electrical bid (Monday). Also, I was told that the same extensive time frame occurred during the listing of the house.

Question: What do you think is going on with this? Are these sellers just inexperienced? Could their electrical bid-seeking be out of line at this point considering we are only at step 1? What are your thoughts on this and ideas of what else could be going on here..

TIA!

right now people are getting great deals on properties I've been following. when multiple sellers are involved that could be slowing down the entire process. some people are trying to make money, while their siblings just want to get the cash ASAP. where are you looking?

[sevfiv]

It's south of Hobby but in the beltway - not the best neighborhood but not the worst. I figured it would take longer than normal since there are several people involved, but I wasn't expecting them to take this long/get bids on work. I know one family member was responsible for keeping the listing price higher than recommended. I'm just concerned about the way they are going about this..

[musicman]

It's south of Hobby but in the beltway - not the best neighborhood but not the worst. I figured it would take longer than normal since there are several people involved, but I wasn't expecting them to take this long/get bids on work. I know one family member was responsible for keeping the listing price higher than recommended. I'm just concerned about the way they are going about this..

if it's gulf meadows....watch out... since the beltway was built it really floods.

[rbarz]

I have personally negotiated with as many as 18 sellers (all family members) at once... no deal on that one, but It always seems to take forever when there are multiple sellers, they can never agree.

My guess is getting a bid on the electric sounds bad for a good deal on the home. I would imagine they want to make sure they are not giving the home away (in their eyes) and the bid is the number they will take off the price of the home.

Hope you get a good deal... I couldn't find the home from your hints but while looking I found a nice mod north of Hobby...

[thect]

Sometimes with stuff like that its the sellers trying to stall for time to get another offer. But in your case with multiple sellers its probably just coordination between them. When I have dealt with multiple sellers its takes forever.

[sevfiv]

It was definitely a coordination issue - all worked out though.