What does your agent advise? Does the offer indicate what type of financing the buyers propose to obtain? Some loans require the seller to pay closing costs.

Will your house appraise out higher, based on comps or are you asking as much as the neighborhood will support?

we needed 6% closing and prepaids on our home purchase but she needed xxx,xxx to be clear of the house so we increased our offer above list by the amount necessary for her to walk away with her bottom line and for us to get what we needed. It appraised out fine and closed with no issues.

Your agent should be providing you with an accurate net sheet based on the offer price. There are closing costs that the seller is responsible to pay (title fees, government fees, commissions) and there are closing costs the buyer has to pay (more title fees, more government fees, lender fees).

When the buyer is asking for $4000 to pay toward the buyer's costs, this is part of the offer and can be countered just like any other term. Some buyers simply don't have the funds to pay their own costs so they ask for a seller contribution. Other buyers ask, even if they have the funds. It is never a requirement by the loan for the seller to pay for buyers closing costs (that is a misconception). I'm a Realtor and have been in the business for decades and I know the loan programs. This is a buyer request (the $4k). If the buyer doesn't have the closing funds, then the property won't be able to close without your contribution. Have your agent do the work they need to do to find out if this buyer is qualified to purchase or not. Once you know if the buyer can close, do they need the entire $4k or can they work with a lower contribution? These are steps your Realtor needs to do so you can make an informed decision.

If you need $86900 to break even, then you should not have listed at $86900.

If you need $86900 to break even, then you already know what your counter needs to be.

Agree with ncrealestateguy in general if the definition is the traditional definition of "break even". If, however, the OP is using the expanded form of break even that some sellers use (not a true B/E), then I would have a different answer. Expanded form includes maintenance and repairs of the property for the life of occupancy for this property by the current owner + property taxes for the duration of ownership and other similar expenses. You get the idea. I don't think the OP is using the expanded form, but you never know unless you see the details.

One other exception: if the OP really wants to move due to stated reasons and the offer is within the current market value for the neighborhood, consider taking the offer. Sometimes just cutting your losses can bring you piece of mind.

Thank you all for your very informative replies.

My agent did a verbal counter to buyers agent (they actually work for the same real estate company) and buyer told her agent she would just keep looking instead. Our counter was 86900 with 2k towards closing.

When I say break even, I am referring to our equity only. We recently got a new water heater, brand new doors, and are including all appliances. All of this is probably around..6k, which I didn't figure in at all.

So, because this was a verbal offer, we do technically still have the option to accept her original offer (I think). Thoughts?

We are really unhappy here, but it makes me sick to have to pay to move. Plus, that money is getting taken out of our savings which we were putting towards a down payment. I dont think the offer made was bad...its just bad for us because we don't have the equity to support it. It is within the current market value.

Please excuse any spelling errors as I am writing this on my phone.

I guess I am wondering what others would do if in this situation. Would you suck it up and wait it out? Or jump at any decent offer?

Thank you for any further advice!

How long on the market?

65 days

A sex offender lives across the street. This is easily searchable and knowable by any buyer. You lack an amenity most nearby houses have-a basement. The first factor alone would make me jump at an offer. Combined with the second problem and the fact that you are miserable, find a way to make the next offer work. With two offers under what you want, the market is telling you what your house is worth. Buyer's generally don't care what you need to break even.

Whether you can accept the original offer, assuming it was in writing, depends on the time frames in that offer. There is a deadline for acceptance. Personally I think you lost the buyer though as she's already said she's moving on to find something else. Even if you were still within the window for acceptance, this buyer no longer wants your house and would probably look for contingencies to get out of the contract. In the meantime your house will be "off the market," in a broad sense while the buyer waited to use those contingencies.

I would be careful not to let the "breaking even" idea get too stuck in your head. If you really want to move, the market and the buyers will indicate what they are willing to pay, and if your house has been on the market for 65 days, I think the current market is indicating they will pay less than you were hoping for. As referred to above, how you calculate "breaking even" can vary. For example if you take a $4k loss now, had $6k in repairs you mentioned, probably you had around $10k in property taxes and other misc expenses over the years, $5k in utilities, probably around $40k in mortgage interest and probably around a $10k credit for that mortgage off you taxes.... If you add all that up you really have spent $55k, and had a place to live for 9 years. Thats $509 a month in "rent". A $4k difference now is equivalent to $40/month different in "rent". I don't know what rental rates are in your city, but in my city that would still be a "Rent" cost that is well below what actual renting a 900 sqft houuse or apartment would have cost. This is kind of a long roundabout way to try to explain that breaking even is all relative, and maybe if you look at it a different way you'll feel better about it. Don't let your head focus on "winning" by coming out even or ahead, focus on what you want in your life, and what you can afford to make that happen. I know $4000 is a lot of money, but in the big scheme of things is it worth living in a place that you are unhappy?

I really have to thank you all for the advice! We accepted last night! :)

Congratulations, onwards and upwards :)

That was the smart move. I know it hurts not to "break even" but in the long run you're out of a house that you were not comfortable in, and can move on to something that works better for you and your family.

I bought my first house in a nice waterfront town during the height of the market back in 1987. We put in over $20,000 in a new kitchen, new bedroom flooring, landscaping, paint, wallpaper, etc. In 1993, we sold the property for $7,000 less than we paid for it in 1987. (It was during a downturn). So technically we lost $27,000 on the sale but we were happy to be out.

We didn't like that we were in a not so great school district, that we were in a flood zone and that we were in a 2 br/2 bath house with 2 kids. So we bit the bullet, moved to a better school district and a larger house and never looked back.

Peace of mind is a very important thing. Life is too short to be in a home you're miserable in.

Congrats! I bet you feel better already.

My husband and I woke up beyond happy today. It was 150% the right choice and we can't stop doing the happy dance!!

I am so glad I posted in here. If I wouldn't have, I honestly think we would be stuck for years in a home we are miserable in. Sometimes it just helps to get other neutral opinions to really ask yourself, "What in the hell was I thinking?!"

Soooo excited to be moving onto bigger and better things for our family.

Thank you all again!!

Ps-Buyer is also thrilled. I was a little nervous after our verbal offer they had moved on, but they are also happy!

Such good news! Congrats :)

One you make the right decision and the weight is removed - it's so nice to see you so happy!

As someone else said - onward and upward!

:D Good for you! It can be difficult when looking at the ledger, but happiness is worth quite a bit.

Great, you're off the fence and on to the next Big Thing. Hope your family will be very happy in your new home.