Ok so we bought our house for $310,000. We spent $15,000 on a new kitchen, repainted the house, put in new carpet, installed solar power AND added a 3x8m shed which has a garage door so you can drive a car in. Our house is 4 bedroom, 2 bath & 3 garage.
We're building a new one so now we're selling this house. Our asking price is $339,000 which is higher than our surrounding houses (because A. they're crappy houses and B. those houses don't have even close to what we have).
We've had an Asian couple make an offer of $300 which they said they could not go over. We refused and did not make a counter offer. So they said they'd pass however, they came back a week later with $310, we made a counter offer of $333. They said again they'd pass and wouldn't budge. They have now come back saying they went to the bank and the bank has advised they would only loan another $5000, SO, they have made an offer of $315.
We DO not want to go less than $320 as we have to pay real estate fees and we have already over capitalized our house. Unfortunately, the market is so low because our suburbs were flooded in 2011 and were near to being flooded again January 2013.
What should we do? Make an offer of $320 or higher ($325 maybe) OR accept the $315.
The house has been on the market for 4 weeks now and these are the second people to make an offer, a few people have looked at the house but have wanted one big living area instead of 2 separate living areas and one fella wanted to put a 3 bay shed in...
It only hit us tonight that we may not be able to sell the house for our asking price because the bank may not loan that sort of money to our potential buyer..... the median price for our suburb is $299 and our bank last valued our house in August 2012 at $310 (what we bought it for). Chances are, a bank will value it at that price again. Do banks loan money more than what the house is worth even if they buyers have a good deposit? (apparently the buyers have a good deposit).
We'd ask our realtor for his advice but he's always so against us, telling us we won't be able to sell it for even $330 AFTER we signed a contract with them when they told us we would probably get $330.
So HELP what should we do????