Richmond VA gauging the market, what to do about an offer

Hey. I am selling a house for my brother. He made a giant mess of his life over the last 2 years and is currently being held pretrial in jail. Here is the situation– his house is in a super desirable neighborhood in Henrico, Westhampton Hills. It appraised for tax assessment at 596 this year, and houses around there usually sell for 20% over appraisal. However, he let it go and it needs landscaping, redoing the bathrooms, kitchen, and some other general refreshing. No structural issues at all, brick and hardieboard, HVAC new in 2020, tankless water heater, central air, mini-splits upstairs, 0.25 acre corner lot. We listed it at 579, it’s been on the market for 11 days and has had 14 showings. We got the first offer today and they pitched 535. I said no way and countered at 564 (which is what we were going to reduce to 2 days from now anyway. They came back at 550 and said that’s final. The realtor is pressuring me to take the offer. I am tempted to say no and go with the price reduction and let it ride for another couple of weeks. Thoughts?

submitted by /u/JustanotherTDfan
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Hey. I am selling a house for my brother. He made a giant mess of his life over the last 2 years and is currently being held pretrial in jail. Here is the situation– his house is in a super desirable neighborhood in Henrico, Westhampton Hills. It appraised for tax assessment at 596 this year, and houses around there usually sell for 20% over appraisal. However, he let it go and it needs landscaping, redoing the bathrooms, kitchen, and some other general refreshing. No structural issues at all, brick and hardieboard, HVAC new in 2020, tankless water heater, central air, mini-splits upstairs, 0.25 acre corner lot. We listed it at 579, it’s been on the market for 11 days and has had 14 showings. We got the first offer today and they pitched 535. I said no way and countered at 564 (which is what we were going to reduce to 2 days from now anyway. They came back at 550 and said that’s final. The realtor is pressuring me to take the offer. I am tempted to say no and go with the price reduction and let it ride for another couple of weeks. Thoughts? submitted by /u/JustanotherTDfan [link] [comments]

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