(Closed) Realtors/home owners

posted 5 years ago in Home
Post # 3
Member
2622 posts
Sugar bee
  • Wedding: November 1999

Depends on the originaly price, is that 40% off the asking price or 10%. Its always worth a shot.

Talk to your real estate agent about it and what is the best way to approach it.

Post # 4
Member
1134 posts
Bumble bee
  • Wedding: January 2010

The best thing to do is to pull comparable sales in the area and use that information to make a knowledgable decision about the value of the property in the current market. Your realtor should be able to do this for you. Take into consideration the location, square footage, updates, repairs…etc and factor that into your price.

 

Have your agent use that information when presenting your offer, so your offer appears thought through and researched instead of low-ball or insulting.

 

You never know until you try. Good luck!!

Post # 5
Member
8818 posts
Buzzing Beekeeper
  • Wedding: October 2013

if it needs that much repair, the owners are out of town, with no other offers in 6 months, they may just want to get rid of it quickly.

if you want to put in the work and love the house, offer the $20,000 lower.  then see where it goes.

Post # 6
Member
322 posts
Helper bee
  • Wedding: July 2013

We purchased our home for $20K less than the asking price, but we had a lot of things in our favor including the fact that it had been foreclosed upon and had been on the market for some time.  Both of us had a fair amount of experience with home buying before this purchase.

First and foremost – do you need a home with 4 bedrooms?  I don’t recommend anyone buying more than they think they will need, both spacially and money-wise.  Second, is this house in a manageable price range for you and your DH?  I always advise friends/family to purchase in a range where one person’s salary could cover the mortgage if needed.

I would have your father look at it BEFORE you make an offer – make sure there are no major issues that would affect the home or your interest in it.  If so, I would factor that into your offer and use that as a bargaining/leverage point.  For us, it was the fact that there was no carpet whatsoever in the home.

Depending on the market in your area, I think you have a chance.  But just make sure you’re doing what’s right for you before you press play.  Good luck!

Post # 8
Member
1116 posts
Bumble bee
  • Wedding: September 2012

After some negotiating the final price we agreed upon on our house was $10k less than the asking price.  Our first offer was more than $20k less, they countered and then we countered and they accepted.  I’d say it’s worth a shot to make an initial offer of $20-$25k less and see what happens.  Good luck!

Post # 9
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

What is the asking price? Here, $20k below asking would only be 4% on an average 2-bedroom home. If it were a buyers’ market (which it isn’t but if it were) that would be par for the course.

If all the ideal homes for you are out of your price range by $20k on up, I’d suggest putting off house hunting for 6 months-1 yr to save more money/repair your credit. Or possibly asking family for help with a bigger down payment.

Post # 11
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

Hmm. That’s a huge percentage. It’s also sketchy that you and the seller share an agent…that’s not an ideal situation for a buyer. 4 bedrooms and 2.5 baths is huge – if this doesn’t pan out, i’d go smaller, or wait and save money. You can go fancier on your next home!

Post # 13
Member
1181 posts
Bumble bee
  • Wedding: August 2013

Anything is possible! I offered $40,000 less than what my house was listed for.(listed at $260,000) My real estate agent didn’t think the seller would accept my offer, but they did! You’re absolutely right, the worst that can happen is they’ll say no.

Post # 14
Member
937 posts
Busy bee
  • Wedding: October 2012

@headoverhighheels: First and foremost, pay the $79 medical bill. I don’t see how a bill that small can affect your approval that much, unless there are other negative factors. Second, have your agent pull comps. And since your father is an appraiser, have him do the appraisal and low ball it (unofficially.) Don’t tell your agent the connection you have with the appraiser. Give the appraisal report to your agent and ask him to include it with your offer and comps that go to the seller. You could also have a contractor and/or junk company do a FREE estimate on how much it would cost to empty the home and renovate it. Include that also with your offer. With all these docs together you should be able to justify your “low ball” offer and find out that it’s not a low ball at all. 

 

 

 

I would also speak to the agent and see if they have had any other/previous offers on the property. Agents cannot legally tell you how motivated the seller is, but if they have not had an offer in all this time AND they are not living in it, chances are they are pretty motivated. Either they are losing money by paying the mortgage every month or they are going to short sale the property and are running the risk of the home being foreclosed on. Either way I’d say you’re in a good position. By The Way, I’m a Realtor. :o)

 

 

 

Post # 15
Member
580 posts
Busy bee
  • Wedding: May 2012

We bought our house for about 27,000 less than the original asking price. Our house was on the market for 2 years, the owner lived out of state, and they had had one offer on it fall through before we made ours. Many times home insurance companies do not like to insure homes that are unoccupied, so that can be a factor in your favor. 

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