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Thank you all for your advice. I made my offer today!!! The asking price is $149,900. I offered $132,500! I also added all types of concessions in the offer. LOL! We'll see how it works out. The seller said, he doesn't think the builder will bite. That didnt bother me at all! The house has been sitting there since February and i know they want to sell it!! Worse case is they'll come back with a higher price OR simply walk away. I doubt they will walk away. I came prepared with my pre-qual letter and everything! We'll see how it works out. I should hear something no later than Tuesday. This is so exiting!! Also, if they don't want to work with us, we'll just build a home in that community instead. I hope we get the one we placed an offer on today! Fingers crossed. I'll keep you all posted.
You go, PJ!!!!! My motto is: all offers are good offers - as they start a negotiation wh/ hopefully - will lead to a sale!
Just remember - if they say - TAKE A HIKE - there is always another house. But I bet they will come back w/ a counter. Just be willing to walk unless you get the deal you want. Of course, one must be realistic about what a "fair price" is . . . but don't get jerked around into thinking you have to pay list. If that house has been sitting for this long . . . they need a buyer. Make 'em take good care of you in the process!!!
Thank you!!! I'm so proud of myself! LOL! Like you said, if anything they should come back with a counter. I am simply not paying the list price! If they won't settle on a good price, i'll just walk away and build instead. This is really exciting to me. LOL! We'll see what comes of it....
Thanks to you all for reassuring me that negotiating and low-balling in today's market is a good thing.
Thank you all for your advice. I made my offer today!!! The asking price is $149,900. I offered $132,500! I also added all types of concessions in the offer. LOL! We'll see how it works out. The seller said, he doesn't think the builder will bite. That didnt bother me at all! The house has been sitting there since February and i know they want to sell it!! Worse case is they'll come back with a higher price OR simply walk away. I doubt they will walk away. I came prepared with my pre-qual letter and everything! We'll see how it works out. I should hear something no later than Tuesday. This is so exiting!! Also, if they don't want to work with us, we'll just build a home in that community instead. I hope we get the one we placed an offer on today! Fingers crossed. I'll keep you all posted.
On the market since Feb., wow. Depending on the concessions, I wouldn't pay anymore than $137000.00. Then again, I haven't seen the house.
Good for you and good luck! Definitely let us know.
Thank you all for your advice. I made my offer today!!! The asking price is $149,900. I offered $132,500! I also added all types of concessions in the offer. LOL! We'll see how it works out. The seller said, he doesn't think the builder will bite. That didnt bother me at all! The house has been sitting there since February and i know they want to sell it!! Worse case is they'll come back with a higher price OR simply walk away. I doubt they will walk away. I came prepared with my pre-qual letter and everything! We'll see how it works out. I should hear something no later than Tuesday. This is so exiting!! Also, if they don't want to work with us, we'll just build a home in that community instead. I hope we get the one we placed an offer on today! Fingers crossed. I'll keep you all posted.
PJ Good for you. For a first time home buyer you are starting off as a pro. We are all pulling for you to be successful. Keep us informed.
I'll pass on the advice I got that really tipped my scale in the direction that I ended up writing the offer for my recent purchase.
We all know that the offer is a long drawn out calculation of tax record, previous sales history, comp sales, the market, yadda yadda yadda. It all comes down to do you really want that house? If the answer is yes, then cut to the chase and make a fair straight up offer...don't try to low ball.
Probably the best info you could get is the going percentage of listing price that houses are getting (like someone said...generally about 97% right now). Of course, this doesn't mean ignore all the other stuff that goes into an offer, just don't let it be the pendulum that swings your momentum...so to speak. Step back and look at your offer and ask yourself if it's a fair offer for the seller and a good buy for you. If not, move along...
People quote stats like the homes sell for 97% of asking price, but what they don't say is that it has been marked down 3 times prior to that...so yeah it might sell for 97% of asking...eventually.....
A cautionary tale: in a different market (D.C.) several years ago, my daughter had the following experience. The custom there was to put the property on the market on Thursday, show it Saturday and Sunday and require bids on Monday. My daughter really liked a condo which had everything she wanted plus a great view of Washington Cathedral. The asking price was $265,000 (600 sq ft, one bedroom). She offered the asking price with a huge down payment because she knew it was a hot property. On Tuesday, she heard that it had gone for $271,000. She was heartbroken - she and I were already decorating it. She eventually lucked out with even a better place for a little less - it's appreciated more than 40% in the following three years and is a great home for her and Gus, the cat.
So the bad news is she lost the first bid, but the good news is that she got a better place. She thinks she was unusually lucky to have found her current place because so many of her friends who were looking at the same time couldn't find anything as good for the price.
I suspect that you won't have this experience with today's market and I wish you luck on Tuesday.
I got word from the builder today. They did not accept my offer nor did they come with a counter. They simply said they are standing firm at $149K. I offered $132,500. I'm kind of sad, but i know everything happens for a reason. Thanks for all your advice in the interim. I will let you all know what ends up happening. Will i accept (which i doubt) OR will i just build another unit instead. Ugh..I'm honestly kind of bummed. Anyways, thanks again for all your help, and advice.
Hopefully you've already determined your max comfortable price. If it's still within your range, and you really want the place, I'd offer back their asking plus they pay $4,000 in closing.
There's nothing wrong with really wanting a place and bending your offering plan a little to make sure you get it. Maybe their price is already reasonable.
I got word from the builder today. They did not accept my offer nor did they come with a counter. They simply said they are standing firm at $149K. I offered $132,500. I'm kind of sad, but i know everything happens for a reason. Thanks for all your advice in the interim. I will let you all know what ends up happening. Will i accept (which i doubt) OR will i just build another unit instead. Ugh..I'm honestly kind of bummed. Anyways, thanks again for all your help, and advice.
Thats too bad, but you never know what may happen. If they didn't counter, going back with another $4k may be a waste of time. They aren't real smart to stand pat and not counter. Not too many people, especially in today's market get what they list it for or even expect it. I bet most people add 5% in for negotiation, I know I do.
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