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There is a house I really love and I noticed from last year they dropped the price $300k, so I thought it was a short sale or foreclosure. I talked to my real estate agent and he said the orginal owner owes nothing on the house.
The orginal owner lives out of state in a much bigger 1.2 mil version of the same house here. It was built in 1976 and probably the nicest house I ever seen. I really have my heart set on this house. I haven't talked to my agent further about the house, but because they owe nothing on the house, do you think they would be more flexable about loweing the price more or because they own the house they have the luxury of waiting for the asking price? I was hoping they might want to just get rid of it and might just agree to a lower price because it's about $$200k higher than I can afford right now at the current price.
Should I ask my agent to make an offer for me or am I wasting my time?
do you think they would be more flexable about loweing the price more or because they own the house they have the luxury of waiting for the asking price? ?
If you got it at the price you want, could you afford to maintain the home? Remember it costs the same to heat, cool and maintain no matter what you pay for it, and taxes are usually based on market value rather than purchase price.
So you can only afford $200K less than what they are asking and they dropped the price $300K...which means that, if you are successful, they will have lowered the price $500K? What is the price you expect to pay for the house and what are the comps? If they own it they are probably flexible but the market value of the place is still a big factor in the final price they should be willing to sell it for.... Have you checked the comps?
It seems to me you cannot afford this house. $100k is not alot of money to spend even in today's economy. If the house was originally priced at 500k and it is now 300k I'd bet the house is worth somewhere between $200k - $400k which is more then you can afford. If the owner has another home worth $1,000,000 then I'd bet he can wait for someone who will buy at $300K. Even if you offer $100K, you will probably be laughed at by the real estate agent.
So you can only afford $200K less than what they are asking and they dropped the price $300K...which means that, if you are successful, they will have lowered the price $500K? What is the price you expect to pay for the house and what are the comps? If they own it they are probably flexible but the market value of the place is still a big factor in the final price they should be willing to sell it for.... Have you checked the comps?
There are only 8 custom houses in this area. range from 300k to 900k. Across the street is an area of 1-5 million homes, on the other side is a huge subvivsion of 300-400k homes and an old folks home. The custom homes are buried within the 300-400k homes off the canal. Nobody goes there unless they live in one of the houses. It was built back in 76, so back then they just wanted to build on the canal. The property tax is only 1%, on the other side of the street is much higher. overall, both areas are really good and near downtown, which I want. But kind of feel like I am secluded, which this house is.
It seems to me you cannot afford this house. $100k is not alot of money to spend even in today's economy. If the house was originally priced at 500k and it is now 300k I'd bet the house is worth somewhere between $200k - $400k which is more then you can afford. If the owner has another home worth $1,000,000 then I'd bet he can wait for someone who will buy at $300K. Even if you offer $100K, you will probably be laughed at by the real estate agent.
They want almost $900k now. I just need them to lower it 200k. It's almost 5000 sq feet and they own 2 lots, so the back yard is one whole lot you can build a house and it's off the canal. It also sits in one of the best area codes in the area.
Last edited by Cupcake77; 05-06-2011 at 08:45 AM..
So it sounds like there aren't really any comps. That makes your question very difficult to answer. Besides the "what to offer" question, you have to wonder whether you can get it appraised in order to get financing.
If I was going to make a financed offer on a million dollar house with no comps, I would probably see if the seller would let me get an appraisal done first.
But you have an agent. They would be the best person to ask, since they know the market and we don't.
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