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Our realtor showed us a house that isn't on the market yet. It's kind of exactly the house we are looking for. Our realtor says they haven't even figured out a listing price yet, but thinks it will be roughly $20k more than we want to spend on it(or our budget). They are also planning on doing several updates that I would be fine doing myself(like new carpet).
I believe this owner to be a personal friend of our realtor(who would obviously be seller and buyer agent then).
Would it be bad to get our realtor to submit a low ball offer before it's on the market and tell the owners not to do any of the upgrades they had planned? Things it need: new floors throughout, countertops(I'd rip out and re-do the kitchen entirely), and other minor things like replacing brass outdated fixtures.
I would not be happy with the agent representing both sides.
Your agent needs to present you with recent comps for the house and you can come up with an offer that you feel is appropriate for the house in the condition it's in.
They may want to avoid the hassle of listing and showing, but be prepared for them to reject your offer and wait for others.
Would it be bad to get our realtor to submit a low ball offer before it's on the market and tell the owners not to do any of the upgrades they had planned?
You have been given insider information, use it wisely, why not make an offer, do you want to compete with the rest of the public. I wouldn't call the offer low ball if it needs work.
What are the houses selling for in the area and are they for updated homes or fixer uppers? You mentioned low ball, is it because the price you want to pay is low for the area?
Friend of the seller is the realtor who is representing you AND the seller/friend. See anything wrong with that?
I would make a offer lower than what your top offer would of been. If it was 20k lower I would go 10k below that. Yeah you're not competing with other possible buyers but you're buying as is they don't have to go through a million showings AND best of all they have to put no money out to fix the place.
If it's already 20k over your top price you're now stretching to buy.
If they have to put 20k in I to bring it up to some semblance of normalcy they can make big mistakes in color style and materials. Are they overpricing themselves at 20k over what your top offer is?
Last edited by Electrician4you; 03-23-2015 at 10:42 AM..
if the house is "exactly the kind of house you are looking for" why would you low ball them? give them a fair offer and be done with it. it will fly or it won't.
If it isn't listed the seller doesn't need to pay real estate commission so make an offer taking into consideration that seller is SAVING money by not listing.
Would it be bad to get our realtor to submit a low ball offer before it's on the market and tell the owners not to do any of the upgrades they had planned? Things it need: new floors throughout, countertops(I'd rip out and re-do the kitchen entirely), and other minor things like replacing brass outdated fixtures.
Bad? No. If that is what you want to do, make the offer. Whats the worst that can happen? They say no.
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