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Old 05-02-2018, 01:55 PM
 
230 posts, read 69,662 times
Reputation: 160

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Quote:
Originally Posted by Electrician4you View Post
Ok so put in your offer.
I did. Dh and I are stilling seeing other properties. Seller isn’t paying for all he upgrades I want. His property is missing upgrades comps priced similarly have. I plan to add them with my own money. The market is always changing. People buy high and end up losing. Others buy mid point and there’s a boom in the market and people start flooding in, like in Washington, Nevada and Dallas Texas. Sometimes people buy in rough areas and the market flips. I had an online friend who bought in the ghetto in DC. Here home is worth 450k now (gentrification). Her neighbor is cited as an example of gentrification. Buying was the best decision she ever made. Same with my sister in law in Washington, people started to flood in and business is expanding.

I live in a middle class area now and putting in offers in similar areas. I don’t think the market is going to crash or boom. It will stay the same. A lot of NYers commute from here, we also have the military bases and contractors, as well as insurance company headquarters.

Last edited by Newtohartfordct; 05-02-2018 at 02:29 PM..
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Old 05-02-2018, 02:12 PM
 
28,116 posts, read 24,646,505 times
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My first boss used to say nobody ever hurt his feelings by offering him money. I've always felt the same way.

If an offer is lower than what I'm looking for I just ignore it or counter with something more to my liking.
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Old 05-02-2018, 02:22 PM
 
230 posts, read 69,662 times
Reputation: 160
Quote:
Originally Posted by photogal9 View Post
Gotcha, read the previous reply.

Offer what you think it is worth and see if they counter. You stated there are other options, if this doesn't work out, you know you can move on to another house. You are in a buyer's market, use that to the advantage it gives you.

FWIW, as they are selling FBSO, I would have gone that route on the purchase as well, then negotiated the list price less commission % and gone from there. That's me tho, if you are a first time buyer, you are right to ask for some professional help.

Hopefully they are open to accepting or at minimum, countering your offer (and I hope you gave them a timeline for a response), and that it works out in your favor. Good luck!
I agree, just found another house with an A ranked school system (high test scores and low teacher:child ratio), same distance from dhís work and priced under 320k. Itís more rural though. Oddly enough Iím starting to prefer it. I want privacy in my backyard and away from city life, but 25 minutes close to it lol. Iím am pretty sure the owner will counter.
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Old 05-02-2018, 08:01 PM
 
16,493 posts, read 17,525,712 times
Reputation: 23556
Quote:
Originally Posted by Newtohartfordct View Post
I did. Dh and I are stilling seeing other properties. Seller isnít paying for all he upgrades I want. His property is missing upgrades comps priced similarly have. I plan to add them with my own money. The market is always changing. People buy high and end up losing. Others buy mid point and thereís a boom in the market and people start flooding in, like in Washington, Nevada and Dallas Texas. Sometimes people buy in rough areas and the market flips. I had an online friend who bought in the ghetto in DC. Here home is worth 450k now (gentrification). Her neighbor is cited as an example of gentrification. Buying was the best decision she ever made. Same with my sister in law in Washington, people started to flood in and business is expanding.

I live in a middle class area now and putting in offers in similar areas. I donít think the market is going to crash or boom. It will stay the same. A lot of NYers commute from here, we also have the military bases and contractors, as well as insurance company headquarters.

Good luck with your bid. You may want to slow your roll on bidding on too many houses at once.
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Old 05-02-2018, 08:20 PM
 
230 posts, read 69,662 times
Reputation: 160
Quote:
Originally Posted by Electrician4you View Post
Good luck with your bid. You may want to slow your roll on bidding on too many houses at once.
I misspoke, I am waiting until seller replies then will make my next bid or accept his counter, if he counters with something to my liking.
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Old 05-02-2018, 08:45 PM
 
16,493 posts, read 17,525,712 times
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Quote:
Originally Posted by Newtohartfordct View Post
I misspoke, I am waiting until seller replies then will make my next bid or accept his counter, if he counters with something to my liking.

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Old 05-03-2018, 01:16 AM
 
6,121 posts, read 3,320,648 times
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Quote:
Originally Posted by Electrician4you View Post
So youíre basically asking for 6% off 325,000 and closing costs? Youíre asking for about 30,000 from the seller. 20k discount and say 10k closing costs? Maybe a bit less? And he still has to pay his seller fees and agent commissions?
He would have to be crazy and desperate.

I wouldnít even entertain that offer from a buyer.
You're missing the most important number here, Sparky - the value of the house! It doesn't matter at all what the seller wants if the market dictates the house is worth less. For you to state you wouldn't even entertain an offer that might actually be above value is only relevant if the seller, like you, disregards the value of the property.
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Old 05-03-2018, 06:14 AM
 
Location: Saint John, IN
10,638 posts, read 3,316,997 times
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Quote:
Originally Posted by Newtohartfordct View Post
I misspoke, I am waiting until seller replies then will make my next bid or accept his counter, if he counters with something to my liking.
Sellers typically wonít lower their price due to you wanting to upgrade cosmetic feature just because you donít like them. They typically will allow concessions if something needs repair. Unless they are desperate to sell Iíd be shocked. But itís worth a try. Hopefully no one grabs the other house you like in the meantime!
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Old 05-03-2018, 06:19 AM
 
16,493 posts, read 17,525,712 times
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Quote:
Originally Posted by kokonutty View Post
You're missing the most important number here, Sparky - the value of the house! It doesn't matter at all what the seller wants if the market dictates the house is worth less. For you to state you wouldn't even entertain an offer that might actually be above value is only relevant if the seller, like you, disregards the value of the property.
That’s the thing. I don’t care what a guy next door or two blocks away sold his never been remodeled 1978 house. Because we’re selling different houses.

I haven’t missed anything. For all you know the house has a brand new roof, 3 car garage, huge yard and faces a great view etc. it has no AC and no additional bathrooms. And the most important thing. The desire for that house and emotional attachment of the seller to the house. Every agent out there plays and pulls that emotional string. I guarantee if the house had what OP wanted they would be foaming at the mouth to buy it. Even if it was priced above comps. Now wether they can afford to buy a ice comps is a different story. Banks loan on x amount of their appraisal. Nothing says you can’t come up with additional money to buy if the house doesn’t appraise. Most people can’t go over what the bank appraised the house for because that’s how most people buy houses.

Comps may give you a idea of what people paid for houses in the area but nothing says your house must sell within that price parameter.

My former house
When my neighbor sold about 6 years ago they sold for about 375. The house was painted and had wood floors. That’s it. Everything else was original 1979. Counters, cabinets, tile. If I were to sell mine ( and when I did toy with the idea) the agent said that I should be able to get 425 for it because it was completely remodeled. I wouldn’t be anywhere near what my neighbor sold for.
I ended up keeping if it and it’s another rental. It’s worth about 560 now and it cash flows like crazy.

My current house. Both mine and the next door were for sale at the same time. Both were listed for 545,000
Similar lot sizes and sq footage. The next door sold at 545. I got mine for 525. Owner dropped 20,000 off the asking price.
The comp had absolutely no bearing on me buying the house. Sure I took a loan but I had the money if I needed to add to make it happen.

There was a house down the street that took a year to sell. Great deal nobody wanted it. Bad location. Comps had no bearing on the sale. The comps should of sold that house for about 70,000 more than it sold for.

If I were to sell today you can bring me all the comps you want. I would tell you to go buy one of those. Oh wait you can’t. Those were sold comps. Now I’m willing to entertain a reasonable offer from a buyer but if someone came to me with a 6% lower offer, pay my agents comission, pay my closing costs, I would counter. But I wouldn’t agree to those terms. The worse thing that happens is you go elsewhere for a house and I wait for another buyer.
I’m willing to hear a reasonable offer but I’m not gonna bend over just because someone came to my door with a offer.

Last edited by Electrician4you; 05-03-2018 at 06:35 AM..
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Old 05-03-2018, 08:11 AM
 
Location: Milwaukee, WI
2,122 posts, read 1,443,591 times
Reputation: 2325
Quote:
Originally Posted by Newtohartfordct View Post
There is a home my partner and I like. Itís in the low 300s. We planned to offer 5-6% less than listed and they pay closing. We are in no rush and would have to upgrade to the tune of 20k to get what we like. Last home in the area sold for high 200s and everything else valued higher has more bathrooms and bedrooms. Based on what the sellers paid, I think they may lose 5-10k after all is said and done.

Itís been on the market 90 days and has been reduced. We are not putting any money down. The owners seem very emotionally invested. Itís not a sellers market. Not sure what the house is worth. Would my offer be low ball? What would be a reasonable price to pay if the house is worth more than asking?

We already have financing, so theoretically if the house passes inspection and is worth the price, we should have no issues.
5-6% less than listed price is not necessarily lowballing. I opened the dancing in 2008 with a 10% less and got it at that price (more or less), so... sometimes it happens and when it happens, it's sweet. On another hand, if you're lowballing, be prepared to let the house fly away. Don't get attached to it too soon. If you really want the house, it may be worth paying full asking price, or dropping 1-2% off only.
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