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Old 12-04-2008, 10:23 PM
 
77 posts, read 353,110 times
Reputation: 32

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I have a relative that’s interested in a “newly” completed home that’s been sitting on the market for 6 – 7 months in Richmond. The listing price is ~295K for 3700 sqft. He likes the house, but wanted to know if he can "bargain" to get $20K or more off in light of the current housing slump. The builder appears to have a few more houses that are nearing completion but are not sold.

I told him to find a realtor so they can pull comps, but you know how hard headed some family members can be . Any input, especially from Realtors, would be greatly appreciated. Thanks.
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Old 12-05-2008, 07:04 AM
 
809 posts, read 3,425,490 times
Reputation: 573
I'm not a realtor but I'd definitely say that you should offer less than the list price. I can't say how much but I don't think $20K or even $30K is unreasonable considering it's a $300K house that's been sitting for awhile.
All they can do is not accept the offer. They will probably counter offer so start lower than he actually wants to pay.

If he isn't using a Realtor, remind the builder when you make the offer, that they won't be paying a Realtor Commission. They should take 3% off the house just for that. (Not saying you shouldn't use a Realtor but if he decides not to...)

If he can close by 12-31, the builder should be modivated to give him a good discount. Builders want to get rid of as much inventory as possible by the end of the year.

Hope that helps.
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Old 12-05-2008, 08:55 AM
 
Location: Katy,TX.
4,010 posts, read 8,090,900 times
Reputation: 3790
Quote:
Originally Posted by BunBoHue View Post
I have a relative that’s interested in a “newly” completed home that’s been sitting on the market for 6 – 7 months in Richmond. The listing price is ~295K for 3700 sqft. He likes the house, but wanted to know if he can "bargain" to get $20K or more off in light of the current housing slump. The builder appears to have a few more houses that are nearing completion but are not sold.

I told him to find a realtor so they can pull comps, but you know how hard headed some family members can be . Any input, especially from Realtors, would be greatly appreciated. Thanks.
I would go at least 50k less and I'm sure they'll take it.
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Old 12-05-2008, 08:55 AM
 
135 posts, read 694,436 times
Reputation: 46
Quote:
Originally Posted by BunBoHue View Post
I have a relative that’s interested in a “newly” completed home that’s been sitting on the market for 6 – 7 months in Richmond. The listing price is ~295K for 3700 sqft. He likes the house, but wanted to know if he can "bargain" to get $20K or more off in light of the current housing slump. The builder appears to have a few more houses that are nearing completion but are not sold.

I told him to find a realtor so they can pull comps, but you know how hard headed some family members can be . Any input, especially from Realtors, would be greatly appreciated. Thanks.
Around richmond area, there are many communities, Which communities you are talking about ? $80 per Sq.ft is not a great price at RICHMOND Market. You need to bring it down...
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Old 12-05-2008, 09:43 AM
 
77 posts, read 353,110 times
Reputation: 32
He is looking in the community that’s across from Greatwood. I’m not too fond with that area, but to each their own. Are you guys serious? $50K is a huge amount. And I thought asking for $20K off was too much already. I guess it makes sense since there are only a few homes around them that would command that price, most are cheaper by $40K - $50K. I guess you don’t want to have the most expensive house in the neighborhood since it will drag your house value down and boost the value of others, correct?
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Old 12-05-2008, 10:16 AM
 
Location: Katy,TX.
4,010 posts, read 8,090,900 times
Reputation: 3790
Quote:
Originally Posted by BunBoHue View Post
He is looking in the community that’s across from Greatwood. I’m not too fond with that area, but to each their own. Are you guys serious? $50K is a huge amount. And I thought asking for $20K off was too much already. I guess it makes sense since there are only a few homes around them that would command that price, most are cheaper by $40K - $50K. I guess you don’t want to have the most expensive house in the neighborhood since it will drag your house value down and boost the value of others, correct?
Ever hear of that saying "A closed mouth don't get fed"?
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Old 12-06-2008, 01:10 AM
 
Location: Dallas/Fort Worth, Texas
4,198 posts, read 14,526,742 times
Reputation: 2682
Quote:
Originally Posted by AlexTx View Post
I'm not a realtor but I'd definitely say that you should offer less than the list price. I can't say how much but I don't think $20K or even $30K is unreasonable considering it's a $300K house that's been sitting for awhile.
All they can do is not accept the offer. They will probably counter offer so start lower than he actually wants to pay.

If he isn't using a Realtor, remind the builder when you make the offer, that they won't be paying a Realtor Commission. They should take 3% off the house just for that. (Not saying you shouldn't use a Realtor but if he decides not to...)

If he can close by 12-31, the builder should be modivated to give him a good discount. Builders want to get rid of as much inventory as possible by the end of the year.

Hope that helps.
75% of the builder's business is brought to them by Realtors. They love Realtors. That is why with most reputable builders, the commission paid to agents comes from the marketing fund. So if you have a Realtor or not, the price of the home you purchase is not affected. Furthermore, most builders send us emails on a daily basis telling us what deals they have on inventory or build jobs. That's not advertized to the public.

The builders have their own trained salesperson looking after their best interest, do yourself a favor and get yourself a buyer's agent.

Naima
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Old 12-06-2008, 12:18 PM
 
77 posts, read 353,110 times
Reputation: 32
I will try and get him to work with a Realtor. I'm not in the Real Estate business (Thank God) so I don't know all the ins and outs, do's and don'ts. I just know that as a buyer the REA works for me and gets a 3% cut of the selling price from the seller.
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Old 12-06-2008, 04:47 PM
 
95 posts, read 321,915 times
Reputation: 37
Quote:
Originally Posted by BunBoHue View Post
I will try and get him to work with a Realtor. I'm not in the Real Estate business (Thank God) so I don't know all the ins and outs, do's and don'ts. I just know that as a buyer the REA works for me and gets a 3% cut of the selling price from the seller.
Another thing to look into would be to use a realtor that will rebate 2/3 of the commission to the buyer. Google 2percent2buyer for an example of a rebating realtor.
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