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Location: Earth, a nice neighborhood in the Milky Way
3,818 posts, read 2,701,868 times
Reputation: 1614
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Quote:
Originally Posted by Hollynla
That's quite a low offer and will like be countered high or rejected. The sq ft price is not important without knowing the area and what the extras are, such as acreage, out buildings, etc. If you aren't willing to pay what he's asking, you'll likely have to keep looking. That's how real estate goes.
Probability is a tricky thing. I don't think it is necessarily as simple as this; a lot depends on a buyer's read of the seller's situation, which is a hard thing to do. People can ask anything, reasonable or not. They often do. It doesn't mean they'll get it, particularly if the comps don't support the price.
To the OP: if you want it, make your offer in line with what you think you can afford and what it is worth. Keep in mind the expense and inconvenience of the work you will have to do, and what you will lose in commission when you go to sell the place.
Don't get wound up in all the semantics here....your agent should be showing the offer...your offer is a huge gap to the listing price.....you shouldn't be working with a friend....blah, blah, blah.
IF you buy the house, your agent will get paid as part of the commission split.
You offer is fine. Rural property; horrifically decorated (not your fault, it is the sellers problem); on the market for a year; few real comps; divorce; "seller wants to get his money back (don't we all). You made a very fair offer based on what YOU were willing to pay.
Forget about the "there MIGHT be another offer", or "is this your best?". As to the first, fine, let 'em buy it and get the deal done. As to the later, none of your f'ing business.
You are doing fine. Stick to your guns. Use your realtor for communication with the nut job. Listen, don't speak. You'll be fine.
My guess is you are about to buy a house at YOUR price. Where's the next offer after a year? There is none! You are in control. Don't let anyone talk you out of that position of strength.
Calm down. There is ALWAYS another house, often better than the one you missed out on. If a realtor has multiple offers, they always come back to everyone singing, "Last and best offer time!" For all you know, you already are the highest offer on the table. You want to pay more for this house? Up your offer. You think it's not worth more? Stay at the price you offered. You think you offered more than it's worth to you? Decrease your offer to what it's worth to you. You don't want it? Withdraw your offer.
Your family friend who is your agent is going to get paid by the seller, and that's fine. You should go with her to look at a hundred houses in the area, to become educated to the market. If she doesn't know your area, it's not worth working with her.
At this time of year, more and more houses will be coming on the market. There will be another house if you don't get this one. Educate yourselves, and be ready to pounce on the right house at the right price when it comes on the market.
The last appraisal was done two years ago? If you're serious about buying the house, have another appraisal done by an appraiser you hire. It will cost a couple of hundred dollars, but what's that compared to the over a quarter of a million involved already? You could ask your air head Realtor about having your own appraiser come out to look at the property and if she thinks it is over priced, then she will know that the new appraisal will show that. You can also have a house inspector look at it for structural concerns.
Nothing you have said sounds fishy to me. The seller's agent sounds like she is trying to get the best price she can for her seller. That is her job. Your agent should be working to get you the best price also.
......... The house is definitely nothing like what I thought we would buy, but fortunately it's mostly cosmetic things that we could fix with a bit of money (replacing shag carpet, repainting heavily textured walls and very dark ceilings, removing hideous tacky light fixtures - I've taken to calling it the western saloon ............
It sounds an awful lot you don't really want the house.
All you can do is to offer what you think it is worth. The seller will accept, decline, or negotiate. That's basically all there is to it.
The listing agent actually knows very little except for what is written in the listing. She may not have the answers to your questions about the property. That's why you are supposed to do your due diligence.
You don't have to play the games. Just tell the agent that you've given your offer and she is to submit it. You never give any information about how much you can pay to the listing agent.
You never ever give any information about what you will pay to your own buyer's agent, either.
Somewhat expensive house in a rural area, it's been on the market for a year? You better be darn sure you want it because you'll have just as difficult time selling it as the last guy. I'd buy something like that as a retirement home I never care whether it would sell. As a first home it could be an expensive lesson.
Somewhat expensive house in a rural area, it's been on the market for a year? You better be darn sure you want it because you'll have just as difficult time selling it as the last guy. I'd buy something like that as a retirement home I never care whether it would sell. As a first home it could be an expensive lesson.
In my area that wouldn't be unusual for a house as the OP describes. Rustic style homes are a very specific buyer.
OP hasn't been back since they posted. Wonder if they will ever come back to update
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