Well, I think we may have found a house

LadyT

LadyT

JPP Modarater
Contributor
It was listed for $399K we're offering $340K plus we want $7K in sellers concessions. The listing has been expired two times previously and its vacant, so I'm thinking they are really motivated to sell. My boyfriend thinks that we are going in too low, but I don't think so. The ouside definitely needs a lot of work, and the bathroom, carpets and stuff need to be updated. But its a 3 BR, 2 & 1/2 bath 1985 contemporary colonial, sky lights throughout and a double garage.

Who really knows these things though. :dunno:

What do you guys think?
 
I think you put in an offer, then let them decide. They may make a counter-offer or just say no. What does it hurt you?
 
That's what we are doing. Its waaaaaay under their asking price, but I think if I were them at this point, I'd just want to unload the property.
 
Bottom line... if you are not in a rush to buy a place, then do exactly as you are doing. Offer what the property is worth to you, if they don't accept it, you then have the choice of walking away or countering with another offer. In most areas in the country it is a buyers market. Use this to your advantage.
 
the house we bought was originally listed for $196,000, the builder/owner did not sell it, then he listed it at $189,000....and he did not sell it....

then he listed it for $169,900 with another realty company and we made an offer of $156,000 and he accepted it!!!!

i wish i had offered $145k!!!!!!!!!!!!! who knows, he might have accepted that...!!!!!!!!!!
 
seriously! That's great. I hope we end up having a similar story. I don't think we'll accept a counter offer though. Its probably best to stay firm. I don't know though.
 
LadyT said:
seriously! That's great. I hope we end up having a similar story. I don't think we'll accept a counter offer though. Its probably best to stay firm. I don't know though.
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It depends on the counter offer... if they are within 10k of your bid, I would give them a counter bid, halfway and then say, it is the final offer, they take it or leave it....

more than likely they will take it.

When we sold the house on Rayburn in Mass, we got a bid for near asking price within the first few days of its listing. We accepted this opffer, but it was contingent on the McCarthy's selling their house. we gave them 2 months to do so.... they didn't.

So we put the house back on the market and lowered our price from $369,900 to $359,900 with an additional 5 grand going to the buyer towards closing costs...bringing it to $354,900....

We had two buyers interested...

One buyer agreed to pay the asking price, $359,900 without the 5k concession but the deal was contingent on her selling her home...(Oh boy, NOT that again)

The other buyer put in a bid of $335,000....

We turned that offer down. The O'connels did not have a buyer's broker that they were working with so I approached my realtor with lowering her 5% commission to 2.5% commission since they did not have to pay another realty their commission. She said NO, she would go down to 4% though....

Then I cam back at her and said that we would counter offer at $345,900 and agreed to pay only 4% commision to her realty....

BUT, I negotiated that if the O'connels counter offered at anything below this amount then I would ONLY PAY HER REALTY 3% COMMISION.

We settled with the occonnels at $342,000, with US TAKING ALL KITCHEN APPLIANCES WITH US.... and the realtor ONLY GOT THE 3% COMMISSION from us....so we made out pretty good.

All of my kitchen appliances were brand new Maytag top of the line and it was the one thing I was going to miss most about Rayburn....

so, I was happy on taking all appliances, they were in the white color and the Oconnels had black appliances that they were bringing with them.

I didn't even go back to the occonnels with a counter offer at first, they thought they bid too low and insulted us... and they did insult us with their offer. But then COMMON SENSE moved in and we put the pencil to the paper and started negotiating with both the oconnells and with our realty.

Then my realtor gave the oconnels a call to see if they were still interested in the home...and luckily they were.

care
 
Care4all said:
the house we bought was originally listed for $196,000, the builder/owner did not sell it, then he listed it at $189,000....and he did not sell it....

then he listed it for $169,900 with another realty company and we made an offer of $156,000 and he accepted it!!!!

i wish i had offered $145k!!!!!!!!!!!!! who knows, he might have accepted that...!!!!!!!!!!
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thats b/c its maine, no one wants to live in maine except for elk... jersey... now thats a different story.
 
If the sellers are business people a low ball offer is a good idea.

If they are emotional and likely to take it personally it might be a mistake. I know someone who low balled on a property they really wanted. The sellers took it personally and got offended, now they wont even sell to them for the asking price.
 
Jarod said:
If the sellers are business people a low ball offer is a good idea.

If they are emotional and likely to take it personally it might be a mistake. I know someone who low balled on a property they really wanted. The sellers took it personally and got offended, now they wont even sell to them for the asking price.
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The sellers are idiots
 
i've heard of idioits having the house repo'd instead of try ing to sell it if they couldn't make the paryments; lose equity and ruin your credit at the same time ( i know; sometimes it's better if you were going to lose a shitload on the house, but your credit is still hammered)
 
HipLew said:
i've heard of idioits having the house repo'd instead of try ing to sell it if they couldn't make the paryments; lose equity and ruin your credit at the same time ( i know; sometimes it's better if you were going to lose a shitload on the house, but your credit is still hammered)
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With the housing market downturn and creative financing one can now get upside down on their homeloans as well as with their auto loans. Some actually have a negative equity.
 
With rates where they are now, people should grab a hold of a 15 or 30 year fixed rate. Stay the hell away from the interest only loans.... they will kill you as rates start going back up. If you cannot afford a home using a fixed rate, then you may be better off waiting to buy (depending on your local housing market)
 
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