 Buying a house Question - England? |
I am buying a house for £135000 (114000 mortage+21000 deposit) our circumstances have changed and we don't have £21000 for deposit.
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Additional Details
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Home_Buyer_Hopeful | How does one determine a fair purchase price offer for a home? |
The asking price is $139,900. Closing costs have been estimated at $7000. Is it unreasonable to offer a purchase price of $124,900, while asking the seller to pay half of the closing costs? The home is located in a rural area in Michigan and has been on the market for more than 30 days. Thanks in advance for any help! |
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Linda in Lancaster & lovin it!
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You can always offer ~ and they can counter-offer if they don't like it. That's the way the game is played! If they really want to sell, they'll "consider" any offer. . . . |
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acermill
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Much depends on your market and how prices are holding or not holding. Ask your realtor for written evidence of comparable and recent sales as a gauge to what such properties are bringing on the market. If the price of $139,900 is in line with current market values, then you're not going to get anywhere. If the house is overpriced according to other sales, go for it.
However, don't expect a good reply from the sellers if the property has only been marketed for thirty days. That's a pretty short time period in this market. |
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tinahdez@sbcglobal.net
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The fair market value is always determined by what a buyer and seller agree upon. If the asking price is $139,900 and you really want the house and are afraid someone else might buy it you offer the full price. If you want the cheapest price you may go too low and then it will be impossible to deal with the seller. Often people offer less and the buyer may be willing to meet you half way especially if the house needs work. |
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~D~
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When we bought our home, we bought the house for the asking price but we asked the seller to pay all closing costs and we also got a fixed rate with a 3% gift from state that also helped with closing costs. We put $1000 down, only. We ended up getting $2200 back after closing. Our house also appraised at $3000 more than what we bought it for. You may have to buy the house for the asking price if you want the seller to pay all closing costs. Or ask the seller to lower the asking price and pay the closing cossts.
Best bet would be to consult your realtor. He/she will know your situation better and will be able to further advise you. |
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Stephen G
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I'd go lower ..............................
20% below asking. You can always go up, but you can't come down.
And don't be embarassed. If your'e not insulted by your first offer, you bid to high. |
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tickled blue
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You can ask for anything you want....they will counter your offer....possibly, and then you renegotiate....always offer less than what they are asking for....especially in this market...good luck! |
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AJ
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not unreasonable at all. With today's economy what it is, that is actually a more than fair price. You could probably offer a bit less as well. |
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Steven A
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The concept of Real Estate is describe in one sentence, that is: Sellers want the highest price possible, Buyers want the lowest price and the best deal and the agent wants a quick sale.
I'm not suprised that the seller is that stingy. If the house has been on the market for 30 days, it not that bad, usually if it's a few months, that a different story, but 30 days hardly constitute much.
When I got into real estate, one guy would except me to refund him the insurance, taxes and other fees on top of the closing and agent fee.
Most sellers want the maximum price possible and as long as the situation isn't dire, than there is nothing you can do. If he is desperate to sell, tell him thank you and goodbye. If he is not too stubborn, he will know what is best.
Talk to the agent and see if he is willing to give up a portion of his fee.
To determine a fair price, base it on the municipality's yearly assessment, it's way less than the asking price. |
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johnnyh
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Allways offer less, by at least 20 to 25%. This way you leave yourself room to bargain. Also use the closing costs as a bargaining chip! You can always go higher with your offer but you won't be able to come down once they think you will pay that much! |
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Christina D
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I think that is good and fair start!!!! It is a buyer markert! |
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Non-Redneck
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Compute the costs per square foot of the house and compare it to other homes in the area. Size of the plot should also be taken into account. Ask you realtor for that information.
Also factor in repairs that may be needed. Find out how old the A/C, heat, and roof are. If they are close to the end of their life span. You should bargain for some credit.
Remember this is a bad economy and you have the upper hand. You would be wise to use it to your advantage. |
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chrisnoscrub047
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A fair purchase price tends to be near the fair market value that is on the appraisal of the property.
With that said a fair purchase price is highly subjective. Don't pay more for a house/property than you think its worth and don't sell a property for less than you think its worth. But that is going to vary by person, so think through how much the property is actually worth to YOU and go from there. :) |
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Amber B
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There are lots of factors which determine the price. I suggest you compare it to other houses for sale in the area and ask a real estate agent for advice. |
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