I am buying my first home. asking price and my price.?

i am interested in buying a home listed for 139,650. i have been doing some research of my own and i know all the precautions, but i am wondering if i make an offer, how much lower should i ask? i made a list of things i am reasoning with such as old appliances, small back yard, some dated things here and there and not much of a great curb appeal. so keeping those things in mind, how much should i offer the seller?

well first off you should get the property appraised. This will help give you your base line. Tons of people try listing way above appraisal. However, the one thing you have going for you right now is a crappy economy. This give you buying power, if the property has been listed for a long time that is well in your favour. Appliances have some value, small backyard is buyer specific. Some people dont want a large backyard. Besides when you have the home appraised they will take into account all fo those things. If your really interested in buying the property you should have a home inspection done. This will help determine if there are any defects on the property, if there are any major ones you may not want to buy it or if you dont care this will increase your bargaining power. The best bet is to find out how many other people are looking at the same house. If no one is looking then you can start as low as you want. Make your offer and state your conditions and why you offered the amount. Either the owner can deny it or accept but most will give a counter offer.

1st thing, GET THE HOUSE INSPECTED from Top to Bottom and around the sides, Yard too. Wiring, plumbing, water damage, roof, squeaky floors, don't miss a thing.

Then take into account that the house will probably loose another 20% to 30% within the next year and half. Then the appliances have to be replaced, not sanitary you know. Counter-tops have to be raised so you won't have to stand on your head to shave.

Offer 95k, see what happens.

Look at similar houses in the neighborhood which are exactly like this particular one. Start at 128,000- and go up, you do not want to get sellers agrivated or pissed off. But deffinatley look around the neighboorhood, to see if the house is priced on the market accuratley.

This is not the place to ask this question. Unless you find someone who knows the neighborhood you're looking at...

Different markets require different strategies so you have to learn your market.

First, sale prices are public information available from your local government. Go check them out. Of course, with the help of an agent (a buyer's agent in your case) it would be a lot faster and you would get more info on the properties that have sold recently such as size, number of rooms, bathrooms, etc which all help in making a comparison.

Second, is anything selling in this area? If not you can make almost any offer you want. On the other hand, if houses are selling in a couple weeks, you'll make an offer close to the asking price.

Do your research, it is worth the time spent. We bought a house not too long ago for a little more than half the asking price. Yes. The previous owner had gutted the house and hung new drywall when he was sent across the country for his job. It still needed to be taped, mudded and painted. The rest of the house was fine. We just sat back and waited. And did a little research. That's how we found out the owner had moved away. We also found out he couldn't really afford to keep both houses too long and had no money to fix this one since he had bought the new one...

We waited three months and made our offer. We waited two months for a counter-offer but we got it. Some people find us cold but to us it is business. Real-estate is our retirement plan.

Keep in mind also that you will probably not stay in your first house if you are like most people. That is to say don't worry if you're not in love with it. As long as it is a good house for resale and it fits your present needs, that is all that really matter. One of the first rule we learned with real estate is to buy the ugliest house in the best neighborhood possible. Which means the house nobody bothered to repaint before putting on the market. Old dirty paint and small cosmetic work are cheap to do yourself but are usually a turn-off to most buyers...

Good luck.

PS = I forgot about an article I read just a couple days ago. In some areas where banks have way to many properties to get rid of, some house are listed between $1,500 and $3,000. Yes, I'm serious. Obviously, though, they need more mork than just a new paint job. The article stated that most of them needed about $20,000 to $25,000 worth of work but the value of the houses, once fixed, was over twice the cost. There are loans that will put the repair money in the mortgage so it's not like you have to come up with a bunch of cash to buy something like that.

Get yourself an agent. Shop for one, as they are not all created equal, and then start asking a lot of questions.

I would look at what has sold in that area over the last 6 months and try to look at a house with the same sqft as well. You are right to consider the appliances, however you can not change the size of the backyard. If you want a larger yard, you will likely find that the house is much more expensive. It is winter time, so curb appeal is hard to judge at this time.
If it were me, I would probably put in an offer at 133, 900 and see what they counter back at. Do you have an idea of how much you want to spend? That is another way to look at it. Start low and go from there, but if you have a budget, don't go over that. But remember, if you are asking the seller to pay for your closing costs, then you might want to go at a little bit higher price. Say 135,00 + closing costs.

Good Luck to you.

Look at taxes and the appraised value of the house, also go to zillow.com and see what they appraise it at. Offer Low, you can always go back with a second offer, but you just might get it.

i would offer them about 110,00 they may not agree then you have to decide if you are willing to pay what they are asking of course the market is right for buying a house right now so you might even be able to offer less and get away with it

good luck

depends if in foreclosure or not...even if you make an offer they could counter it and you can go back and forth...if you have it in cash you have better chance

move to new jersey! best place on earth! (besides the high taxes)

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