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hambone1985 | Making offer for a house? |
My husband and I are purchasing our first home. It is 1 story, slab-not basement, 3 bedroom, kitchen, living room, attached garage, and medium sized fenced yard with shed. It is siding with some kind of stone on the front...but I wouldn't consider it bricked. They are asking 59,900 and I would have guessed a house like that in decent condition in that area would cost 65,000-70,000. It was a foreclosure. They left no appliances. It needs a good chunk of work, though it is livable. Carpet is from 80s, paint is a must...walls are marked up, cabinets are way out dated, and somehave been ripped out, the tub has a very old fashioned shower head hooked up. The doors are a little marked and dinged some with holes. What is a reasonable offer? 50? 55?
Additional Details
15 hours ago
ohh, and it has been on the market for a while and in my area the market is a little slow
15 hours ago
I do have a realator....and he is the one selling this particular house...so this might make things different???? |
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chapis70
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Lo siento mucho pero no te entiendo ,no hablo ingles,Sorry. |
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ROCKY
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You can go ahead and make an offer subject to inspection.
This means that you are making an offer but if for any reason you do not feel comfortable with the results of the inspection , you can void the transaction. (Check with other Real Estate Co. in your area to see if this is possible)
As for what price to offer, it is your choice. You can lowball it and they can always say no and counter, or who knows maybe they are truly desperate to sell and will accept.
Your Realtor is representing both you and the seller (bank). |
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Michael F
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You should do several things before making an offer. You should order an inspection and an appraisal. This may cost you somewhere around 1000 dollars for both but will save you time and money down the road. An inspection will tell you the extent of work the house may need and the appraisal will give you a good idea of what the house is worth. Nobody here can tell you what to offer. Even if you had your own buyers representitive they can not tell you what to offer. You never want to offer to high especially if it has been sitting a while and the market is slow. If it was priced so reasonably it would have sold long ago....you have to ask yourself why no one else has bought it at 59. It does not hurt to make a low ball offer and see what they come back with. Just think of what you will pay for all it needs. Appliances will cost you a few thousands....cabinets even cheap ones will cost you over five thousand(in my area anyway). Tub, paint, carpet, and who knows what else is hiding that needs to be fixed. I would low ball at around 40. The worst that will happen is that they will counter. |
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Vampire 13R
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You don't have a Realtor, the seller does. LOW BALL
You have no way of knowing how desperate they are to unload this turkey. Try $45K |
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xoxocrystalxoxo2003
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I am a recently new home owner in nj and the market is Ruff hear to. Make shore you get what we call in nj a home inspection report it cost me like $500.00 and we got it done on 3 propertys to protect on interest in the property and thank goodness we did because it saved us a hole lot of head aches, Beyond all of the cosmetics as long as the structer,electrical and piping of house iare in good condition go for it. Pant & spackle are not much money these days. |
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mmygrants405
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My husband and I recently purchased our first home. We looked at a lot of properties, some that sound similar to what you are looking at. Remember that the seller usually gets about 85% of the asking price. If you and your husband want the seller to take care of closing costs and your original offer is $50,000 then you should add to you offer what the closing cost will be. It increases your chances of a successful negotiation. Your relator should be able to walk you through.
Depending on the house itself, not having appliances or anything and being possibly outdated can be costly, what is it worth to you? Ask you realtor and even get opinions of family. Have fun and best of luck!! |
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Dr. Deth
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you should get a lawyer or your own buyers representative agent. If it's already 10,00 below neighboring houses, start at $55000 |
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magnolia
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Since the realtor is the one selling the house, he is going to push it on you. You need to have the house appraised first. An appraiser will tell you exactly what is wrong with the house and approximately what it should sell for.
Be aware that houses like this have a lot of hidden problems and can become a "money-pit". |
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rochelletherealtor
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Does the agent actually represent you? Do you have an actual contract with this agent to represent your interest? It may be called something like a Buyer's Brokerage Agreement.
If if he is your agent, he should do a comparative market analysis to determine the market value. That will help you decide what to offer.
If he isn't your agent, decide if you want your own representation and find one to represent you as a buyer, sign an agreement with the listing agent to do what is called Dual Representation, or use him as a Transaction agent. That means he only fills out the contract for you and gives you general advice.
No one on this board can tell you want to offer. We don't know the neighborhood. We haven't seen the house. We don't know what it is worth.
Remember, you are making an offer on a house that need a lot of work. You need to know what that work is going to cost you, what condition the house is in, and to be honest, if you are really going to save any money after putting this work into it.
I personally recommend that you find out now how much the work will cost (and be prepared for hidden issues), then make a serious offer that the bank will accept. Don't waste time haggling with the bank, because oftentimes there are multiple offers on foreclosures. Banks are slow to respond, so it may appear that no one wants the house when in actually several people want the house. The bank just hasn't responded.
Good luck with this! |
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Florentina I
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Well, a first step would be considering how much the repairs cost. Then ask your realtor for how much the houses in that particular area for the same square footage sold in the last 3 months. He/she has access to that info. Then substract the value of the repairs for the market value (realtor help) and also consider that the market right now is very slow.
Since your realtor is the one representing you and the seller, he might be interested to sell it at a higher price for his commision. Also, he gets the full commision on this one since he doesnt have to share it with another agent.
So, if the houses on the area for the same square footage and age (for the last three months) are selling for $60,000 substract the repair value and around 2.5% of the market value and make your offer. Good luck |
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kate m
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Well in a lot of shows such as HGTV they say if they want a high price and you want a lower one they say you should meet in the middle. I think you should go with 53,000 if the market is slow and the house needs repair, they should take it if not try adding in the contract if you end up paying 55 grand then they need to replace all the damage things and out dated carpet and that they need to get you some new appliances.
Hope that helped! |
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angela
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Since it's a foreclosure, start low but not too low. It's owned by a bank and they just want to get rid of it and try to recoup some of the mortgage loan that the last people defaulted on. You don't have to go in round figures of 5 either. You could offer 52,000 or 52,500 or any figure that you want. Since it's a foreclosure they will probably want proof of funds. So, if you are paying cash, get a letter from you bank stating that you have the money to pay for the house. If you are going to get a loan then go ahead and get pre-approved so you can turn in the pre-approval with your offer. Since the Realtor is the listing agent then don't tell him if you would be willing to pay more than your offer. He has signed an agreement with the seller and is supposed to tell them anything that would help them. If you also signed an agency agreement then he's not supposed to tell but better safe than sorry. |
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