 Sell my house? |
Agents say its good house at right price but viewers feedback they don't like area its located. What can I do?
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Laurie | What's a decent offer to make on a house that's asking $189k? |
I am thinking of making a full cash offer on a home in Boise that is currently listed at $189,000. In this slow market, what is a reasonable offer to make without offending them? |
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Mike
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I recommend that you hire a real estate appraiser as a consultant.
The Real Estate Appraiser should be a Member of The Appraisal Institute. That is the only appraisal organizsation that has sufficient training and experience standars to produce competent appraisers.
Tel the appraiser that you want to make certain that you do not pay too much. That you are hiring him for a second opinion because you know that the lender's appraiser is not always sufficiently competent and the the lender's appraiser is only protecting the lender and not you.
the real estate appraiser will be an excellent source of non biased information.
Do not rely on REALTORS or real estate agents. REALTORS and real estate agents are only trained as salespeople. they do not have sufficient training in the valuation of real estate to determine an accurate fair market value, also the real estate agents often are only interested in themselves and getting paid, not in protecting your interests. |
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Jim C
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It Depends ask your realtor to pull the number of houses in that price range on the market. Then ask to see the number of houses sold in that neighbor hood over the past six months.
(Any realtor will be able to pull these numbers and if they give you any trouble get a new one).
If there are 30 homes on the market and ten have sold over the past year. Then the seller is going to have to wait some serious time before their house is sold. You can probably ask for a sizeable discount perhaps five-ten percent over the APPRAISAL VALUE.
NOTE!!: that what a person ask for a house and what the house is worth are completely unrelated. Have your realtor give you an appraisal on the house (unless your realtor is also the selling agent (meaning they work for the seller)).
The house my be worth 150k and there upside down in their mortgage. Or they maybe getting forclosed on and sacrificing all their equity (two extremes).
Remember that a penny saved now is two pennys earned on a thirty year mortgage (due to interest). Spend some time and a bit of money to check the place out first. Real estate always has the potential to be a great investment and A GIGANTIC MISTAKE. Rushing into it tends to yeild the later.
Also I've seen some answers about not buying now because the realesate market is trending downward. The most trained and informed experts on the subject can only guess on what the market is going to do. But historically realestate is a good long term investment. If you are going to own the house for fifteen years with very, very few exceptions the house will go up in value. And since the market has gone down in recent months. You should be in a good position (not buying at the peak). Will the house go down in value this month/ this year possibly but if you are doing the only kind of smart Real Estate investing (long term/low risk..(did you say with cash (smart move))). Day trading will help loose you your life savings flipping real etate will help you loose everything.
Any way to answer the question again as I stated if you are in a buyers market (as deffined above), a 5-10% discount is not an insult. (again of the fair market value). |
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Dantheman
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Do your research. How long has it been on the market? How motivated are the sellers. Compare with values of houses in or around that are. Offer what you want to buy it for and dont worry about insulting the sellers. If they refuse you, you can always throw more numbers out there. Good luck!
P.S. If all else fails...You can send the cash to me! Just kidding. |
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Laura
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Who cares about offending them?
You can look up their house info on your city's property tax page, with the address. This will tell you what they paid for the house, so you know how much they've marked it up.
It's hard to say without knowing these details. If they just bought it last year and owe $200K and have already dropped the price, you might just need to pay what they're asking. If they bought if 5 years ago and only paid $130, well...
Also, knowing how long they've had it on the market will help. They could very well be desperate. (I recently had a house on the market for almost a year and a half!)
Hard to say without knowing how much they owe and how long they've been waiting to sell, but I'd probably offer around $170 and see what they say. They may come back with $185. You can say $179 and probably be successful (if this was a normal market). The way it is now, and the fact that you're offering cash... I don't think $169 is unreasonable. |
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uwcharliet
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Offend them???
You can't worry about other's feelings when you're spending YOUR $$$.
You are in the driver's seat. They would not have to wait on contingencies, such as waiting to see if a person qualifies for a loan.
CASH TALKS. DON'T EVER FORGET IT!
Consider:
How anxious are they?
Is the neighborhood stable, going up, or down? (If down, don't spend a penney on it.)
How long has it been on the market?
Is the market appreciating or sliding?
Run comps...sales on similar homes/same neighborhood.
What is the assessed value, and how close does the assessed value come to true market value?
Remember, you can always come back with a higher offer, or react to their counter-offer. My experience has been it is difficult for a seller to walk away from a firm offer 5% under asking price, so I would start lower than that. And, I would not accept their counter-offer...I would squeeze harder. |
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Dave124
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In that market, any offer shouldn't offend them. Check to see what other houses in the area have sold for. Offer 10K less than the last one to sell. Tell them to pay for closing costs. Do an inspection and make sure it all is taken care of before the close of escrow. You can even go lower than 10K if you want. 189K in Boise? What, are you buying? Gotta be big? |
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Front242
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The issue is not offending them it is becoming informed. Find out what properties are worth with similar square footage in the neighborhood. If they are lower then offer 33% less and work your way up. If they are the same then start at 25% less. emphasize that this is a cash offer (not carried by a bank or agency).
Edit: Make sure they you know you are flexible upfront, and find out if the house has any legitimate offers for you to counter. Don't be afraid to ask to see them. |
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Galina M
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i would say $169K, but check here http://www.homegain.com/ and offer 10K less. |
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skymaster
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Do nothing at the moment because it will fall in value whatever you do....... not a smart move at the moment |
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