I'm going to bid on a condo. The bathroom needs a new floor (in my opinion) because it looks like there may have been some water damage. Maybe even the subfloor needs replacing. I won't know until I get the old tile up. Anyway, my question is this...since I'm going to need the seller to pay closing costs (which could be as much as $4000) how much can I reasonably bid under the list price? Or since I'm asking them to pay closing, should I consider that as a discount on the list price?
2006-10-11 16:40:24 · 6 answers · asked by micci73 2 in Business & Finance ➔ Renting & Real Estate
How many days has it been on market? The longer it is, the less you can bid on it.
You'll never know if the tile has serious water damage until it has been inspected. You still need to bid, get the contract accepted and then have it inspected. If serious water damage to the subflooring is revealed you can either walk from the contract or try to renegotiate.
If it's been on market about 1-2 months, you probably could bid 4% under list price if you are asking for closing costs. You do count that. Think of it as the bottom line. If it lists for $225000 and you bid $216,000 with $4000 for closing it's the same thing as bidding $212,000.
Didn't anyone ever tell you not to buy condos?
2006-10-11 16:48:58 · answer #1 · answered by Arthur M 4 · 0⤊ 0⤋
wait until the market cools. This is not the time to buy any time of apartment with so many coming on line. You may never be able to sell it if you ever need to. The newspaper is reporting that apartments are not selling and now they are being turned back into what they should be anyway......apartments. You have a computer read about how poorly the real estate market is for condo's you may want to reconsider and wait a few month until everything starts to stabilize. If you don't want to wait make sure there aren't a million other condo's for sale and how long on the market. It will give you a clue what you will be in for when you try to sell yours in a crowded market. And get a fixed rate not a teaser APR.
2006-10-11 16:49:25 · answer #2 · answered by bonitabertrell 3 · 0⤊ 0⤋
Are you in a buyers market or a sellers? Do you think this condo will get other offers? If so, then you'll probably be competing with other buyers so it will be tough to negotiate these things. If it's a buyer's market then negotiate everything. Just make an offer and the seller will accept or make a counter offer. Then it's up to you to except, make another offer, or look for something else.
2006-10-11 16:47:23 · answer #3 · answered by Chris L 7 · 0⤊ 0⤋
Pay for a professional engineer to do a property inspection. he will give you an estimate of the cost to fix the floor. Include that in your offer, as a discount to the offering price. Or, also give them the option of fixing it prior to settlement.
2006-10-11 16:44:14 · answer #4 · answered by Dave 4 · 0⤊ 0⤋
Negotiate as much as you can... especially on a Condo!! Many people are desperate to sell condos in today's market!!
The worst thing they can say is no or counter your offer.
Our house was on the market at $279K. We offered $235. The owner countered at $238K, then we bought it.
2006-10-11 16:45:09 · answer #5 · answered by MovetoLatinAmerica 3 · 0⤊ 0⤋
The rule of thumb is start the bidding $20,000 less of the asking price. Soif they're asking $340,000 bid $320,000.
2006-10-11 16:47:25 · answer #6 · answered by blessedw2 2 · 0⤊ 1⤋