I want to buy a very small cute home in Texas. Its listed at 65,000! Its been on the market for nearly 2 months! How long can this go on? What happens when they just dont sell?
..I cannot purchase the home because we don't have the money to put down. We will have it in December... but I doubt the house will be on the market that long. *sniff*
2006-10-26 05:23:57 · 11 answers · asked by Lady in Pink 3 in Business & Finance ➔ Renting & Real Estate
It all depends on the seller's situation. They might need that much to just zero out. Or they might sell only if they can get enough money to buy another home they want. At any rate, you really don't need the down payment and closing costs until it closes. That could be in December.
Two other things - You might want to close in December, so you can claim the homestead exemption next year (you can only do this if you own the property on January 1st of the year in question.) ...OR... you can wait until around Thanksgiving to look at an make an offer on a house. Best deals I've sold have been between Thanksgiving and Christmas time.
2006-10-26 07:44:54 · answer #1 · answered by teran_realtor 7 · 0⤊ 0⤋
They can list it at A million dollars and have it sit on the market for the next fifty years if they want. The market is softer now so if its already been 60 days it might still be on there in a coupel months.
FYI, you dont have to have your money down utnil closing. You just need earnest money (probably $500-1000) when you make the offer. Even that you can do contingent on a good inspection and give yourself 7-10 days lee way.
2006-10-26 12:41:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Really depends on how badly the seller wants to sell and "if" he can sell for less. He may have to get that amount out of the property to pay commission and pay-off outstanding debt.
Maybe you'll be lucky and the house will still be on the market in December and you'll have the money by then. Good luck.
2006-10-26 12:38:08 · answer #3 · answered by Kathleen M 4 · 0⤊ 0⤋
first in this market, it may very well be on the market in December, two months on the market so far means the house is not priced as a fire sale so maybe it will be their in December but as to lowering price it depends if the seller most sell or just wants to sell
2006-10-26 13:18:56 · answer #4 · answered by goz1111 7 · 0⤊ 0⤋
There is truly no way to tell how long it will sit before the price drops again, that is all dependent on how motivated the seller is. Have you sought out mortgage advice? Do you have to put down money to purchase? There are 100% financing options available out there.
2006-10-26 12:27:44 · answer #5 · answered by Justin 3 · 0⤊ 0⤋
Depends how desperate the seller is. You can always make an offer.
If the home has been on the market 2 mos, I would not feel the least bit awkward offering less. It cant hurt to make an offer. Offer them 50,000 or whatever you think is reasonable and see what they say.
2006-10-26 12:33:36 · answer #6 · answered by rhblong2000 2 · 1⤊ 0⤋
Until doomsday or beyond. The price remains up to the seller, no matter what facts may be presented. Some sellers don't really need to sell, so they can wait for a big fish to come along.
2006-10-26 13:38:07 · answer #7 · answered by ladsmrt 3 · 0⤊ 0⤋
get a realtor and visit with a mortgage professional. there are plenty of 100% financing options out there. email me i can help. i am a realtor in the dallas texas area and i have a close working relationship with a very good mortgage company.
2006-10-26 12:49:46 · answer #8 · answered by daniel r 4 · 0⤊ 0⤋
Wow, 65K isn't much, I would jump on it now! He can sit there as long as he wants...
There was a house I used to pass, had the for sale sign for more than 2 years...
2006-10-26 12:32:20 · answer #9 · answered by fairly smart 7 · 0⤊ 0⤋
It's up to the seller. If they don't want to drop the price they don't have to. You can always make an offer for what you want to pay.
2006-10-26 12:36:29 · answer #10 · answered by missyhardt 4 · 0⤊ 0⤋