I want to purchase a home for the first time in middle Tennessee. I've never dealt with real estate agents before, and I'm wondering how much I can get him to come down on a home listed for $125,000. Do you have any idea? Thanks!
2007-01-13 05:51:52 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It's not up to the agent - it will be up to the seller.
2007-01-13 05:55:20 · answer #1 · answered by lifesajoy 5 · 0⤊ 1⤋
The real estate agent is a pawn. The seller makes the real decision and any offer you make has to be presented. (make sure it was signed if it gest denied). That being said, every market is different but even in a buyers market, the seller doesn't often accept much lower than the asking price. In Denver, most homes sell within 3% of the listing price, but the average price of active listings are 20% than the average price of sold homes. Just because you get him to come down doesn't mean that its worth that price.
Every market varies when it comes to what you can get but it usually involves how long its been on the market at its current price rather than what its worth. Also, you should never deal directly with the sellers agent. More than likely, for the same cost to you, you can have your own agent. The money comes out of what the listing agent would have made. Just because your thinking your getting a good deal by getting him to come down doesn't mean you actually got a good deal. A truthful Realtor should be able to tell you for certain or at least show you what other people have paid for the same sort of thing.
2007-01-14 19:18:03 · answer #2 · answered by Spencer B 2 · 1⤊ 0⤋
You need to understand how selling a home and working with an agent works. First, as a buyer you should find a buyer's agent who exclusively represents you as the buyer in the process. In some states agents can represent both parties and that is a bad idea for you as the buyer. So get a buyer's agent to help you find properties, apply for a mortgage, etc. Your agent will help you make an offer to the seller (or if the seller has his property listed with an agent, your agent will deal with the seller's agent). It is not up to the agent what to accept for the sale of the property, it is up to the seller. The agent merely conveys the offer and may make a recommendation to his client the seller. Find a buyer's agent who works in the community where you plan to buy. He will have an understanding of the market and valuations in your community, and be best suited to help you make a good/informed purchase. You should not sign a buyer's representation contract with ANY agent that exceeds 60days at a time. That way if you end up not liking that agent you are free to find a new one (after the 60 day period).
2007-01-13 06:07:45 · answer #3 · answered by Chris I 2 · 1⤊ 0⤋
Like it is said very well above, you need your own agent. They can help you make a good offer too. They have access to how much money is owed on the property, you need to know that. Make a reasonable offer above that, but lower then you are actually willing to go. Then let the two agents negotiate it out. Asking price is just that, the hopes of the seller. Nothing sells for anything close to that where I am, but in todays market you can offer about 15% less and you just might get it.
2007-01-13 07:01:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your question should be "How much can I get the SELLER to come down when buying a house? If it were up the the Realtor, your first offer would be accepted. In midd Tennessee, the average ration between sales price and list price is 95%. I would start with an offer at 90% of asking price then negotiate to about 94-96%. In your case you will probably end up at $118,750
2007-01-13 12:47:14 · answer #5 · answered by realtorrrr 2 · 0⤊ 0⤋
It is not what the real estate agent will come down. It is what the seller will come down. Do your homework. Check out what homes sold for in the same nieghborhood recently, under 12 months ago. Go to the town halls assessors office and buy a tax card for the property you are looking to make an offer on, usually $1.00. Check out when it was last sold and for how much, what it is assessed for, etc. Well worth the buck. Good luck to you.
2007-01-13 06:03:19 · answer #6 · answered by NH Realtor 2 · 0⤊ 0⤋
The Real Estate agent represents the seller. They may help determine the price that is set, but the ultimate selling price is an aggreement between you and the seller. Make an offer. Tell the agent what you think the house is worth and what you are willing to pay for it. The agent will make your offer to the seller and they can take it, refuse it or even make a counteroffer.
2007-01-13 06:02:03 · answer #7 · answered by fangtaiyang 7 · 0⤊ 0⤋
Hi Dude,
Yes, it's the seller who decides, and yes, you need to get your own Realtor to be your buyers agent. But as far as what the sale price will be...... well, that depends.
Let's say the house is really worth $125k. Then you're doing well to get it for $124k.
But if it's really worth $100k, then you get taken if you give him $105k.
And, if it's really worth $150k and he's just trying to get rid of it quickly, you would do well to out bid the other interested parties (who are writing offers instead of asking questions) and offer $135k.
So, all in all - the end sales price will be... ....
2007-01-13 16:11:06 · answer #8 · answered by teran_realtor 7 · 0⤊ 1⤋
How much do you want to pay? $100k? If so offer 80...also, if it is a realtor, you are entitled to a realtor of your own, so that they would have to split the 6% commission, or 3% each...if you dont have your own realtor, offer to have them keep 4% of the commission, and that would save you 2% right off the bat
2007-01-13 05:58:18 · answer #9 · answered by AA 3 · 0⤊ 0⤋
It depends on how desperate the seller is to sale. How many days has the house been on the market? What are similar houses selling for in the neighborhood?
Do you homework and then you will have leverage.
2007-01-13 06:01:51 · answer #10 · answered by D S 4 · 0⤊ 0⤋