Here is the scoop, metro DC, is an expensive area, and I found this CHEAP condo at $75K, 2BR, 1.5BTH, BUT I don't want to work with my own realtor b/c it will cost me, and I just barely have enough for this place as is. Now I would like to negotiate it and have him pay closing cost, because it would cost me about $5K. So how can I go about negotiating the price down? Please help, thanks
2007-07-13 06:36:38 · 9 answers · asked by T-girl 3 in Business & Finance ➔ Renting & Real Estate
This is what the ad said:
Yes, you read correctly! $75,000 for a 2 bedroom 1.5 bath condominium in up and coming. Buy here and invest the difference.
All new? No. But I find it hard to believe you will find something this nice at this price anywhere else. This second floor end unit is freshly painted, new carpet and other perks that the owner is throwing in.
2007-07-13 07:41:42 · update #1
The condo building was in bankrupcy
2007-07-13 08:37:00 · update #2
Did they tell you how much of a discount they are giving you without using a Realtor? Do you know how much the taxes are? The HOA dues? Do you know if it's a foreclosure? Have you had an inspection done? How long has it been vacant? Have the utilities been shut off for an extended period of time?
Have you ordered your own appraisal?
You need a Realtor, if you don't know how much to negotiate. You can rest assured if it is that cheap...there is something wrong, and you need to find out what that "wrong" is.
The listing agent will take their full 6-7% whether you have a Realtor or not.
FYI: The closing costs alone are why you need a Realtor...if you think $5,000 on a $75K condo is acceptable, I am here to tell you....$5,000 IS THROUGH THE ROOF!
Hire a professional before you get ripped off.
PS: "Up and Coming" is a common catchphrase used in Real Estate advertising...in DC, it is probably in a drug/crime infested ghetto section that may take 20 years to clean up. That Up and Coming may never get there.
2007-07-13 07:01:45 · answer #1 · answered by Expert8675309 7 · 1⤊ 0⤋
First, if you're the buyer, you don't pay a real estate agent, the seller pays your agent and his.
Second, make the offer as appealing as you can. If you can go up the extra $5k in the offer price but ask for it back at closing, then do so. Everything is negotiable and in the end, if someone's selling at that price, they're likely desparate. Consider that when you look at it and ask yourself why it's so cheap.
I live in the DC area, and that's a ridiculously low price. Was it foreclosed? Is it in need of massive repairs? Is it an unsafe neighborhood? Lots of possibilities, but make sure you investigate to find out why it's being listed at such a low price. Also, make sure it's not a typo in the listing. I've seen DC condos go for $750K so someone might have lost a zero somewhere. (I found a house listing like that a couple months ago and was very disappointed.)
Good luck.
2007-07-13 06:46:10 · answer #2 · answered by J P 4 · 0⤊ 0⤋
If the house is listed on MLS the seller will be paying a Realtor anyway, might as well get your own and get her to write a good contract; they'll split the commision.
If it's FSBO, call a local attorney and have them write a contract and submit it. The clauses alone will be worth the legal fees. Better safe than paying for stuff you should have put in the contract.
2007-07-13 06:56:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I know DC is expensive. OK. You'll be working with HIS Realtor - not yours - anyway. Oh. and even a broker who finds you a property, is still answerable to the seller, not the buyer (In VA, at least - I don't know about MD).
Get a good lawyer. Get a home inspection - condo not withstanding. You don't really need your own broker to make an offer.
2007-07-13 06:47:56 · answer #4 · answered by Barbara B 7 · 0⤊ 0⤋
The seller pays the realator fee--not you. Negociate the rest of your demands when you write up the proposal contract to present to the owner. You work with the realator that has the listing--if there is one. If not work with the owner and go from their. Play games and some one else will be moving in...
2007-07-13 06:52:58 · answer #5 · answered by Gerald 6 · 0⤊ 0⤋
Well...I only require honesty, respect, space and fidelity in return for the same. Plus I do the cooking. Yep. Bargin.
2016-05-17 04:09:29 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Did you sign an agreement with your buyer's agent? If so, you could put yourself in a sticky situation trying to work around them... If not, submit your offer through an agent who will rebate part of their commission to you...
http://www.fsboprimer.com/buyersagents.html
2007-07-13 08:30:13 · answer #7 · answered by biblicalfive 2 · 0⤊ 0⤋
It doesn't cost you anything to have a buyers agent.
2007-07-13 06:45:10 · answer #8 · answered by ? 5 · 2⤊ 0⤋
tell him you'll give him the 75k if he pays closing costs
thats about the best you can hope for
B.
2007-07-13 06:43:07 · answer #9 · answered by ivan dog 6 · 1⤊ 1⤋