Were going to offer asking price for house we like, but i want the seller who is also the real estate agent to cover all the costs, inspections , title so on. Is that an unreasonable offer considering we want to give asking price. Im trying to get into this house with no money out of pocket. We have found mortage with no closing costs so this would be financilly benefiting to us. any info would help...im in Cali..
2007-07-15 14:29:11 · 7 answers · asked by marriedman26 1 in Business & Finance ➔ Renting & Real Estate
No it is not unreasonable. Matter of fact people very rarely offer the asking price. They usually make a lower offer then ask for what is called "seller assist", which is helping with closing costs. But if they won't assist, then lower your offer. What I would do is lower the offer and pay the closing costs, because most likely you will save more money that way. You can get 100% financing, including closing costs. Sometimes you may still have to pay the inspection fee upfront, but you could still lower your offer and ask for them to pay any upfront costs. TIP: Go to your local courthouse's assesment office and check out the property, it will tell you how long they have owned it, what they paid for it, the fair market value, the taxes, if any major renovations have been done, etc. Just so you can get an idea of what they paid versus what they are asking. Of course it most likely has appreciated, but it gives you good information. It is free and all you need is the owners name or the property address. Good Luck!
2007-07-15 14:37:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It sounds like you are not using a Realtor to represent you. If you are, he/she should have provided you with information on comparable property sales to determine if a full price offer is warranted. In some markets, full price offers are not unusual, but in most, particularly these days, they are unusual. Also, why offer full price the first time? Two or three offers and counteroffers are not unusual. Such an approach might be a much better way to get what you want. If you offer full price and ask seller to pay costs, there is no room to maneuver if he counters.
2007-07-15 15:51:17 · answer #2 · answered by James K 1 · 0⤊ 0⤋
Much depends on the asking price of the property vs its actual market value. If this asking price is already 'barebones', the answer is NO. If the price is a little on the high side, of course you should ask.
The notion here is to find out if you are ALREADY getting a hot deal at the asking price. If you're not getting a hot deal, ask for some concessions.
2007-07-15 14:38:36 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Be very careful of mortgages with no closing costs because they result in much higher rates and monthly payments. Seller's concession is a program where the seller pays for your closing costs. If this seller is a Realtor like you say he/she should have no problem with seller's concession. I am a mortgage broker. Email me, and I would be glad to answer any more of your questions.
--Vlad
2007-07-19 14:12:08 · answer #4 · answered by vladm1285 1 · 0⤊ 0⤋
chances are the house is priced more than want you are asking for so no if you are not going to try to get a lower price chances are if he is smart he will jump at the offer. good luck
2007-07-15 14:36:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
not unreasonable at all but make sure they dont add tons to the sell of the home.. found some great information for home buyers and it will really help first time home buyers
http://www.timmdelaney.com/PageManager/default.aspx/PageID=2041211
2007-07-15 18:43:17 · answer #6 · answered by Pure Genius 3 · 0⤊ 0⤋
Might work, you need to be careful that you are not overpaying for the house.
I would add "subject to appriasal".
2007-07-15 14:33:46 · answer #7 · answered by Liam M 4 · 0⤊ 0⤋