Its been on the market for 3 months and reduced $50,000 since then to $750,000. its still over our budget and we want to lower it to $700,000. how much should we offer at first? this is our first time buying a home. its 5 bed, 3 bath and it has been completely renovated a year and a half ago. originally built in the 1960s.
thanksss !
2007-08-06 03:08:40 · 7 answers · asked by lala. 3 in Business & Finance ➔ Renting & Real Estate
i live in northern new jersey
we dont have a realtor and we were told we dont really need one
2007-08-06 03:16:40 · update #1
If the seller has the home listed with a Realtor, you need someone on your side. Get a Realtor who represents your interests as a buyer's agent, preferably. Also, check the lega notices and the court house records to see if there is a foreclosure pending; foreclosure = very motivated seller! Look for a notice of "lis pendens".
I would advise a client to offer $680,000, with $20K to go up, so that the seller thinks you are negotiable. Get data on comparable sales in the area, on the same street if possible. Your Realtor can help with that. Zillow has problems of inaccuracy, so I wouldn't rely on data from Zillow. Of course the market has slowed down considerably in the last year, so if the comparable sales are more than six months old, you may want to discount them and offer less.
2007-08-06 03:24:55 · answer #1 · answered by dottye7777 2 · 0⤊ 0⤋
I don't know who told you that you didn't need a Realtor but I'll bet it was either the seller or some friends that haven't been involved in a real estate transaction lately.
If your're looking to spend $700,000 on a house doesn't it make sense to have someone that deals in real estate daily looking out for your best interests.
Typically on listed property the seller has already agreed to pay his Realtor a commission which is then shared with a buyer's agent. If that's the case it won't cost you anything else to have a Realtor represent you.
If it's a For Sale By Owner then you should consider either getting your own Realtor to write your offer or a real estate attorney. That way you will make sure your interests are protected.
Of course a home inspection is a must and other inspections, i.e. radon, structural, electrical, HVAC, and other items, might alse be indicated.
2007-08-06 10:29:54 · answer #2 · answered by VolunteerJim 3 · 1⤊ 0⤋
Have you gotten pre-approved for a mortgage already? That's the first step.
If the property is listed with a realtor, the seller most likely has a contract with them. You really just cant go knock on a door with an offer. You also need an attorney.
2007-08-06 10:57:08 · answer #3 · answered by KathyS 7 · 0⤊ 0⤋
Unless the property is a FSBO " For Sale By Owner" with no commission paid out, I would get my own real estate agent. Your real estate agent's commission is paid out of the lisitng agent's commission. So basically your agents fee is free to you. Otherwise the listing agent will happily take the full commission. Having said this since you already have picked out the house you want I would negotiate with a real estate agent to represent me and have them kick back half of their commission. ERA, Century 21, Coldwell Banker probably will not do this but if you find an independent or discount broker they probably will. I am broker and I would. As far as the offer that is all supply and demand and how motivated the Sellers are and how patient you can be, a real estate agent in your area could help you with your offer. I would offer around $650,000 if your goal is to get it for $700,000.00.
2007-08-06 10:32:53 · answer #4 · answered by stephen t 5 · 0⤊ 0⤋
Offer 675K they can only say no and you come back with 700K then bow out if they do not accept your offer. In this market you never know.
Good luck
Get a Realtor this is your first home and a mistake can be costly. The seller is paying the agents involved anyway if you have a properly written contract making sure it does not state you will pay an commissions.
2007-08-06 10:17:53 · answer #5 · answered by Anonymous · 0⤊ 1⤋
No one here can answer that b/c we don't know where it is. One street can make a $100K difference in the value.
I would highly recommend that you get a Realtor to represent you...$700,000 is alot of money to not have legal representation...and the listing agent won't give you a discount for not using one, they'll just pocket the full commission.
2007-08-06 10:14:54 · answer #6 · answered by Expert8675309 7 · 0⤊ 0⤋
Get a Realtor. They're paid by the seller, so having one won't cost you a dime.
2007-08-06 10:22:47 · answer #7 · answered by Bostonian In MO 7 · 1⤊ 0⤋