ok we are buying our first home, we do have an agent involved. this house is in good condition a little on the smalls size, 3 bedrooms 2 big 1 small 2 full bath one in the basement and 2 on the upper floor, sqft is about 1650. the house is empty, 1 car garage and a long drive way, ok size back yard. the seller drop the house price 2 it went from 515 to 475. we really like this house a lot. we offered 450,000 they came back with 470,00 what do u think? what should we come back with?
2007-08-26 09:32:27 · 9 answers · asked by robin p 1 in Business & Finance ➔ Renting & Real Estate
the agent told us to offer 465,000 but for some reason i dont trust her i think she is looking out for her cut. this is in Westchester county
2007-08-26 09:34:47 · update #1
Spend $300-450 and have it appraised, it maybe over priced or under priced who knows with this little information. It would be better to get and appraisal and spend the $300-400 than spend more than it worth. Or make the $450 offer contingent on the appraisal. Trust me no appraiser will run a comp check for you.
2007-08-26 12:56:26 · answer #1 · answered by Leo F 4 · 0⤊ 0⤋
Hey Robin,
Ask your real estate agent to pull comps on properties within a half mile (or mile if necessary) area that have sold in recent months (within six months at the most). Look at what people have paid for similar houses and what you are offering for this house. You will be able to get a better handle on whether or not you should offer more.
Also, the sellers may not be able to accept less than a certain amount -- they may be mortgaged up to their necks. If that is the case, they cant drop their price. Then it is up to you to decide if the house is worth what they are asking. You will find that out from the comps, too.
Remember, your agents job is to represent YOUR best interest. Too often they represent their own interest. Be leery. Even with an agent, it pays to know the true value of the home. Only you can tell if you are getting a good deal.
Best of Luck to you,
Barbara
www.therealestatebirddog.com
PS: If you agent doesnt want to pull comps for you, that may be a HUGE red flag. Find another agent to pull comps or, if you have an appraiser in mind, ask them to do some rough comps for you (known as a look-up around here).
2007-08-26 11:21:56 · answer #2 · answered by realestatebirddog4 2 · 0⤊ 0⤋
i think that the realtor thinks the offer will be accepted at the 465K. i would offer 460. it's halfway between the middle of what they want and what you want. you might make the offer time sensitive . you offer 460 for 24 hours only. last offer.
I doubt that a seller would let you walk away for 5 K in this market. But if you really want the house , think this is the one for you go up. 10K is only about 70 a month ? over 30 years. i would not worry if the house gets away because there are plenty out there and there are going to be plenty more available. keep your cash and be prepared when a good opportunity comes available.
2007-08-26 09:43:12 · answer #3 · answered by Mildred S 6 · 0⤊ 0⤋
My license is limited to California and I don't know the house or local market conditions so I won't undertake to give you specific dollar advice. But I will use your question as a cautionary tale and you can take some advice from that. I see far too many people thinking that the only thing they need to do is find the house and they can do that themselves. They will deal with whatever agent is at hand at the time. It's far better, I think, to build your team and prepare before buying. The key member of that team is your Realtor, someone who is attached to you, not the house, someone who you trust to advise you from the perspective of your best interests, someone who you trust when you have to make a quick decision, someone you actually enjoy spending time with. There are other key team members like the loan officer, contractor, and skilled trades people. Realtors are great sources of referrals in that regard if you don't already have those connections. If you were working with someone you trust, you would not have to be asking this important question of anonymous strangers. Bottom line, let this deal go if it seems fishy or make your best deal and take it if you think it's the right one. You have to rely on your gut and personal knowledge alone when you don't have trusted professional advisers.
2007-08-26 10:03:15 · answer #4 · answered by artwhiterealtor 3 · 0⤊ 1⤋
Robin, if you want house I would counter at $465,000. I'm sure your agent isn't thinking about her commission. Today's market is tough and just having a closing would be a blessing. Good Luck!
2007-08-26 10:00:31 · answer #5 · answered by Alterfemego 7 · 0⤊ 0⤋
you need to the the value of the home around the one you want make you decision there i have a 3 bed 2 1/2 bath 2750 sqfeet i paid less than a 1/4 for what they are asking
2007-08-26 10:30:58 · answer #6 · answered by reddjoker1 3 · 0⤊ 0⤋
YIKES! Almost $300 a square foot. Outrageous!
Move to Texas or Kansas, or Oklahoma, etc.
Get you a 2,500 square foot house on a big lot for $175,000 - $200,000!!!
I can't believe people pay a half million dollars for a tiny house.
2007-08-26 09:38:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
465,000, but be ready to take the 470 if the sseller is firm.
2007-08-26 09:39:58 · answer #8 · answered by fangtaiyang 7 · 0⤊ 0⤋
Offer $455,000 or maybe offer $460,000.
Another good thing to try is tell them you will pay the $470,000 IF they will pay all closing costs.
2007-08-26 09:40:47 · answer #9 · answered by mister_galager 5 · 1⤊ 0⤋