I am in the wanting to buy a new home and have found I really like and the owners of the home have just moved into their new home they had built and seem like motivated sellers. They have went down on the price from 142,900 to 139,900. I was wondering could I get away with asking for more off the price. How much?
2007-09-08 09:13:59 · 22 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can always try, but it all depends on how motivated a seller they are.
2007-09-08 09:19:17 · answer #1 · answered by Lumberjack 3 · 0⤊ 0⤋
Take a closer look at the house and see if there are any discrepancies like mold, chipped paint from walls/corners, stains on carpet, bad smells (odors) appliances, or finished/unfinished basement, etc.
If the house requires a lot more attention after you purchase it, bring this up. Is there a driveway? What kind - brick, stone slab, concrete? Are there any repairs that are needed?
How about a front & backyard? Is is well kept or overgrown?
How old is the house? What kind of renovations have been made?
Just take some time and ask these questions. If the sellers are open and honest you'll at least get good answers and maybe they'll drop the price.
Do as much research before bringing it up and it help you think the situation through before making a big investment. Also, it will give you a peace of mind knowing that you've asked those questions and you won't be doubtful about your final decision whether or not you buy. Hope this helps!
2007-09-08 16:26:12 · answer #2 · answered by Henry C 2 · 0⤊ 0⤋
absolutely in this market..
Goto zillow.com and cyberhomes.com and look at what the appraisal value is. Make sure you are buying at least 20% back from appraisal. Furthermore the online sites are rough estimates... you should also seek the county recorder's office online. Finally you need to have a LIVE appraisal done, shouldn't cost too much.
Given the current decline of the housing market - buying at anything less than 20% below appraisal is a very bad move at present.
If you can't get into a house for that much less than appraisal - personally I would be looking for another house. Obviously this stuff varies by market, and given that the low 100's is not a high price house (please don't take offense to that phrasing) you should be looking at PERCENTAGE not monetary value.
Be wary of anyone telling you what to offer - there is ABSOLUTELY NO WAY, that they can know what will be taken... the sites i listed will also allow you to see what they paid for the house and how long they have owned it... as well as the appreciation/depreciation over the course of the last 10 years. Pay special attention to the fact that the market boomed and is now dropping - and it isn't even close to finished dropping at that.
I just received listings for 140 below market homes in my search, for what it's worth. There are so many houses in short sell and other near forclosure/forclosure situations - make sure you are getting a good deal - think with your head not with your heart - it's the biggest investment you make... so no matter how much you like a house - if you aren't getting a good deal, STAY AWAY.
2007-09-08 16:17:53 · answer #3 · answered by h00ligan 2 · 0⤊ 0⤋
Offer no more than 3% lower unless the market you are in has taken a huge drop in value. Today a lot of sellers are geting real about the list prices becasue they have recognoized that they have to to get the property sold. If they have obtained their next house then they will be about right on for the market value. $135703 and see what they do. You can always go up a little. I like to tell my buyers to ask for something in the house if there is still some furnishings so that the sellers have something they can say no on and then agree to the price. Every one wins. They think they won becasue they tell you no. You know you won because you got the price which is the real point, right? Good luck!
2007-09-08 16:36:51 · answer #4 · answered by helprhome 5 · 0⤊ 0⤋
Check market values for similar houses. Also check out the market value for all the houses in that neighbourhood. If they have reduced the asking price than chances are there is a reason. They maybe asking too much or the market maybe declining. Do your homework though bc a home can be an investment or it can lead to serious financial problems. It is hard to give you an idea of how much to offer but look at upgrades to the home as well as these are major selling points for a home. Good luck.
2007-09-08 16:20:14 · answer #5 · answered by thathirdrail 2 · 0⤊ 0⤋
Well I bet that their price is based on what they owe on the mortgage(s), taxes and the brokers fees. Unless they have cash they want to bring to the table it may not be negotiable. Depends, how long has the house been on the market and how badly they need to get out of the financial liability (if any).
You don't state where you live but I know in many places all liens (mortgages and other) can be found on homes at the county clerk's office (or tax collections). It usually costs a few dollars to get the info.
Try to find out what they feel they HAVE to get from the house before you make your offer.
Or, just present an offer of 20% less negotiable and contingent on inspection.
Good luck
2007-09-08 16:20:38 · answer #6 · answered by Gem 7 · 0⤊ 0⤋
A realtor can check for you and see how much of a mortgage they have on the property. From there you have something you can consider when negotiating because you know the offer that they couldnt even consider. They are motivated and it is also a buyer's market this should add up to a great deal for you. Make an offer for what would be the most comfortable to pay for you. They will most likely counter and from there just feel them out.
2007-09-08 16:44:35 · answer #7 · answered by young2bballin 2 · 0⤊ 0⤋
you can offer whatever you like. Most of the time a buyer will offer less then the asking price. But, in some cases people will offer more. You can also ask for things like "new carpets, or the entertainment center". What I always ask for is to have the sellers pay closing costs. This can save you a few thousand dollars.
good luck.
2007-09-08 16:18:04 · answer #8 · answered by T B 2 · 0⤊ 0⤋
You can ask whatever you want. Don't be shy. It's a lot of money and it's your money!! If you think the house is only worth $100,000, make that your offer. If they are motivated they will probably accept it. People usually jack the selling price of their home anywhere from $10,000-$15,000, so they are just out for profit basically, plus most of them use a realtor that charges about 7-10% so see if you can deal with the sellers personally.
2007-09-08 16:22:05 · answer #9 · answered by ? 2 · 0⤊ 1⤋
Do some research on the neighborhood. Find out how much other homes are selling for there.
The other thing to do is to make an offer - say, $125000 - and then lock the $14,900 difference in your head. You're no longer negotiating on $140000, you're negotiating on $14,900.
If he comes down to $135000, you're working on making a deal where you're only $10000 apart. Always work on the smallest number.
2007-09-08 16:20:10 · answer #10 · answered by Stuart 7 · 0⤊ 0⤋
Jennifer are you looking to buy a deal or a home? I suggest you consider that when you offer a lower price, that is what your home becomes in value. So if you don't mind buying a lower priced home and not having much value, go ahead and offer less.
2007-09-08 16:23:16 · answer #11 · answered by Alterfemego 7 · 0⤊ 0⤋