The price was listed very high..the seller has been dropping the house at an avg of 10k a month! I found out the builder is going to be foreclosed on..and there have been no other offers except one in July but it fell through..last night we offered 30k below asking price and he countered with the original price minus landscape and appliances..which was nothing much at all..so basically the original price. We went up by 7k he again came back with the same price. We are giving our final offer today. Which will be 15k below his asking price. If the bank is foreclosing on him..wouldnt he want to take the sale? We are a clean sell..no other property..and he doesnt have to buy appliances etc for it or fix up the yard like he might for other buyers. I just cant understand this since no one has made and offer... IS THIS CRAZY??
2007-10-31 02:06:17 · 9 answers · asked by scooterhml 1 in Business & Finance ➔ Renting & Real Estate
He probably is taking a loss or breaking even on his "firm" price. I wouldn't put another offer in. Look for another house and let him sit for awhile and see if he budges.
2007-10-31 02:14:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No! We have had a house on the market (FL) for a year and 1/2 now.The original prive was over $600,000 and the houses were selling for this price and higher right b4 the market started going down.Now we've lowered the price over 250,000 and people are still making LOW offers.Are you serious???People need to start figuring out the price per sq. ft. and also look into the houses around to see what they last sold for.People now think they can get a HUGE house for NOTHING just because the market has gone down.Houses INCREASE per year and you have to take that into account.Ok,so they say offer 20% less than the asking price but,PLEASE understand if the house has already been discounted(in our case) due to the market do your research and them make a offer that people would be more likely to accept.
My point: DON'T think you can get something for NOTHING!!!
As far as your situation...do some research in the area.People are mad and not willing to budge on the prices.He could always rent out the property until he gets his asking price.I bet 110% he won't accept your offer but pls don't take what I say to heart because I do not know the area.Usually if he is sticking to one price when he comes back to counter offer than he's serious and will now lower anymore.
Good Luck
2007-10-31 02:24:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on the reason you are buy the house?
Is it to live in?
Is it to lease out?
If you had to resell the house would you be able to resell it?
Are you still paying to much for the house even at that price?
Is there too many house for sale in your area and not enough buyers?
Is the house made for the target market in your local area?
Always do research before buying anything go and talk to 3 -4 Realtors and find out what is happening in your area.
It just seems like the builder is just foreclosing.
If you are not sure don't get emotionally attached to a property walk away from it there is always other houses.
Hope it helpful and has not confused you more
2007-10-31 02:36:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You are not considering the financial aspect here. If the house faces foreclosure, the LENDER is involved, and the builder may not be allowed to sell at the price you offered. If the builder owes, as an example $200K on the property and you are offering $185K, there's a $15K shortfall which the lender may not want to absorb.
Rather than try to 'steal' this property for the lowest price possible, you might consider determining what it's true market value is, and then offering something closer to that.
2007-10-31 02:15:57 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Look on Zillow.com or Yahoo Real Estate (under Home Values tab) and see if they have an estimate of what it's worth. (It's not always entirely accurate, but will give you some good comps, and might be right on. Yahoo RE usually has a range of three estimates.)
Seller has probably dropped price so much already, that you are getting a good deal. Sounds like good negotiating, a win-win deal for both of you- meeting in the middle of the 30k under list. That will make the time till close, and the entire transaction feel better, because you're both 'winning' on this one.
One caveat- check other homeowner's satisfaction with the builder- are there issues with quality? Or is his foreclosure just market and or financial issues. ie good builders do go out of business. But I would check it out.
2007-10-31 02:30:48 · answer #5 · answered by C 4 · 0⤊ 0⤋
The choice is yours to make. The future of the housing market is cloudy, as it always is. Prices are low right now, and they may go lower. They ALSO may stabilize or go up. Why wait, if prices are already low ? If you happen to buy at three percent more than you might in a few months, what's the big deal ? Three percent is NOTHING. If you decide to wait around until the market has bottomed, you might discover that it is bottomed right now, and you're going to pay MORE a few months down the road.
2016-05-26 04:40:31 · answer #6 · answered by lanell 3 · 0⤊ 0⤋
Sounds like the seller isn't worried about money one bit.
If the bank is owning the house, they won't want to keep the house if they get offers. They like to unload them before they go to sheriffs auctions.
Its definately a buyers market, you should get at least 10 % off the listed price.
2007-10-31 02:15:25 · answer #7 · answered by WhereTheBuffaloRoam 5 · 0⤊ 0⤋
The offer he can accept may have to be approved by his bank, and the bank may not be willing to budge on price. Don’t pay more than you’re comfortable with. If you can’t get it at the price you desire, there’s very likely something else out there for you.
2007-10-31 03:49:54 · answer #8 · answered by Anonymous · 0⤊ 0⤋
well i would assume if he foreclosed he probably owes the bank a lot of money and at the same time hes trying to profit from it.. i would suggest you give him the final offer, if hes really going to foreclose he will take it... hes just playing the negotiate game..
found some great home buying tips that I think will help
http://www.beachcitiesrealestateonline.com
http://www.beachcitiesrealestateonline.com/PageManager/Default.aspx/PageID=2039552
2007-10-31 11:19:57 · answer #9 · answered by Pure Genius 3 · 0⤊ 0⤋