So to those who haven't read my last question...
I put an offer on a foreclosed house. The bank wanted 355K and I offered 275K. The agent told me if I offered 315K that I'd get it for sure. He also mentioned that there were two other parties involved (who I'm guessing didn't offer much higher than I did).
If I go with 305K, do you think I'll be ok?
Details:
House is in CA, houses around area all less than 500K, definite fixer upper (at least 40K), roof leaks (rains are coming), listed as "must sell"
Thoughts?
2007-11-05 12:12:32 · 9 answers · asked by kiki 6 in Business & Finance ➔ Renting & Real Estate
I don't need financing.. I'm paying in cash.
2007-11-05 12:18:52 · update #1
LOL I have a realtor and I have an accountant....and I have an addiction to yahoo answers...thus why I'm asking on here!
2007-11-05 12:51:37 · update #2
First, an agent should not be telling you that an offer will be accepted "for sure". You seem knowledgeable of the market values. So depending on your motivation to aquire this particular property, you should set a threshold for yourself. What's the most you are willing to pay? If you belive there's competition, make your highest and best offer and be willing to walk away. Or roll the dice and go with your instincts. $20,000 saved is $20,000 earned. Good Luck.
2007-11-05 14:09:43 · answer #1 · answered by 4Seasons 3 · 0⤊ 0⤋
As one poster pronounced, it relies upon on in spite of in case you're delicate paying 243K for the domicile. in case you're, then flow forward and pay the quantity she countered with (243K). in case you at the instant are not, and elect to barter, why do not you counter with 237K (chop up the version in the two quantities). If the seller may be the different way up offering you something below 243K, then there's a controversy (unlike what yet another poster pronounced). She might could get the approval of the lien holders to take below what's owed on the valuables - AND which could take an rather long term. additionally, because of the fact the owner initially paid 102K for the domicile 2 many years in the past (you're able to upload up pastime to a 30 twelve months mortgage meaning she's in all threat already paid two times the unique cost) does not recommend that the domicile isn't nicely worth 243K or 259K. the seller is outwardly prepared to pay your expenses and shutting expenditures - meaning you do not could arise with any funds on your area (different than the indoors maximum loan/financing) so which you're already greater suitable off.
2016-09-28 10:13:35 · answer #2 · answered by dotterweich 4 · 0⤊ 0⤋
Offer 305K. They should go with 310K unless they have better offers. Also, the seller is more negotiable the longer the house sits. If you low ball a day after its coming to market it won't go. Also, in this market you can many times set back and wait for a price reduction. This has worked for me a coupla times.
2007-11-05 12:29:19 · answer #3 · answered by xblaine 1 · 1⤊ 0⤋
Keep in mind that the broker represents the seller. The higher the sales price, the higher his commission is. There may be two other buyers out there, or (if he is at least somewhat truthful) it may be that two other uninterested people just took a look at the property. Of course this is not a strictly business decision, because it will be your personal residence, and that can change everything. If you really like the house and you think it's worth $305,000, go for it. Will you get it for that? Who knows?
2007-11-05 12:55:07 · answer #4 · answered by Bibs 7 · 0⤊ 1⤋
I'd be real surprised if the bank told the realtor what kind of number would definitely "get" the house, since it is in their best interests to have multiple buyers in bidding war.
2007-11-05 14:53:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Do this deal in CASH ONLY
That way you don't become a motivated seller. Just in case you have been watching "Flip That House" or "Property Ladder", that isn't the real world. The risk you take when you take out a loan is unbelievable.
2007-11-05 12:18:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You have the kind of cash to pay this much for a house, and yahoo answers is where you get your financial advice? You might want to take some of the cash-o-la and hire yourself a financial adviser. And if you don't trust what your Realtor tells you, then maybe you need a different Realtor.
2007-11-05 12:43:15 · answer #7 · answered by Shawna Marie 3 · 0⤊ 3⤋
Try 305k and see what happens. Good Luck
2007-11-05 12:16:29 · answer #8 · answered by nice3fishinggal 6 · 0⤊ 0⤋
Go with what you feel comfortable.
Remember the agent gets a commission, so the higher it is, the more they make.
Maybe you don't get it, there will always be another waiting for you.
2007-11-05 12:16:31 · answer #9 · answered by Tim 7 · 1⤊ 0⤋