Is it like buying a car? Do you negotiate on prices? and if so how much can you usually get knocked off? (looking to buy a house in the $350k range) What do I need to look for when speaking to a realator? What is a red flag when looking for a home?
2007-11-10 09:51:47 · 16 answers · asked by Rina 5 in Business & Finance ➔ Renting & Real Estate
I am in Florida
2007-11-10 09:58:27 · update #1
Buying a home is much more complicated than buying a car, more things to consider, more money being spent, etc. There is to much to simply explain here, my suggestion is to go to a home buying seminar and find a Realtor you feel comfortable with and go from there. Good luck! It is a great thing owning your own home.
2007-11-10 09:58:05 · answer #1 · answered by jetfighter 6 · 1⤊ 0⤋
You betchem, Red Rider! In today's market you might get 10% off. Normally, 5% is closer. Tell the realtor what you want and what you need. Be sure that any contract includes contingencies such as your need to sell an old house or to get financing. Also make the sale dependent on home inspection. Always have a certified home inspector go over the house. He'll find problems you never thought to consider. You can usually use the inspector's report to negotiate a lower price, making back the inspection fee and then some. The only exception to this is if you want to buy my house. Then you pay the asking price.
2007-11-10 10:01:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well the seller will generally have thier selling price. When you and your realator decide on what you want to offer you put it in writing. You can offer something less than the selling price and see what they say and you can offer maybe 5K less because you see the need for repairs etc.. or ask them to pay closing cost. You ask for what ever you want. The offer will have a time limit and a method that you require them to respond. So you should receive an acceptance, denial, or counteroffer. If they accept then you are done with this part. If they deny, you can give another offfer. If they counteroffer, you can either accept the counteroffer or counter their counteroffer. This goes back and forth until someone accepts or no agreement is reached.
You want a realtor who knows the area well. They must do more than just pull up listings from thier database. You can do that online yourself. They need to know what the various areas offer. They should be able to tell you things like the schools in the area and the property tax rates.
A red flag when looking for a home is anything that can bring the value down. Bad neighborhood, major repairs needed etc. Make sure you buy a home that you can comfortably afford.
Enjoy your search-
2007-11-10 10:00:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
When you put a contract on a home you want to make sure that you include in your price the cost of repairs or upgrades you will have to make. Dont insult the seller but know what other similar houses in the area have sold for and bid accordingly. The longer on the market,the more they will usually deal. Right now this is a great time to buy since real estate prices are low. There is too much to discuss on here about what to look for in buying a home or how to find a realtor. You need to do some on line research. There are lots of good articles about this.
2007-11-10 10:03:26 · answer #4 · answered by Diane M 7 · 1⤊ 0⤋
Where you are will help determine how much you get negotiate off the price... however the market is very weak right now and I would offer at least 10-20% under asking as a general rule. My buddy who does this for a living gets about 33% of most of the buildings he buys.
Most realtors are dodgy newcomers to the trade trying to make a quick buck. There age good ones other there but they are hard to find. Look for:
1) established reputation
2) ask what the buyer agent fee will be and dump realtor if its more than 2%.
3) make sure you don't have a buyers and sellers agent from the same realtors agency (they will conspire to push the deal through)
As for serious issues in a house in order of badness:
1) foundation issues
2) termites
3) severe mold / water damage
4) roof
5) shoddy electrical
Good luck!
Follow up to Florida:
FL Market is in really incredibly bad shape. Look for heavily discounted stuff. Seriously think at least 30% off asking or better
2007-11-10 09:59:52 · answer #5 · answered by nol b 3 · 1⤊ 0⤋
You do negotiate.
The realator will help you find a house in your price range and then help you negotiate.
If a house is listed at $350K then you would probably offer $300k. If they want more they will let the realator know. They would be going through their realator. So go with a realator you personally know so they will help you.
Red flags are water damage, major things that don't work like heat or central air, roof that needs repair, leaking pipes, bouncy floors.
You want one that is in good repair, especially for that much money. Where I live, that would be a mansion.
2007-11-10 10:04:28 · answer #6 · answered by Tigger 7 · 1⤊ 0⤋
This is not a silly question at all.
You can negotiate price, and alot of other factors also. Contingencies (conditions for purchase) can also be negotiated.
People are people, some you will click with, some you won't. Many busy Realtors don't have time or patience for first time home buyers that need "hand holding" - so find one that will work for you. Go to some open houses, ask questions, see who follows up with what they said they would do.
To avoid red flags, get a home inspection. A good home inspector is worth every penny you pay them. You will receive a very detailed report about the home, top to bottom. You can make your offer to purchase contigent upon being able to review and approve the home inspection, and have the seller pay for it.
It is a buyer's market, so go forth and get a good one!
2007-11-10 10:36:17 · answer #7 · answered by godged 7 · 1⤊ 1⤋
The market is bad sor sellers now so it's a good time to buy. Plus mortgage rates are low. If the owner wants to sell, they will negotiate. Get yourself a good agent and sign a buyer agent agrrement. It's free and this person will be looking out for your best interest.
You can alway factor in things as a bonus like your offer includes the appliances to stay or the riding mower.
Then the home inspection can also allow room for further negotiation if things that are found need repair.
First thing though, is get the agent!
2007-11-10 09:58:18 · answer #8 · answered by Mark 1 3 · 1⤊ 0⤋
Yes you negotiate , but there are risks. When buying a house you submit an offer, and the person accepts or rejects that offer. If many people are interested you may not get a chance to raise your offer if someone offers more before an offer is accepted .
In the current matket a 350,000 dollar house might get starting bids as low as 250,000 or even less. You need to get it valued, and check prices of similar homes in the area .
2007-11-10 10:00:08 · answer #9 · answered by mark 6 · 1⤊ 0⤋
in our current housing market, you can probably negotiate. depends on the specific housing market you are looking to buy in. If the neighborhood is popular then its harder to negotiate. hire a real estate agent.
to look for deductions, look at what repairs or maitenence may be required. You can find out this information when you do the home inspection. Which you should do before you buy and property.
2007-11-10 10:05:21 · answer #10 · answered by shea 5 · 0⤊ 0⤋