Scenario: Southen California home brand new selling for $572k
I got it for $550k plus $20k incentives.
I'm trying to renegotiate for closing costs but the builders say no. After stating no I'm not interested..3 days later they want to discuss again. They say they want to "help" and figure out how to work it out. I still insist on closing costs. I'm not sure what they mean by "helping" us when they do not agree on the closing costs. It seems they want to figure out the costs of what we'd use the 20k incentives for and see if there is any left over for closing costs but with all the upgrades I want, I don't believe there will be left over for closing costs since I want upgraded flooring and landscaping in the backyard.
Do you think it's still a big possibility they will succumb and just agree to the closings costs even after figuring out these calculations they want to do? Does it seem they still need my purchase at the end of the day?
They know I'm a serious buyer too!
2007-12-30 22:53:41 · 7 answers · asked by swtsarina 2 in Business & Finance ➔ Renting & Real Estate
They may or may not succumb. Do remember that builders have 'bottom prices' under which they do not want to go, given that said price may be the 'break even point'. If there is still 'wiggle room' left, they may give in a bit. If you've already pushed them to the bottom, don't count on it.
Hard to say at which point the builder is.
2007-12-30 22:57:55 · answer #1 · answered by acermill 7 · 0⤊ 1⤋
Just keep in mind Mr. I'm Cheap and want someone else to pay my way.... homebuyer, that with the reduction in price, reflects in the reduction in value. And you help de-value your neighbors homes as well. So if you think you are so smart to get the deal of a lifetime... you actually lose money in the end. I suggest you purchase a home within your means.
2007-12-31 09:21:40 · answer #2 · answered by Alterfemego 7 · 0⤊ 0⤋
The only time they usually bargain is when they are just finishing up and cannot sell a certain home.
2007-12-31 08:43:50 · answer #3 · answered by King Violation. 5 · 0⤊ 0⤋
They want a buyer. You want a house. Negotiate, but make it clear what your final price is, and stick to it. They may call your bluff, in which case you have to be prepared to walk away.
If necessary they will come after you.
2007-12-31 07:47:22 · answer #4 · answered by za 7 · 0⤊ 1⤋
Well, being that you are overpaying by most likely 100,000 dollars you should get the closing cost paid.
I would print out the housing data on how many homes for sale locally and the prices and shoe to the builder. Make the offer you want tif they don't accept they that's it. Don't answer if they call, don't talk with them anymore
When I buy something like car, house I walk in tell them "give me the lowest you will take" if I feel too much I just get up and leave.
2007-12-31 07:35:26 · answer #5 · answered by Anonymous · 0⤊ 1⤋
AN OLD saying in real estate:
"You [the Buyer] names the terms.
They [the Seller] names the price.
You [the Buyer] names the price
They [the Seller] names the terms."
VERY, VERY rarely does one party get to name the price and the terms. Somewhere in the middle there is compromise OR there is absolutely no deal.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
2007-12-31 07:19:36 · answer #6 · answered by Ron Berue 6 · 0⤊ 2⤋
The way things are going right now with real estate, They are dying to sell this home to you and get it off their inventory. Hang on strong. They will come begging you to buy.
2007-12-31 06:58:11 · answer #7 · answered by Anonymous · 0⤊ 1⤋