Real Estate

[*JillD*]

Quote:

Originally Posted by Kat81 Yeah, we aren't selling anything AND we are already approved for a loan beyond what were are looking at. So, we can sign the papers ASAP. I am just afraid I will go too low and offend them or go too high and screw myself. Also, in the closing costs. Our mortgage broker told us it's pretty easy to get the seller to take care of most or all of the costs. But, if they don't we can take care of it. It's just so stressful not knowing what to expect.

I'm a realtor, in my experience buyers will typically offer 10-15k lower than the asking price, sometimes lower if the house has been on the market a long time and has some issues.

The house you're looking at looks really nice, wish I could get something like that here for that price, lol! You should definetly get some comps of similar houses that have sold recently in the area, to get an idea of the market in that area. That will give you a better idea if it's worth what they're asking. Also, if you're going to ask them to cover closing costs, I wouldn't go too low with your asking price, assuming that it's priced fairly. You don't want to offend the sellers, everyone deserves a fair price for their home. I really hate when people that I'm working with say to me, well I'm just going to low ball them, offer them XXX, XXX being 40k lower than what they're asking, for example. I just don't think thats right at all. Not that I think you're doing that, I just wanted to vent, lol!

[Kat81]

LOL.. I totally understand. That is why I posted this... I didn't want to go too low. I was thinking like offering 250 then when they counteroffer saying ok but you pay closing costs. I hope it works

[MikkiStreak]

Do you know how long the house has been on the market? that might help you gauge whether you can start pretty low and work your way up...

[Kat81]

I think about 5 months. They are getting divorced so I don't know if that helps me or hurts me. They may just want out of it or maybe she lives there for free until it sells? Don't know. Also, a widowed lady was going to buy it a couple months ago then backed out at the last minute... I don't know how much she offered though. Maybe that will make them more willing to sell?

[*JillD*]

Quote:

Originally Posted by Kat81 I think about 5 months. They are getting divorced so I don't know if that helps me or hurts me. They may just want out of it or maybe she lives there for free until it sells? Don't know. Also, a widowed lady was going to buy it a couple months ago then backed out at the last minute... I don't know how much she offered though. Maybe that will make them more willing to sell?

Typically the longer its been on the market the better the chance of them accepting a lower offer. Unless like you said, she doesn't need to sell immediately and can wait for what she wants. If they were all prepared to move and then someone backed out at the last minute, they're probably ready to let it go, you would think.

[PenMarie]

plus, I believe in the listing and pics you sent it actually said "motivated sellers". I'd definitely go in at $10, to $15,000 lower and see what they come back with. I wouldn't worry about offending them -- they'll just counter offer at a higher price and put it back in your corner until you all agree on a price.

 

Once they come back w/a yes or with a/counteroffer, I'm not so sure at that time i'd start talking about them paying closing costs -- i think if you're going to go that route, i'd do it straight up when you put your offer in....and with going in at $10 to $15,000 lower than the asking price I'm not so sure I'd get into them paying closing costs, too.

 

Good luck -- I really love the house!!

[Kat81]

Thanks I really like it too! I wish there was a picture of the walk in closet... It's amazing!!! Shoe shelves and all! Thanks so much for all the info girls I feel a lot more confident putting in a bid.

[deleted]

I agree that you should have your own agent who represents YOUR interests. Think about it -- the higher the sales price, the more money the selling agent makes. So it is in HER interest to have a high sales price. How does that help you?

[MikkiStreak]

Quote:

Originally Posted by Kat81 I think about 5 months. They are getting divorced so I don't know if that helps me or hurts me. They may just want out of it or maybe she lives there for free until it sells? Don't know. Also, a widowed lady was going to buy it a couple months ago then backed out at the last minute... I don't know how much she offered though. Maybe that will make them more willing to sell?

They're motivated because in about one month, their listing will expire and they'll have to pull the MLS down and wait awhile before they can relist it. And, the divorce situation will help because they are probably having to sell the home and split the proceeds- so that could prevent wrapping up their divorce until the house is sold, or cause them to go back to court to re-negotiate other assets.

I'd go lower than the $15K... worst case scenario, they counter-offer, and you banter back and forth awhile. or they say no completely and you make a second offer that is a little higher than where you started.

[PenMarie]

haha, my FI would LOVE that walk-in closet. We have one, but he really needs a second. He's a clothes horse, and I could care less about clothes -- he has more clothes and shoes than I'll ever have -- in fact, he told me last night he thinks he needs a new shirt/sweater for this weekend 'cause he has nothing new to wear for Easter -- we're not even going anywhere for Easter..ha!!

 

I think Maria just gave you some really good advice with regard to your bid, and the motivation of the sellers...I second what she said! Good luck in getting that gorgeous house!!