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UPDATE: Help with an offer pls . . .
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Re: UPDATE: Help with an offer pls . . .
I am new to this board as a poster (I am a long-time lurker), so I apologize if it seemed like I just jumped into posting (controversial remarks!) without introducing myself. My bio is on my webpage on the business directory.
I think this board is a great resource, and I look forward to posting with everyone. I know that so many of you are knowledgeable about real estate, and that Beth is an agent as well. I wasn't trying to dismiss other people's opinions, but just meant to offer some advice to the original poster about what I have personally seen in the marketplace recently.
I was an attorney for years before getting into real estate, so believe me, I completely agree that it is important for agents' to put the clients' interests first. That's why it is important for buyers to consider getting a buyers' agent, so that they have representation in the process.
I also agree that there is a ton of inventory on the market and it's a buyer's market. But even still, some sellers will reject a low -- or frankly even a good -- offer, even though it may be foolish or irrational. And I have seen buyers make the incorrect assumption that sellers will always negotiate, and I didn't want the original poster to assume that. Maybe it was an obvious point that didn't need to be made! : )
But in my view, how much to offer really depends on the buyers' goals, and it's not always about money. There could be an emotional attachment or other driving factors and the buyer choose to pay a little more rather than risk losing the house. Others want the best deal possible at all costs. But even when trying to get the best deal, I still think that it's a good idea to take some time to find a rationale for the number you come up with. It makes it more likely that you can drive a hard bargain with a seller if you make them think about WHY their home may not be worth as much as they think.
Looking forward to more discussions with you all!
Christine
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Posted 2/16/11 6:21 PM  |
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Siren77
LIF Adolescent
Member since 9/09 828 total posts
Name:
Siren77
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Re: UPDATE: Help with an offer pls . . .
I could not agree more with Beth when she said imagine what you don't see. In my opinion you have 2 options: 1-WALK
2-Bid low, make it known that you know it was a flip, and if you agree on a price YOU MUST have an engineer come in.
Personally, I would walk.
Message edited 2/16/2011 6:32:24 PM.
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| Posted 2/16/11 6:32 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: UPDATE: Help with an offer pls . . .
Posted by PennyJ923
Always play ball and see what they come back at, you never know how bad they want to sell.
Or for a seller like me, that knows the house is priced fairly and does not have to sell it, my answer would simply be NO. So if you really really want the house, just know that is a chance you are taking. I would look at comps in the area and based my offer on that.
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| Posted 2/16/11 7:11 PM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
Name:
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Re: UPDATE: Help with an offer pls . . .
Thanks for all the input everyone. The shoddiness of the work all seems to be cosmetic - bad paint job, finished floors without sanding first, and the kitchen isn't great, but that is something we could work on over time.
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| Posted 2/16/11 8:09 PM |
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MrsGmomof3
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Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: UPDATE: Help with an offer pls . . .
Posted by LovesMike
DH and I found a house - at LAST - that we can agree on. We think the house was inherited and fixed up quickly - there are renovations and new paint and finished floors, but they seem to be done imperfectly, but it seems like the sellers want to get a premium for the work nonetheless. The house is move-in, but the renovations will need attention in the future. In any event, the house is presently listed at $439K, which seems like a fair asking price to start, and I want our first offer to be $375K. The house is in Western nassau, if that matters. Does this seem like a realistic first offer? Any advice?
ETA: is there any other info you might need to offer insight? Thanks - we are new to this!
Update: We figured that the house is a flip - it was purchased 3 months ago at $320K and a good friend of ours who is a contractor confirmed the work is shoddy and that the kitchen probably cost around $5K to update, save the appliances. Does this change anything?
I would offer $350 based on the fact that the house was JUST purchased 3 months ago for 320, the market is LOW right now, so an asking price of 439 seems steep.... they are trying to make a HUGE profit. I would not be willing to pay one cent over 375 though, especially if its only appraising at 360.
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| Posted 2/16/11 9:04 PM |
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| Pages: 1 [2] |
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