| Posted By |
Message |
angrybird
LIF Zygote
Member since 10/11 15 total posts
Name:
|
What would you offer?
So I have fallen in love with a home (even though we had no plans to move or sell right now) - it is a great home in a great neighborhood. It is currently listed for $1,240,000. It has been on the market for about 1.5 years with several price drops. They purchased in 2005 for 1.1 mil. I think it has not sold because it is overpriced for the market (also according to my realtor).
Obviously, if I were to make an offer I would look at comps etc. but I was just curious as to what you guys would offer?
Thanks!!!
|
Posted 10/24/11 7:22 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: What would you offer?
Posted by angrybird
So I have fallen in love with a home (even though we had no plans to move or sell right now) - it is a great home in a great neighborhood. It is currently listed for $1,240,000. It has been on the market for about 1.5 years with several price drops. They purchased in 2005 for 1.1 mil. I think it has not sold because it is overpriced for the market (also according to my realtor).
Obviously, if I were to make an offer I would look at comps etc. but I was just curious as to what you guys would offer?
Thanks!!!
Is this post some sort of joke?
If you are looking at houses in that range, surely you have an army of realtors, lawyers, and financial analysts looking at your situation giving you real professional advice. I mean it would be pretty silly to not get properly advised with a purchase THAT large.
If you want to get the opinion of people on the Internet, I think it would help if you posted the MLS number.
|
| Posted 10/24/11 7:37 PM |
| |
|
angrybird
LIF Zygote
Member since 10/11 15 total posts
Name:
|
Re: What would you offer?
Posted by ave1024
Posted by angrybird
So I have fallen in love with a home (even though we had no plans to move or sell right now) - it is a great home in a great neighborhood. It is currently listed for $1,240,000. It has been on the market for about 1.5 years with several price drops. They purchased in 2005 for 1.1 mil. I think it has not sold because it is overpriced for the market (also according to my realtor).
Obviously, if I were to make an offer I would look at comps etc. but I was just curious as to what you guys would offer?
Thanks!!!
Is this post some sort of joke?
If you are looking at houses in that range, surely you have an army of realtors, lawyers, and financial analysts looking at your situation giving you real professional advice. I mean it would be pretty silly to not get properly advised with a purchase THAT large.
If you want to get the opinion of people on the Internet, I think it would help if you posted the MLS number.
Not a joke at all 
I stated that I had actually not really been in the market to move but noticed this property and went to see it. At this point I am not sure how seriously we are considering this so I am just doing some recon work before deciding if this is something I want to pursue. Obviously, I am not going to base any decision purely from responses on a message board - I am just curious what others think.
I have seen similar questions posted before so I am not sure why my question is controversial.
|
| Posted 10/24/11 7:45 PM |
| |
|
House4Sale
LIF Zygote
Member since 8/11 39 total posts
Name:
|
Re: What would you offer?
999K because you want to avoid the mansion tax.
|
| Posted 10/24/11 10:21 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
|
Re: What would you offer?
What do you think the house is worth? A house is really only worth what ever a willing buyer is able to pay for it at any given moment in time. I would rely on professional advice for a home purchase in that price range.
I don't think the question is unreasonable but for posters here the houses seem to max out in the 700k range (and most are substantially less) so over a million is a lot. As for price, it really depends upon what comps are selling for in that area, the particular pros and cons for the house, and location.
Message edited 10/24/2011 11:52:14 PM.
|
| Posted 10/24/11 11:51 PM |
| |
|
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Re: What would you offer?
Posted by angrybird
Posted by ave1024
Posted by angrybird
So I have fallen in love with a home (even though we had no plans to move or sell right now) - it is a great home in a great neighborhood. It is currently listed for $1,240,000. It has been on the market for about 1.5 years with several price drops. They purchased in 2005 for 1.1 mil. I think it has not sold because it is overpriced for the market (also according to my realtor).
Obviously, if I were to make an offer I would look at comps etc. but I was just curious as to what you guys would offer?
Thanks!!!
Is this post some sort of joke?
This guy thinks he has all the answers to everything - don't take offense - he's trying to help despite the obnoxious demeanor
If you are looking at houses in that range, surely you have an army of realtors, lawyers, and financial analysts looking at your situation giving you real professional advice. I mean it would be pretty silly to not get properly advised with a purchase THAT large.
If you want to get the opinion of people on the Internet, I think it would help if you posted the MLS number.
Not a joke at all
I stated that I had actually not really been in the market to move but noticed this property and went to see it. At this point I am not sure how seriously we are considering this so I am just doing some recon work before deciding if this is something I want to pursue. Obviously, I am not going to base any decision purely from responses on a message board - I am just curious what others think.
I have seen similar questions posted before so I am not sure why my question is controversial.
|
| Posted 10/25/11 1:03 AM |
| |
|
maymama
my little loves
Member since 8/08 18453 total posts
Name:
|
Re: What would you offer?
Posted by ave1024
Posted by angrybird
So I have fallen in love with a home (even though we had no plans to move or sell right now) - it is a great home in a great neighborhood. It is currently listed for $1,240,000. It has been on the market for about 1.5 years with several price drops. They purchased in 2005 for 1.1 mil. I think it has not sold because it is overpriced for the market (also according to my realtor).
Obviously, if I were to make an offer I would look at comps etc. but I was just curious as to what you guys would offer?
Thanks!!!
Is this post some sort of joke?
If you are looking at houses in that range, surely you have an army of realtors, lawyers, and financial analysts looking at your situation giving you real professional advice. I mean it would be pretty silly to not get properly advised with a purchase THAT large.
If you want to get the opinion of people on the Internet, I think it would help if you posted the MLS number.
Ave - why are you always so damn cynical?
To the OP - If you are seriously considering this home, I would speak with a REA who specializes in homes in this area, at this price point and look at the comps  There is no other way to get a good idea of what the home is really worth!
Good luck to you!
Message edited 10/25/2011 8:21:15 AM.
|
| Posted 10/25/11 8:18 AM |
| |
|
Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
|
Re: What would you offer?
Do you follow comps? I def would not make an offer without looking at comps.
I only think you need the help of a realtor if you are unaware of the comps in your price range.
A good idea would be to start following similar properties to find out what they are going for NOW.
Also wanted to add...I dont know what area this is in, but I am finding in my area, high end homes in the million price range are generally selling for about 150,000-200,000 less than they sold for in the height of the market.
So I would say that house is probably going to sell for lower than what t hey paid, if they actually sell it and can take that kind of loss.
Message edited 10/25/2011 8:32:25 AM.
|
| Posted 10/25/11 8:23 AM |
| |
|
|
|
Re: What would you offer?
Posted by LSP2005
What do you think the house is worth? A house is really only worth what ever a willing buyer is able to pay for it at any given moment in time.
I 100% agree with this.
There are a LOT of posts in the "what would you offer" vein on this board. But I've said it before and I've said it again - - there is no magic formula to determining what a house is worth. It's not like anyone can say "if a house is priced at x, then always offer x - 10% to start." It just doesn't work that way.
First of all, what a house is worth is a subjective question and kind of divorced from market value. I've seen buyers pay way over market value for homes because of factors that were completely personal to them (e.g., a family member lives on the block, the home has a feature that is uniquely appealing to that buyer and otherwise hard to find, etc.). So what I would pay for a certain home may not be what you would pay for a certain home. I always tell my sellers when I take a listing that while we can get a rough idea of what someone might be willing to pay by looking at recent sales of comparable properties, the property is really worth what a buyer in the current market is willing to pay. Period.
Market value is another question. To get a handle on that, you need to know the area and know what similar properties (same style house, similar size, similar property size) in the area (within the same school district) have sold for. Try to keep it within 4 months, but 6 months tops. Further back than that is not a good comp. A realtor can help you with gathering and analyzing comps.
But without knowing what area the house is in and the details about it, it's really hard to advise on what to offer. That said, despite a previous poster's recommendation, I would NOT advise anyone to post an MLS number on the internet for a property you are considering and NOT to post what you are thinking of offering. It's a public forum, so you'd be opening the door for someone to outbid you! This is doubly the case if you have an accepted offer but are not yet in contract... just be careful what yo post!
|
| Posted 10/25/11 9:33 AM |
| |
|
angrybird
LIF Zygote
Member since 10/11 15 total posts
Name:
|
Re: What would you offer?
Thank you all for your responses
I am actually a regular poster but I do not feel comfortable posting this kind of financial info under my regular name for obvious reasons.
And, Christine, I agree with you and would not feel comfortable posting the MLS number.
I have been looking at the comps in the area and am working with a realtor but like I said previously, the whole thing is kind of crazy as we were not planning to move for another 3 years or so.
Has anyone seen people willing to go below what they purchase the property for? I would be willing to see my house at a loss as long as I can get a really good deal on something else (not looking to rob anyone)
The house I am looking at is a divorce situation so I am not sure how it changes their dynamic for selling.
|
| Posted 10/25/11 11:26 AM |
| |
|
caper24
LIF Infant
Member since 11/09 64 total posts
Name:
|
Re: What would you offer?
My only advice would be to point out that in 2005 the market was on a high swing. Unless they did extensive work to the house, they should not expect to get what they paid in 2005, as the market has come down substantially since then. I can tell you a house I saw listed in 2009 was 1.3 million, just sold last month for $805,000. Point being.... Homeowners can ask what ever they want, it is what you are willing to pay that matters. I have an excellent realtor who explains all this to me. Please find one you trust and get their advice. Good luck on your search. House hunting can be fun! Enjoy!
|
| Posted 10/25/11 11:39 AM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
|
Re: What would you offer?
My house was on the market for less than I purchased it for, with the same presumption, that I could get a better deal on a larger home. It did not sell due to a horrible realtor and zero marketing, but that is another issue entirely.
I think the divorce thing unfortunately may make it a difficult sale. They may not want to fix things or be very amicable to you. If you are preparing an offer that will be substantially less than their asking price I would have a detailed explanation for their realtor. Sometimes realtors will "take a listing" with an exorbitant/unrealistic price that the seller set. It might not be based in reality. I have a feeling that this might be the case with this house. If so, just look at comps from the past 6 months, of homes in the same neighborhood, that are similar in number of rooms, garage, basement, swimming pool, tennis court, etc. After that, I would offer less than what you really want to pay so that there is some room to actually negotiate.
As an example: Houses A, B, C are all like your desired house, and sold within 6 months of this house in 2011:
House A listed for 1.3 mill. Sold 1.0 mill.
House B listed for 1.25 mill. Sold 975k
House C listed for 1.1 mill. Sold 1.1 mill.
For your house I would offer: 960k and settle between 975-999k.
They can ask what ever they want, but it is sold numbers that really count. Perhaps house B was a relo and a company bought it. They want to dump it fast. That will have an effect on the market.
Bottom line offer a fair price. It has been sitting a while. You could even offer 800k and see what happens. You never know. The only real risk is they say no and don't want to deal with you.
Message edited 10/25/2011 11:48:18 AM.
|
| Posted 10/25/11 11:43 AM |
| |
|
FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
|
Re: What would you offer?
My house is currently on the market for less than we paid for it even though we did work on it and, if we had sold the house the same year we bought it, the value would have rose substantially. That's an "if" that just didn't happen though.
As for your situation, a divorce can be tricky and given the fact that the house has been sitting a while, it may be a difficult situation. If the DH and DW don't agree, the house may not move. We were in that situation where the DH would accept the offer and the wife wouldn't. We were at our max we could offer so it came off the table.
If that's the case with the particular house you are looking at, if you make a fair offer, it makes it more difficult for the disagreeing party to not accept.
|
| Posted 10/25/11 12:33 PM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: What would you offer?
I would not even look at what it was worth 6 years ago.
Just look at what has sold (similar home, in neighborhood) recently.
|
| Posted 10/25/11 4:11 PM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: What would you offer?
Posted by angrybird
Has anyone seen people willing to go below what they purchase the property for?
yes, we bought our current house for less than the sellers paid - more details via FM
Message edited 10/25/2011 5:05:21 PM.
|
| Posted 10/25/11 4:52 PM |
| |
|
|
|
Re: What would you offer?
Posted by angrybird
Has anyone seen people willing to go below what they purchase the property for? I would be willing to see my house at a loss as long as I can get a really good deal on something else (not looking to rob anyone)
The house I am looking at is a divorce situation so I am not sure how it changes their dynamic for selling.
If people bought at the top of the market, and they are selling now, then I would expect that they have to take less than what they paid (unless there were major renovations, such as buying a bungalow and blowing it up into a huge 2-story house -- obviously not the case if it was a $1M+ home when they bought it).
If I am taking a listing and the seller tries to tell me what they "need" to get based on what they paid or put into it, I nicely but firmly tell them that what they need to get is pretty much irrelevant to what the house should be priced at. So while what a seller paid is an interesting fact and may give a buyer an idea of where the seller is coming from (and how negotiable they might be), it has no bearing on current value.
That being said, I have had sellers that were on the cusp of a short sale situation price a house a little high to test the market and see if they could get out without going the short sale route. When we dropped the price out of necessity, it became a short sale. Just something to be aware of if someone bought at the top of the market and you don't think the house is worth what they paid. If you offer less, and they are willing to take it, you may then have to go through the short sale process if they can't satisfy the bank. And divorce is a frequent reason given as to why a short sale is necessary (it is considered a hardship, since perhaps neither party to the divorce can afford the house alone).
But I disagree that a divorce situation can be a bad thing for a buyer looking to get good value. In many situations, the sellers are desperate to sell the house, split the proceeds, and be done with each other. It's true that sometimes one party wants to keep the house (but has been court ordered to sell), which can make it a challenge (nobody wants to deal with a hostile or uncooperative seller). But that is not always the case. And even if it is, in the end, they have to sell. It's good motivation to be negotiable, as opposed to a seller who is just thinking about it, but doesn't HAVE to sell (unless they get "their price.")
There is a phenomenon with high-end homes where sellers will list the home almost as a hobby, but they aren't really serious. I see it a lot in south Bellmore and south Merrick -- some homes come on the market every spring and never sell. Obviously, there isn't a lot of motivation. But you never really know what someone's motivation is until you start negotiating. You may be surprised!
|
| Posted 10/25/11 6:44 PM |
| |
|
angrybird
LIF Zygote
Member since 10/11 15 total posts
Name:
|
Re: What would you offer?
Thank you all for your feedback - you guys are definately a wealth of knowledge!!
I think I am going to take a zen approach to all this. Since we really did not have plans to move yet and are happy in our home I won't be terribly dissapointed if it does not work out. I would obviously need to sell too. We really have nothing to lose I guess by making an offer - even if its on the lower side. If it works out great and if not then I guess it was not meant to be and we will wait.
Can you tell I have been giving myself this pep talk all day
Message edited 10/25/2011 7:06:26 PM.
|
| Posted 10/25/11 7:05 PM |
| |
|
