| Posted By |
Message |
Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
|
Over priced house....what do you do?
Ok....so I finally found a house that I love but it is a bit overpriced compared to houses that sold in the area in the past year....so what would u do.....make a low offer anyway or wait for it to be reduced? it has already been on the market for 2 months with 2 price reductions of 10 grand each.
|
Posted 8/7/06 3:51 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Over priced house....what do you do?
make an offer - if you have done your research and know that it is overpriced, then I think you are correct in offering a more fairl offer.
they may counteroffer too.
good luck!
|
| Posted 8/7/06 3:54 PM |
| |
|
BobBsWife
No more school= too much time!
Member since 5/05 1395 total posts
Name:
Tracy
|
Re: Over priced house....what do you do?
We are just waiting!! There are a ton of overpriced houses on the market!! WE have a few that we are watching!
|
| Posted 8/7/06 3:56 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Over priced house....what do you do?
Did you get the comps for the area? You may want to have the house appraised. If it doesn't appraise the sellers will have to lower the price.
|
| Posted 8/7/06 3:56 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Over priced house....what do you do?
Posted by Blu-ize
Did you get the comps for the area? You may want to have the house appraised. If it doesn't appraise the sellers will have to lower the price.
they dont have to lower the price if it doesnt appraise do they? just curious - I work in a bank and when commercial properies don't appraise for the purchase price, the sellers usually dont change their contracts and the buyers have to come up with more $$.
|
| Posted 8/7/06 3:57 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Over priced house....what do you do?
I would get the comps and make an offer
what's the worst they can do - say no?
|
| Posted 8/7/06 3:57 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Over priced house....what do you do?
Posted by Meaghan729
Posted by Blu-ize
Did you get the comps for the area? You may want to have the house appraised. If it doesn't appraise the sellers will have to lower the price.
they dont have to lower the price if it doesnt appraise do they? just curious - I work in a bank and when commercial properies don't appraise for the purchase price, the sellers usually dont change their contracts and the buyers have to come up with more $$.
If the house doesn't appraise for at least the mortgage amount, they won't be able to get a loan for that amount.
|
| Posted 8/7/06 4:00 PM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: Over priced house....what do you do?
Posted by Meaghan729
Posted by Blu-ize
Did you get the comps for the area? You may want to have the house appraised. If it doesn't appraise the sellers will have to lower the price.
they dont have to lower the price if it doesnt appraise do they? just curious - I work in a bank and when commercial properies don't appraise for the purchase price, the sellers usually dont change their contracts and the buyers have to come up with more $$.
no, they don't have to lower their price. But there's some incentive for them to do so, since the buyers may walk if it doesn't appraise for the selling price.
|
| Posted 8/7/06 4:01 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Over priced house....what do you do?
Posted by Blu-ize
Posted by Meaghan729
Posted by Blu-ize
Did you get the comps for the area? You may want to have the house appraised. If it doesn't appraise the sellers will have to lower the price.
they dont have to lower the price if it doesnt appraise do they? just curious - I work in a bank and when commercial properies don't appraise for the purchase price, the sellers usually dont change their contracts and the buyers have to come up with more $$.
If the house doesn't appraise for at least the mortgage amount, they won't be able to get a loan for that amount.
Oh i know that - but the sellers don't have to automatically change the sales amount to the appraisal. they can make the buyers come up with the $$ or kill the deal
|
| Posted 8/7/06 4:05 PM |
| |
|
lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
|
Re: Over priced house....what do you do?
I dont think i would pay for an appraisal as i dont really put much value on what an appraiser would say....
I would make an offer for what you think is appropriate - just so that offer is on the table. Make sure you go low enough for them to counter offer with something you might be comfortable with. If you give a reasonable offer and they dont accept it - you havent lost anything.
|
| Posted 8/7/06 4:08 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: Over priced house....what do you do?
Posted by lululu
I dont think i would pay for an appraisal as i dont really put much value on what an appraiser would say....
I would make an offer for what you think is appropriate - just so that offer is on the table. Make sure you go low enough for them to counter offer with something you might be comfortable with. If you give a reasonable offer and they dont accept it - you havent lost anything.
I agree- an appraisal will basically say what you want them to say
|
| Posted 8/7/06 4:16 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Over priced house....what do you do?
Posted by Beth1210
Posted by lululu
I dont think i would pay for an appraisal as i dont really put much value on what an appraiser would say....
I would make an offer for what you think is appropriate - just so that offer is on the table. Make sure you go low enough for them to counter offer with something you might be comfortable with. If you give a reasonable offer and they dont accept it - you havent lost anything.
I agree- an appraisal will basically say what you want them to say
I guess it depends on who hires the appraiser. I would still get comps and an appraisal. After that, come up with a number and make an offer.
|
| Posted 8/7/06 4:17 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Over priced house....what do you do?
how much of a low offer are you looking to do?
|
| Posted 8/7/06 6:13 PM |
| |
|
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
|
Re: Over priced house....what do you do?
Posted by Beth1210
Posted by lululu
I dont think i would pay for an appraisal as i dont really put much value on what an appraiser would say....
I would make an offer for what you think is appropriate - just so that offer is on the table. Make sure you go low enough for them to counter offer with something you might be comfortable with. If you give a reasonable offer and they dont accept it - you havent lost anything.
I agree- an appraisal will basically say what you want them to say
I agree too
make a low offer after you get some comps.
|
| Posted 8/7/06 6:15 PM |
| |
|
Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
|
Re: Over priced house....what do you do?
Posted by Blu-ize
Did you get the comps for the area? You may want to have the house appraised. If it doesn't appraise the sellers will have to lower the price.
i don't know if i would bother paying for an appraisal...
they will in fact say what you want unless it is GROSSLY overpriced.. and it is highly doubtful that this house is that much...
and who's to say that the owner would even allow that....
If you like the house make a bid..
it could go either way
|
| Posted 8/7/06 6:23 PM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Over priced house....what do you do?
how overpriced do you think it is? If it's way overpriced I still think an appraisal is worth it..if it's only $20-30K than it's not.
Get the comps first..
|
| Posted 8/7/06 11:17 PM |
| |
|
Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
|
Re: Over priced house....what do you do?
I would offer what you want to offer. If they want to accept it or bargain with you they will. A lot will depend on how long they have had it for sale.
We made an offer on the house and the owners totally rejected it - two weeks later they called and were willing to negotiate
|
| Posted 8/7/06 11:20 PM |
| |
|
kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
|
Re: Over priced house....what do you do?
make an offer
|
| Posted 8/8/06 9:18 AM |
| |
|
MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
|
Re: Over priced house....what do you do?
Posted by Blu-ize
Did you get the comps for the area?
This is how we did things. Unless the house is completely unique from the rest of the neighborhood (ie...different style...double lot, etc) then this will be the tell-tale of what ti is really worth. My broker took the comps to the sell's realtor & that is how we negotiated. You do need to have a buyer's broker for that however, since any other realtor you use will be acting on the behalf of the seller.
|
| Posted 8/8/06 9:21 AM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: Over priced house....what do you do?
Posted by Beth1210
Posted by lululu
I dont think i would pay for an appraisal as i dont really put much value on what an appraiser would say....
I would make an offer for what you think is appropriate - just so that offer is on the table. Make sure you go low enough for them to counter offer with something you might be comfortable with. If you give a reasonable offer and they dont accept it - you havent lost anything.
I agree- an appraisal will basically say what you want them to say
As an appraiser I would have to disagree with that comment. A good appraiser will value the property with no bias.
|
| Posted 8/8/06 1:37 PM |
| |
|
