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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
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Wwyd?
There is a house we like only problem is that it's priced really high for the area. It was listed for 410 and relisted yesterday for 369. All of the houses in the area are going for mid-high 200-low 300s. I don't want to overpay and I know it's low balling but I almost want to put in an offer for 300k and see if she is ready to negotiate. My realtor has been very unhelpful she gave us comps but won't give us advice. We are ok if we had to walk away but I kind of want to put something in bc I know this house won't be sold especially at that price. There have been no offers on the house and it's been on the market since late Nov. WWYD?
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Posted 6/29/12 7:57 AM  |
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cityandbeachmom
Vineyard hopping time
Member since 6/10 1821 total posts
Name:
Suffer the pain of discipline,
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Re: Wwyd?
Bid what you are willing to pay (or less for that matter). If the house has similar comparables and they are averaging lower than asking then use that as your basis. If you were to go into contract and your appraisal does not match what you are paying then you won't qualify for a mortgage so you definately don't want to overpay. Comps, common sense and sleuth work online helped DH an me come to reasonable amount to bid when we bought our house. Good luck hth
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| Posted 6/29/12 8:09 AM |
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sameinitials
insert creative comment here
Member since 2/12 1998 total posts
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Re: Wwyd?
well, if you are ok with losing the house then you don't have much to lose by at least trying an offer.
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| Posted 6/29/12 8:10 AM |
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Dolphinsbaby
My 3 little guys!
Member since 12/10 2943 total posts
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Re: Wwyd?
Posted by sameinitials
well, if you are ok with losing the house then you don't have much to lose by at least trying an offer.
Definitely make an offer! You never know. But, make sure your realtor presents you in the best light-i.e. you are pre-approved, can put x down, can close in 30 days or whatever the case is.
This shows you are a serious buyer. I would also make sure the realtor explains when making this offer that this is based on comps and that house is listed at 50% higher than all the comps.
My realtor was our biggest advocate and definitely helped us land the house we want. GL!
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| Posted 6/29/12 8:19 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: Wwyd?
We paid $79k less than asking in 2004 when people were paying over list in most situations.
Offer what you're willing to pay.
good luck!
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| Posted 6/29/12 8:19 AM |
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Re: Wwyd?
Posted by Dolphinsbaby
Posted by sameinitials
well, if you are ok with losing the house then you don't have much to lose by at least trying an offer.
Definitely make an offer! You never know. But, make sure your realtor presents you in the best light-i.e. you are pre-approved, can put x down, can close in 30 days or whatever the case is.
This shows you are a serious buyer. I would also make sure the realtor explains when making this offer that this is based on comps and that house is listed at 50% higher than all the comps.
My realtor was our biggest advocate and definitely helped us land the house we want. GL!
I agree totally with this! I don't think it's fair to say that your realtor is being unhelpful. It sounds like you want her to tell you what to offer, which she can't do. Only you can decide what you want to pay. Her job, as your agent, is to educate you on the market by showing you comps, answering your questions, help you formulate an offer strategy, etc. It sounds like she is doing that, right?
If you are going to offer way lower than asking price, then it's all in the presentation. Your agent should explain to the listing agent and seller WHY you are offering that price, using the market data/comps for support. And as another poster said, it's important to provide information about the buyers as people (why you want to buy a home, why you like her home) and talk about all terms of the offer (down payment, ability to close quickly, etc.), NOT just throw out a number.
You never know a seller's motivations, but if the house has been on the market for 7-8 months and is priced significantly higher than all other comparable homes in the market, the seller may not have come to reality yet. They may be "waiting for their price." I know they just relisted for a significantly lower price, but from what you are saying, it sounds like the home is still very overpriced for the area, if you are looking at true comparables.
Usually if someone "has" to sell, they will drop the price more quickly to attract offers. For others who can wait awhile, coming to reality about what their home is worth is a process and can take years. Some sellers will list with 3 or 4 agents over a period of years before they price their house to sell.
Message edited 6/29/2012 8:28:33 AM.
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| Posted 6/29/12 8:27 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
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Allison
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Re: Wwyd?
You can offer whatever you want. A house is only worth what you are willing to pay.
Also, I know you say the house is way overpriced but unless there are true comparables then maybe it is not.
I live in Farmingdale and just in my neighborhood the house are 200-450K. And they are all basically the same house. Some have upgrades that others don't. Do I think the 450 ones are over priced...yeah a little but There can be a huge range in the same house because of thing you do not see just from a basic listing.
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| Posted 6/29/12 8:44 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Wwyd?
Posted by Century 21 Dallow - Christine Braun
Posted by Dolphinsbaby
Posted by sameinitials
well, if you are ok with losing the house then you don't have much to lose by at least trying an offer.
Definitely make an offer! You never know. But, make sure your realtor presents you in the best light-i.e. you are pre-approved, can put x down, can close in 30 days or whatever the case is.
This shows you are a serious buyer. I would also make sure the realtor explains when making this offer that this is based on comps and that house is listed at 50% higher than all the comps.
My realtor was our biggest advocate and definitely helped us land the house we want. GL!
I agree totally with this! I don't think it's fair to say that your realtor is being unhelpful. It sounds like you want her to tell you what to offer, which she can't do. Only you can decide what you want to pay. Her job, as your agent, is to educate you on the market by showing you comps, answering your questions, help you formulate an offer strategy, etc. It sounds like she is doing that, right?
If you are going to offer way lower than asking price, then it's all in the presentation. Your agent should explain to the listing agent and seller WHY you are offering that price, using the market data/comps for support. And as another poster said, it's important to provide information about the buyers as people (why you want to buy a home, why you like her home) and talk about all terms of the offer (down payment, ability to close quickly, etc.), NOT just throw out a number.
You never know a seller's motivations, but if the house has been on the market for 7-8 months and is priced significantly higher than all other comparable homes in the market, the seller may not have come to reality yet. They may be "waiting for their price." I know they just relisted for a significantly lower price, but from what you are saying, it sounds like the home is still very overpriced for the area, if you are looking at true comparables.
Usually if someone "has" to sell, they will drop the price more quickly to attract offers. For others who can wait awhile, coming to reality about what their home is worth is a process and can take years. Some sellers will list with 3 or 4 agents over a period of years before they price their house to sell.
Our realtor is not helping with an offer strategy and that's our biggest issue. She said she won't go in with a low offer even though we've explained why we want to go in with a low offer. All she will go in at is 4 percent lower than asking and for that house even that's too much. We are preapproved we are ready to go but she isn't being helpful.
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| Posted 6/29/12 8:47 AM |
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Maybe-baby
LIF Adolescent
Member since 12/07 774 total posts
Name:
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Re: Wwyd?
Posted by WannaBeAMom11
Our realtor is not helping with an offer strategy and that's our biggest issue. She said she won't go in with a low offer even though we've explained why we want to go in with a low offer. All she will go in at is 4 percent lower than asking and for that house even that's too much. We are preapproved we are ready to go but she isn't being helpful.
I say find a new realtor. I agree that she shouldn't tell you what to bid but if she is limiting the amount she will go in at, then she is, essentially, telling you what to bid. She can not and should not dictate to you what you should offer.
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| Posted 6/29/12 9:49 AM |
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Re: Wwyd?
Posted by Maybe-baby
Posted by WannaBeAMom11
Our realtor is not helping with an offer strategy and that's our biggest issue. She said she won't go in with a low offer even though we've explained why we want to go in with a low offer. All she will go in at is 4 percent lower than asking and for that house even that's too much. We are preapproved we are ready to go but she isn't being helpful.
I say find a new realtor. I agree that she shouldn't tell you what to bid but if she is limiting the amount she will go in at, then she is, essentially, telling you what to bid. She can not and should not dictate to you what you should offer.
Yes, I agree - she has an ethical obligation to present all offers to the seller (if she's working for the seller). If she's your buyer agent, she can educate you on the market and strategize with you, but you are the ultimate decision maker as to what you will offer. Plus, as a real estate agent, I have experienced many low offers that come up (or overpriced sellers who will come down) in order to make a deal. Until you start negotiating, you can't predict how it will go.
Why does your realtor not want to go lower? Does she not think the comp homes you are looking at in the low 300s/high 200s are "true" comparables?
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| Posted 6/29/12 11:07 AM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Wwyd?
Posted by Century 21 Dallow - Christine Braun
Posted by Maybe-baby
Posted by WannaBeAMom11
Our realtor is not helping with an offer strategy and that's our biggest issue. She said she won't go in with a low offer even though we've explained why we want to go in with a low offer. All she will go in at is 4 percent lower than asking and for that house even that's too much. We are preapproved we are ready to go but she isn't being helpful.
I say find a new realtor. I agree that she shouldn't tell you what to bid but if she is limiting the amount she will go in at, then she is, essentially, telling you what to bid. She can not and should not dictate to you what you should offer.
Yes, I agree - she has an ethical obligation to present all offers to the seller (if she's working for the seller). If she's your buyer agent, she can educate you on the market and strategize with you, but you are the ultimate decision maker as to what you will offer. Plus, as a real estate agent, I have experienced many low offers that come up (or overpriced sellers who will come down) in order to make a deal. Until you start negotiating, you can't predict how it will go.
Why does your realtor not want to go lower? Does she not think the comp homes you are looking at in the low 300s/high 200s are "true" comparables?
She's our buyer agent and she didnt offer an explanation of why she wouldnt want to go lower she just said that when it comes to bidding she wont go lower than 4% and if we want someone who would to find another realtor. Plus she bad mouthed a couple of other realty companies so we arent going to be using her services any longer.
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| Posted 6/29/12 12:48 PM |
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JsWife
His laugh, Her smile
Member since 12/06 2902 total posts
Name:
Patricia
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Re: Wwyd?
Quite honestly, I would wait a bit. The seller has just reduced their price significantly and I would think they would be insulted at the suggestion they need to go much lower. If you wait a bit they might not be so insulted - and be willing to negotiate.
Totally my opinion...
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| Posted 6/29/12 1:04 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Wwyd?
Posted by JsWife
Quite honestly, I would wait a bit. The seller has just reduced their price significantly and I would think they would be insulted at the suggestion they need to go much lower. If you wait a bit they might not be so insulted - and be willing to negotiate.
Totally my opinion...
Our current house will be gone in 60 days so we really can't wait we need to find something but I understand what you are saying.
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| Posted 6/29/12 1:14 PM |
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JsWife
His laugh, Her smile
Member since 12/06 2902 total posts
Name:
Patricia
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Re: Wwyd?
Posted by WannaBeAMom11
Posted by JsWife
Quite honestly, I would wait a bit. The seller has just reduced their price significantly and I would think they would be insulted at the suggestion they need to go much lower. If you wait a bit they might not be so insulted - and be willing to negotiate.
Totally my opinion...
Our current house will be gone in 60 days so we really can't wait we need to find something but I understand what you are saying.
Then just go for it!
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| Posted 7/1/12 12:54 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Wwyd?
I would make sure that the realtor you are working with presents the comps with your offer.
When I need to present an offer much lower than the list price I always offer the support of comparables. When sellers are unrealistic or unmotivated (as it appears the sellers in your case may be) it won't matter what argument your agent makes.
Good luck!
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| Posted 7/1/12 10:40 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Wwyd?
Talk to the seller's agent. When we looked at a house that was overpriced the seller's agent told us the reason why it was so high. Turns out they owed more than what it was worth and just wanted to get what they owed. We weren't willing to do that.
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| Posted 7/1/12 8:45 PM |
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Re: Wwyd?
Posted by Cheeks24
Talk to the seller's agent. When we looked at a house that was overpriced the seller's agent told us the reason why it was so high. Turns out they owed more than what it was worth and just wanted to get what they owed. We weren't willing to do that.
But keep in mind that the OP has a buyer's agent (as opposed to just working with an agent), so she probably signed a contract to purchase through that agent for a particular time period. In that case, the listing agent isn't going to want to deal with the buyer directly (and ethically, she really shouldn't). If the buyer is represented by an agent who is supposed to be protecting her interests, then she ought to use that agent to communicate with the seller's agent. Just as the buyer's agent just couldn't go speak directly to the seller, a listing agent shouldn't have substantive conversations with a represented buyer.
Also, the listing agent can't disclose anything about the seller's financial situation or motivations to sell without the seller's consent to do so. That's confidential information, and the listing agent has a duty of confidentiality to the seller. So talking to the seller's agent may not get the buyer (or her agent) anywhere.
I really don't see the problem with making an offer. There's nothing to lose by making an offer. The seller may not take a low offer, but if that's all the OP can afford to offer, or all she wants to offer, then she should make that offer rather than not make it if she wants the house. The seller may or may not take the offer, but if the offer isn't made, the seller definitely won't take it, right? 
And if the buyer's agent won't make the offer for you -- for whatever reason -- and you signed a contract with the agent, you should ask to speak to her broker or manager and explain the problem. You can either ask to be released from the agreement, and if the broker won't release you, he/she can assign another agent who will work with you (your buyer agency contract is really with the real estate broker, not the individual agent, unless the agent owns her own company and is the broker).
There is absolutely no reason why an agent should refuse to make an offer because it's too low. She can advise you that, in her opinion, it's too low, and it's in your interest to make a higher offer, but ultimately, the decision of how much to offer is yours alone.
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| Posted 7/1/12 9:24 PM |
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