HELP! Need real estate advice

[mla2177]

Ok, here's the story. I went looking at a couple of homes in a development that was going up in our neighborhood. The sales rep for the builder said oh, there's another home I want to show you that is a "Spec" home and the builder really wants to unload it. I say to her, what are they asking, she says $389,000, reduced from $460,000. In my head I think, that is way out of my range, I was looking to stay between $275,000 and 325,000, but what the hay, I can always make an offer and see how much they want to "unload it". Anyway, I bid an offer of $315,000, figuring they were going to counter. They called back and said 6% off which brings it to $365,500. How much room do you think they have? Do you think they could come down to the $325,000 to $330,000 range? Anyone work for a new home development like this???? Or should I just not waste anmore time with it?

 

[MagicalMom]

If it's a national builder I'd think you'd have more of a chance of getting them down. If it's someone like Robino, I doubt if they'd go down much.

 

[Cindyluwho]

Do you have an agent working for you on your side? If not, you have no representation which is always risky. Any good agent in that area should know what the market is and how much room the seller has to wiggle. Also, the seller's agent is looking to make both sides of the commission if you buy throught them and you still get NO representation. Get yourself a buyer's agent, it's paid for by the seller and it covers your butt. Can you tell I've been in the business for almost 20 years??

 

[The Mystery Machine]

We bought a spec that they were unloading and we got $80,000 off asking.
The spec houses have so many "upgrades" which are nice but really in the long run are inflated for the house.
Find out what homes are going for next door and in the neighborhood. Do a little homework.
Go to your County Appraisal District and find out how much taxes the people are paying for their homes. It is public info.
Might give you an idea of what they paid, from how much they are paying.

 

[mla2177]

Do you have an agent working for you on your side? If not, you have no representation which is always risky. Any good agent in that area should know what the market is and how much room the seller has to wiggle. Also, the seller's agent is looking to make both sides of the commission if you buy throught them and you still get NO representation. Get yourself a buyer's agent, it's paid for by the seller and it covers your butt. Can you tell I've been in the business for almost 20 years??

I do not have an agent working for me. I mean, I have an agent selling my house, but that's it! Can you tell I am new to all this? My DH had bought our house before we were married, so he did all the leg work for that, and even then, his parents told him what to do We were not really looking when we stumbled upon the development, as we need to sell our house first and take the equity to buy another.

 

[mla2177]

If it's a national builder I'd think you'd have more of a chance of getting them down. If it's someone like Robino, I doubt if they'd go down much.

It's Centex homes, so it's national. Have you ever heard of them?

 

[Cindyluwho]

I do not have an agent working for me. I mean, I have an agent selling my house, but that's it!

Is there a reason that your listing agent didn't write the offer on the other home?

 

[mla2177]

We bought a spec that they were unloading and we got $80,000 off asking.
The spec houses have so many "upgrades" which are nice but really in the long run are inflated for the house.
Find out what homes are going for next door and in the neighborhood. Do a little homework.
Go to your County Appraisal District and find out how much taxes the people are paying for their homes. It is public info.
Might give you an idea of what they paid, from how much they are paying.

The only house being built that is close to finish is the sales agents'! They have like 15 lots that are sold, but are still in the early stages of building.
That's what makes me feel like they really aren't in too much of a rush to "unload" it! I was wondering if that was just a sales pitch to reel you into the already built home!

 

[mla2177]

Is there a reason that your listing agent didn't write the offer on the other home?

Because we don't know what the heck we're doing!!!!!!!

 

[mla2177]

Do you have an agent working for you on your side? If not, you have no representation which is always risky. Any good agent in that area should know what the market is and how much room the seller has to wiggle. Also, the seller's agent is looking to make both sides of the commission if you buy throught them and you still get NO representation. Get yourself a buyer's agent, it's paid for by the seller and it covers your butt. Can you tell I've been in the business for almost 20 years??

Sorry, another question, what if we don't buy, does the buyer agent still get paid, and by whom?

 

[juligrl]

The only house being built that is close to finish is the sales agents'! They have like 15 lots that are sold, but are still in the early stages of building.
That's what makes me feel like they really aren't in too much of a rush to "unload" it! I was wondering if that was just a sales pitch to reel you into the already built home!

Probably the case.

 

[The Mystery Machine]

The only house being built that is close to finish is the sales agents'! They have like 15 lots that are sold, but are still in the early stages of building.
That's what makes me feel like they really aren't in too much of a rush to "unload" it! I was wondering if that was just a sales pitch to reel you into the already built home!

They are not unloading it then...Tsk, tsk, on them. It is just a sales pitch. I would be leery...what is the price range and square footage?

Ours was unloaded. We bought in a last phase of a builder that was DONE and wanted out.

 

[mla2177]

The house is pretty big, it's 2275 square foot and they are asking $389,000 reduced from $460,000 (upgrades). I guess the reason why I am so stuck on it is because it is in a resort area( about 5 miles from the beach), and that is a lot of house for that price. It is on 1/2 acre lot.

I asked the sales woman why they wanted to "unload" it when they are really just starting to built and she said because it is costing them $. The girl did tell us we are the only people to make an offer on it.

 

[mla2177]

I think I am going to just offer $325,000 as a final deal and tell them to take it or leave it!!!!! The most expensive model in the development is $545,000 which makes me think the property value will go up soooo much! I guess if it's meant to be, it will be! If they laugh at my offer, I will just wait till the woman across the street is in her house before I leave mine..............she's the other sales agent for the development.

 

[Cindyluwho]

Sorry, another question, what if we don't buy, does the buyer agent still get paid, and by whom?

Nope. If you don't buy then the agent doesn't get paid. His/her job is to negotiate the best deal for you. Another thing to be wary about is what the market is doing in your area. Our market is still extremely strong in the Northwest but other parts of the country are really cooling down. It may be that the developer can't get the $$ he needs to break even. Only a good agent will know this information. The problem is, the market has been SO hot that any yahoo can get a license and make a decent living. You need to make sure you've got a good agent on your side to list your home and take care of the sale on the other end. Feel free to PM me if you need help finding an agent in your area.

 

[mla2177]

Thanks for all your help! I am just going to give my last bid and be done with it! If they take it great, if not, it must not have been meant to be.

 

[golfgal]

I think that is a great idea. There is a large Centex development not far from us and what they do is develop in stages so if all the lots in that stage are sold they most likely are unloading the house because they will build a new model home that is somewhat different from the first stage. I agree, offer the $325,000 CONTINGENT ON SELLING YOUR CURRENT HOME--get a real estate agent to help you write everything up. It is a buyers market and the know it. If they don't accept, they don't accept, you have nothing to lose by making the offer and a LOT to gain by getting the house for that price!