Very LONG update on the house we may buy. Page 2

[Beauty]

first offer accepted? Our reator said to offer $200,000....the listing is $225,000 is this realistic? We absolutly DO NOT want our payment going any higher. So our of curiosity, how many of you home owners made an offer and had is accepted the first time? How much less did you offer from the listing price? Just looking for bascics....I know the market has a lot to do with it and how badly the people want to move. Just curious....and realtors how realistic is dropping $25,000??

Thanks!

 

[Beauty]

Bump!

I know DISers have bought homes and are realtors....HELP!

 

[gepetto]

Find out how long it's been on the market and why the owner is moving.

Also....get a really really good inspector.

 

[RitaZ.]

I don't personally know anyone that has ever had their first offer accepted, but then again I'm not a realtor. I guess it depends on how badly the seller wants to sell and how long the house has been on the market.

I don't think that is an unrealistic offer though. The worst the sellers can say is No, then you'll take it from there. My oldest brother is in the process of buying a condo and the original asking price was $225K. The sellers and my DB finally agreed on a price of $200K. So it's possible for the sellers to drop the price by $25K. When we bought our house, our first offer was $3 or $4K less than the asking price. We ended up offering another $2K after the sellers rejected the first offer.

BTW, nice house! Good luck!

 

[bsnyder]

Beauty,

I assume you're comfortable with the realtors credentials? That this person knows the market in your area? If so, I would take the realtor's advice on what your offer should be.

 

[TigerBear]

I'm not in the field, but to me that seems like a huge drop. What do houses in the neighborhood go for? You could probably use that somewhat as a guide.

When we bought our house, our realtor actually suggested offering the asking price due to the housing market at the time. We went along with him. Sure enough, a couple days later someone made the family a complete cash offer for their asking price. We were so happy we got there first!

 

[believe]

When we bought our first home, our first offer was not accepted...we then submitted another offer that was accepted.

When we sold our first home we accepted the first offer, of course it was only $700 below our asking price. The buyer really wanted our house.

 

[Beauty]

Thanks everyone. I can see us going another $5 to $7 thousand but no higher. I totally trust our realtor. Her husband was like a son to my father before he passed away. She is awesome actually. Now I don't know how long is long but this house has been on the market for 3 months...I have no idea if that is long or not but they have had no offers. The housing market for homes like this is not very high in our area. Anyway I will definatly let you all know what happens!

 

[jfulcer]

And i'm sure that your realtor knows this, that the offer is contingent on financing and am favorable home inspection.

The financing offers you an out if you find something a little later about the house you don't like enough to break the deal, the bank can be the fall guy...

 

[A kid at heart]

Maybe she had you bid that way then it will bring the owners down and then you up some and you can have a happy medium in price!

 

[KerryD]

I've seen quite a few first offers accepted although I doubt yours will be. Hope so though!

If your right about the market in your area, you might have a shot at your 207-208 number.

It all depends on what the house is really worth and how bad the seller needs to sell. Don't get emotionally attached.

Good luck!

 

[olena]

We started at $10,000 under the asking price. They wanted $179,000 and we offered $169k.We settled at $173k and they paid the closing costs. Just let your realtor advise you. Keep us posted on your progress, Beth....

No matter which house you buy, get an independent inspector.

 

[Jenzebelle]

We're in the process of closing now and our first offer was accepted.

 

[KimRaye]

Beauty, as much as you trust your realtor, is this person also listing this house? If so, here in Illinois anyway, the realtor is working for the SELLER always. (That's who pays their commission)

Our first offer for our house was TIED exactly with another offer. We re-submitted an offer, as did the other party and, ours was accepted. Both second offers were also the same!

We accepted the first offer on DH's 2-flat when he sold but, I fully trusted my realtor (friend & co-worker) and, I had an idea in my head anyway what the place was worth, even if DH thought it was the Taj Mahal!

Good Luck! The home looks gorgeous!

 

[Dopey Sharon]

I'm surprised your realtor told you how much to bid. We just bought a house in November and our realtor couldn't tell us how much to offer...it's against the law here in NJ. Anyway, to answer your question...as others said, a few things will come into play...how long has the house been on the market...if the sellers have to move out soon. We put offers on three houses...the first two we really wanted...offered the asking price, but we had to make settlement sooner than they wanted (our buyer had to be out of her apartment) so they both fell through. The house we ended up with, we offered $10,000 below what they were asking (they wanted $150,000). We knew they had to be in Maryland by the end of November...when we needed settlement, and the house was for sale for a few months (which is VERY unusual around here!)...don't know why nobody wanted this house, come to think of it, we like it! Anyway they countered with $148,000...we sat on that a little while (still looking at other houses, just in case...) when we didn't find anything we countered with $145,000...which is what we settled on. Good luck, I know this is a very nerve racking time! Hang in there!

 

[Laurabearz]

OUr house (the first we bought) was put on the market at $297,000. That price was a JOKE and the house sat on the market for close to 6 months with NO offers. The sellers dropped the price to $250,000 (still outragous for this area) We offered 200,000. (a fair price) They countered with 240,000 we countered with 210,000 they countered with 230,000 we countered with our final offer of 225,000 (but our realtor wrote 215,000) and they accepted. STILL too much for this house! But I loved it.

Now with all the improvements we have done (and the Stock market doing what it has done), in less than 3 years our house is worth over $300,000. But we are not selling!

If 200,000 is what you can afford then that is what you bid..... Dont become house poor.... it isnt worth it. Remember if this deal doesnt go thru.... this was not meant to be your house.... YOUR house IS out there.... it is.....

One thing we have in Illinos (dont know aobut other states) is PRE qualifying.... that often helps give you the edge over other buyers. You can do it through the bank and basicly says your good for the loan, so the chances of you having to back out of the deal is slim. ANother thing is to put down a lot of enernst (sp) money. We found that most places ask for 2 or 3 thousand.... we put up 5,000. It really makes no difference to the price or the deal or anything.... but for some reason people love to see the check for 5 grand.....

Have fun and keep us posted.

 

[aahmom1]

Make the offer, the worst thing they can do is say no.

 

[catsrule]

Listed at $139,999. We offered 122,000.....They came back with 127,000. We came back with 125,000 (the price we were seeking), that's why I went lower hoping to get 125,000, and we did, they accepted the 125,000. we got a very good deal, we knew they were desperate to sell.

 

[tar heel]

When we sold our second house, the people who ultimately bought it for $1,500 less than the asking price initially made such a bad offer (low price, $500 ernest $, two months to get an inspection, contingent on sale of their home, etc.) that we almost refused it outright instead of making a counter offer. In most markets, three months is not an excessive amount of time. Do you know their situation -- building, relocating, etc. Is the house empty or are they living there now? Find out what they originally paid and how long they were there. If I were the seller and $225,000 is actually a reasonable price (Try to determine whether it is.), I would not be impressed with a $200,000 offer but other things such as already having financing could make a big difference. I'm assuming this will not be a contingency, so that should help you a lot.

As someone else said, it is important to remember that unless you have signed a "buyer's agent" contract, the realtor is working for the seller regardless of whether she has the listing. The realtors we have worked with have been so personable that we sometimes forgot that.

 

[CamColt]

When we made an offer on our house, we offered 5, 000. under what they were asking(this was our dream house and we really wanted it, so we didnt want to be too greedy). The builder then upped it 3, 000, so that we would actually be getting 2, 000. off the asking price. Since we RELLY REALLY wanted this house and since at the time we werent pre approved, pre qualified or anything(we hadnt been seriously thinking of moving, just happened to find this house) we agreed with that price.
Good luck!