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I have been looking for a while and found a house i am interested in. Its listed at the top or a little over what i can afford. I looked at this property because its listed a good 20k over everything else, and really liked it... I am referring to the buffalo area, im a first time homebuyer and its a double up and down property which i will be living in one of the floors. My question is, if im interested in this, is it normal to think that it would be an insult to the home owner to go too low for a price? Say the house =140 and i put as my first price 115 cause all the others around the street and area are in the 100-115 range? Im not trying to just get a deal/steal > its a great home...But in this market today everyone is saying its a buyers market etc. but in my mind its a risky market as well. My greatest fear is to go too high where i hurt myself, or to be too low to the point where the homeowner is just thinking im pulling a fast one on them.
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I think you need to talk to your agent. If you make a low offer, back it up with comparables in the neighborhood. If you show that price of this particular home is inflated with actual data, sellers might be willing to consider your price. If you just pick the price out of thin air, sellers might get offended and not even respond as they would not view you as a serious buyer. Also have your agent build a relationship with the listing agent. If your offer is presented as a strong offer with solid finances, you might get a great deal. And even if your offer is not accepted in its initial form, maybe you will be able to meet half way! Also check on interest rates. Maybe seller can do an interest rate buy down to bring your payments down to your comfort level without a huge price drop! good luck!
NEVER FALL IN LOVE WITH A HOUSE.
feel free to lowball whatever price you want. ANd it IS OK to try to get a deal/steal. you are stepping up and buying during very uncertain economic times, you are taking a risk. Risk deserves reward!
and in case I didn't mention it, NEVER FALL IN LOVE WITH A HOUSE!
As an agent--something that is important to know before considering this house is---are you pre-qualified? Recently? Well known company or bank? If you are at the top of a qualification or over, you may run into trouble-- add in taxes, HOA if needed,insurance,heating costs and a list of minor costs and you may be over your limit--especially if you don't have closing costs.
If your pre-qual letter won't support your offer, the sellers may not even consider your offer.
As an agent, have aas much supporting data in hand when you make your offer-- you'll be better off knowing that your appraisal will cover your offer than get stuck when the house does not value high enough for a loan.
Here is what I have found... buyers are typically agressive and will write offers that make sense to them. -=meaning typically way too low=- You are looking atleast comparing homes near by and offering them in the neighborhood of what the avg. price is. If the listing agent took the listing (which a lot do regardless of having realistic sellers or not) knowing the property is too high, they may have already prepared the sellers to expect lower offers. Send in your offer with comparables and see if it sticks. You will never know unless you try.
When you say all other properties in the area are between 100-115, are these asking prices or selling prices? And if they are sold prices, how long ago did they sell? What they would sell for even 3 months ago may not be what they would sell for today. If these are asking prices, houw long have they been on the market and is there a lot of competition in that price range? If most have been on the market 6+ months and there is a lot of inventory with little to no movement...then you are in a position to lowball or wait (maybe a good while) until sellers get realistic about their home value (or in some cases walk away under distress/imminent foreclosure -- don't know seller's motivation).
Azrob's right...don't fall in love or get emotionally attached to any house. You don't want to overpay....a better house at a better price could be on the market down the road. In most cases, it's a sure bet.
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