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Answers (17)
- doralgate
- Contributions:139
AL .... it is also quite pointless to have realtors list homes at 30% above recent sold comps too....so I would say let this play out instead of discouraging someone from possibly purchasing their dream home.
ZOO if you don't try you will never know....
but I'm kinda in DAWGS camp that you first of all should not buy something at the max of what a lender says you can afford and secondly what are you doing looking at $500k house knowing your max is $360....clearly you will fall in love with the more expensive ones the majority of the time.
Good luck...
ZOO if you don't try you will never know....
but I'm kinda in DAWGS camp that you first of all should not buy something at the max of what a lender says you can afford and secondly what are you doing looking at $500k house knowing your max is $360....clearly you will fall in love with the more expensive ones the majority of the time.
Good luck...
- Bob Magazu, "Bob Magazu"
- Contributions:60
Its quite a drop from the listing price.
Proberly wont be accepted, but, if your a strong buyer,
you never know until you try!
Proberly wont be accepted, but, if your a strong buyer,
you never know until you try!
- AL McCaw, "Al McCaw"
- Contributions:286
It's not only pointless, it is insulting to the seller. My advice is for you to find a good realtor who can find all the criteria you are looking for at the price you can afford.
- wetdawgs
- Contributions:26804
While one can always offer, one of the things we've discovered is that if we look at properties that a a little bit above what we can pay, they are always better! Long ago we decided that we wished to always be able to afford our housepayments, even if we had to be burger flippers due to lay offs. Therefore, we've never purchased even close to the amount the lenders suggest. Save yourself from disapppointment, stay out of houses that are >10% above your price max.
- Georgina OBryan, "GOBryan1"
- Contributions:483
Plain and simple. No offer is pointless. The asking price may be what they want but that doesn't mean they're actually getting any offers or that the property is worth that price.
You should, however, do some research. What the market value is (comps), the specs of the home such as age, updates, sq ft, # of rooms, baths, amenities AND how long has the home been on the market. The longer it's sat, the better the possibility of you getting it for what you want.. Also, what did the current Sellers pay for the property? Is it a Short Sale? Those can be a bit tough to lowball because the lender has a say. Have there been any offers? If it's a traditional sale and you're offering above what they paid, there may be room for that type of offer to be accepted.
You should, however, do some research. What the market value is (comps), the specs of the home such as age, updates, sq ft, # of rooms, baths, amenities AND how long has the home been on the market. The longer it's sat, the better the possibility of you getting it for what you want.. Also, what did the current Sellers pay for the property? Is it a Short Sale? Those can be a bit tough to lowball because the lender has a say. Have there been any offers? If it's a traditional sale and you're offering above what they paid, there may be room for that type of offer to be accepted.
- Linda Bayles, "Linda Bayles"
- Contributions:40
So 11 answers but no one knows the details. Please call to talk specifics .... Remember it does not cost anything to have a Realtor represent you. I work as a Buyers Agent and can represent your interest. Please call.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Zoo I should have said don't remove your Financing or your Appraisal Contingency. Either one has the potential to jeopardize your EMD.
Happy funding, Rudi
Happy funding, Rudi
- Belinda Singh, "westcoastrealtor"
- Contributions:182
Stranger things have happened, but it is a long way off. If $360K is the most you can truly afford, I would try very hard to find something in the $325k range that would satisfy, and make it your dream house by re-arranging your thinking. Buying less than you can afford is smart business right now.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Zoo don't remove the financing contingency. Your homework may prove true. But, a lender accepts the value on the selling price or the appraisal, whichever is lower. An appraisal is an appraiser's opinion. Do you want to risk your EMD on how someone else thinks?
Happy funding, Rudi
Happy funding, Rudi
- Kevin O'Shea, "Kevrltr"
- Contributions:212
You have some fine answers here, but one thing they left out is the emotional side of the picture. Send a note with your offer to the owner, tell them how much you love the home and the fact that you really can't go any higher in price.
Sometimes seller's take offense at lower offers, so you avoid that by explaining up front that you don't want to offend, but this is what you realistically can do.
Much Good Luck!
Kevin
Sometimes seller's take offense at lower offers, so you avoid that by explaining up front that you don't want to offend, but this is what you realistically can do.
Much Good Luck!
Kevin
- ZooZooZoo
- Contributions:32
Thank you again, so so much! All of the feedback really helps. I figured out that the comps I spoke of were the FOR SALE per square footage, the SOLD per sq ftg comps are actually even less......at $166.50 per...so that would put this house at $377,955....even better for us :) I appreciate the advise on submitting a logic letter, and strong offer. We are pre-approved with Everbank and it would not be contingent on the sale of our home. A million thanks....it all helps!!
- Marvia Thompson, "MarvayFLHomes"
- Contributions:12
As long as you know that it is what I call a "hail Mary" and you can take the no (emotionally)... Then make the offer. While the comps may say 422K, if the owners can afford to take less they might just take it... Right now that price point is moving slowly and in the Avondale region you only have a handful in that price point that have offers on them with over 100 active listings in that price point to compete with... Stranger things have happened... Make it a strong offer (don't ask for the world, closing cost, a bunch of repair money, etc)... Let them know you are approved and serious (with a real binder - not some 500 dollar binder)... You might even consider including a letter to the owners... describe your family living there... tell them your not trying to insult them... put your cards on the table...
Good Luck,
Good Luck,
- Leslie Newman, "Leslie Newman1"
- Contributions:60
Wow Zoo! You did your homework quickly :) My thought is it is worth trying and the best way would be to do it would be to submit it with the logic behind the offer and let them know that you only have your offer amount to spend but love their house.
- ZooZooZoo
- Contributions:32
Thank you for your feedback! I looked at the SOLD comps in the area, and the average price per sq ft is $186, which would put this house at $422,220. An offer 10% less than that price is $380,220. Still think $360,000 is most likely a no-go? I realize we can make the offer anyway, and see what happens.....the answer is 'no' 100% of the time you don't ask.....right?!
- Dan, "the_country_hick"
- Contributions:4694
You probably will not get it. Make the offer anyway. The worst that happens is you do not get the house.
Years ago someone told me about a house they bought. They made a low offer. Their realtor did not want to make such a low offer. Once pushed (they legally have to make an offer you make) they were shocked to see the owners accept that offer. You never know what will happen until you try.
Years ago someone told me about a house they bought. They made a low offer. Their realtor did not want to make such a low offer. Once pushed (they legally have to make an offer you make) they were shocked to see the owners accept that offer. You never know what will happen until you try.
- Beth Jenkins, "MiamiBeachBeth"
- Contributions:106
The only way you can determine that is with a realtor doing comps as well as seeing if the seller is able to either take a loss or if they do not have a mortgage to pay off at all they may just want to sell.
I cannot tell you the answer to this, only your realtor who has all of the information at their disposal.
If the home is prieced properly and the comps support the price, it woudl be unlikely that a seller would come down that amount.
Good Luck!
Beth Jenkins
I cannot tell you the answer to this, only your realtor who has all of the information at their disposal.
If the home is prieced properly and the comps support the price, it woudl be unlikely that a seller would come down that amount.
Good Luck!
Beth Jenkins
- Pasha Missaghi, "Pasha Missaghi"
- Contributions:40
the best way to analyze that would be to have your agent run a comp. report to see what other houses are selling/sold in that area. sometimes a price is set so high that your offer may be the right offer, but in this case, if you are more than 10% below the asking price (assuming asking price is a fair price) you may be wasting your time with paperwork.
Found a home that we love. The price is $499K. The most we can pay is $360K. Is an offer pointless?
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