Profile picture for user5683100

Have a few questions

We currently own a home (paid off) and have found a home is for sale that we are in love with, but the asking price seems kinda high, how do i proceed?
this house just hit the market we were the first to see it, but.... we are not working with an agent, and our house isnt even listed ,, what should I do to proceed?
I am pretty sure people will jump on it , but am leary of the price, I know the beneficiaries are in no hurry to sell , which works for me in the sense that I have my own house to unload, but also hurts because that might mean a resistance to lower price right?? any advice is gladly regarded
  • September 25 2012 - Eastern
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Answers (9)

Profile picture for Dunes ..
1, Dual Agent...Here & if you look around at other RE Sites you're gonna see Strong opinions on both sides of that Ball. My opinion is this is a Huge Financial Transaction/Decision..
It's your Huge Financial Transaction so you need to stay in your comfort zone as much as possible..if uncomfortable with it..stay away from it

2. If the Agent you choose cannot/will not answer this question, address your concern..leaves you confused, blows smoke then yer betting on the wrong horse..Do not hire the services of Any Agent, sign any agreements to list/buy ect. make any commitments until absolutely sure you are comfortable with your choice, their responses to your questions They are selling Services and you are hiring Services..they are not doing you a favor

Please check out the info on the Dept of Justice Anti-Trust Web Site so you are aware of your options
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Example: Kentucky
Allows Brokers to offer Rebates to Consumers
Allows choice of Brokerage Services
What are the laws in your state?


Good Luck

  • September 26 2012
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Profile picture for Ofe Polack
In order to write an offer all you need is a pre approval letter from a lender which will probably say that the loan is subject to the sale of your home and a deposit. There will have to be a kick out clause in the offer because I doubt it if the seller will wait indefinitely for your property to sell. You do not need the down payment until closing and you will need to close on your present property first. You can do back to back closings. Certain states do not allow dual agency, but in NH where I practice they do and I have done many sales as Dual Agent. That would be your call. Ask the agent to explain Dual Agency to you.  Feel free to call me if you have any further questions.
  • September 26 2012
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Profile picture for user5683100
Hellooo?? anyone ??
  • September 26 2012
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Profile picture for user5683100
Ok great suggestions, I have contacted a realtor to view and price out my home, this leads me to a couple of new questions,
1. I have spoken with the sellers agent and told him I will be having a realtor come out to my property, and he is trying to pursuade me to allow him to be a dual, I am not to experienced in real estate movers but after researching what this means im confused, how can that be at all condusive to each party ??? Is it as twisted as it seems??
2. How can I purchase th
e house first then sell mine to allow me to negotiate a price ? I would need the money out of my current house for a down payment , would this complicate matters too much??
thanks you all have been helpful : }
  • September 26 2012
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Profile picture for Ofe Polack
Contact a Realtor who can do two things for you, provide you with a comparative market analysis of your property and with another comparative market analysis of the property you want to purchase.  It is not easy for a buyer to put an offer subject to the sale of their own home, which is not even listed.  The seller will not know how long to wait for the sale of your property, even if is priced aggressively there is a period of time to wait for inspections and approvals.  All you can do is try, but that puts you at a disadvantage when making the offer, that is the price becomes less negotiable due to the circumstances.
  • September 26 2012
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I would definitely contact a local realtor! You will most likely need to have an appraisal for your financing anyway for the purchase (which should help out with making sure the price is within reason) unless you are going to pay cash. If you are paying cash , I would still recommend having an appraisal on the home.
 Then your realtor will help you determine a good reasonable price for your home so you can put it on the market. A realtor is like a wedding planner or a movie director. They will coordinate everything and stay on top of things to ensure all of the necessary details are completed. This will help you have the most seamless, stress free home buying/selling experience. A realtors job is to look out for your best interest. 
  • September 26 2012
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I'd recommend getting in contact with a local Realtor who can provide you with some recent comparable sales in the area. Are you planning on selling your home first to take the equity out? There's a way to structure an offer that would be contingent on your home selling and closing. If you're taking a mortgage out on the property you'll also be getting an appraisal on the home.
  • September 26 2012
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Ask a couple of local realtors for a Comparative Market Analysis (CMA) for your home. This will give you an idea of what it what sell for and how much you can lower that price if you need to sell fast. Also request a CMA for the property you are considering buying ... you may need this to substantiate your offer.

Talk with your local bank where you do your banking. Let them know that you are thinking about making an offer on a house and you might need a mortgage on your current home to close the deal. Find out what their costs are along with the interest rate they will charge. Also see if it would be better for you to obtain a mortgage on the other house instead of your current house. If you get a mortgage on your cuttent house, you can make a cash offer on the other house. Also get a quote from a mortgage broker to see if you can get better price and terms.

Finally talk with the owners of the house and let them know you are interested in the house and are considering making an offer. Explain that you are willing to pay a fair price, but you don't want to over pay. Ask if they will review a market analysis, discuss a fair price and sell the house to you. Ask how long they are willing to hold the house while you list your current home.

Good luck !!
  • September 25 2012
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Profile picture for AmandaMack1
First, get a Realtor - a buyers agent does not cost you anything (if you need a referral click my name and send me an email, I know a couple in your area). Second you have two options you can either get a loan to purchase your new home and then sell your current house and pay it off or you can write an offer continent on your home selling and list your house. The buyers agent will be able to look at the price of the house you are interested in and determine what a reasonable offer would be.
  • September 25 2012
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