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destino36
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I just recently started looking at homes in upstate NY, and found a property that I am interested in. The home was listed at 380k. The biggest downfall with the home was the backyard. It is completely sloped and would need major landscaping. It is a 3 bedroom home. It was last sold in 1995 for 156k. Considering the current market - how low can one go?

August 29 2007 - US

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Chiloquin Doran, "Chiloquin"
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Chiloquin Doran, "Chiloquin"

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Depending on what part of Upstate you are talking about will depend on how low one can go...They definitely won't get 380K for it. I have a house in Watertown, NY that I have been trying to sell and the market has slowed down so much that many people are not getting what they listed their homes for...It's a buyers market...

August 29 2007

destino36
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The home is in Chester and when I tried getting the value online I got a Market Value of 313k.

August 29 2007

Alan May
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if the "value online" is the zestimate... don't use that as a market value... they're way off.... check out the "zestimate' threads on this site.

August 29 2007

aBT2B
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250k ....

my gut instincts are usually right...

August 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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Is that Orange County?

August 29 2007

destino36
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It is Orange County. I am worried that if I go too low, they won't take my offer serious. 250k is a big difference when asking price is 380k - isn't it?

August 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

West Harrison

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How much closer do you make the offer? $250,000 is way too low. I would try $10,000 to $15,000 less.

August 29 2007

destino36
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Very difficult.......I definately think 380k is way too much especially the way the market is right now. Let's also take in to account that it was $156k in 1995 and what houses in the area have sold for.

August 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

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Are you represented by an agent? You can have one do a CMA (Comparative Market Analysis) of homes that have sold within the last 3-6 months, pending sales and active sales. From my experience with FSBO when I asked them if they have had any offers, some have said yes but they didn't accept because it was too low. I am talking $50,000 below the asking price.

August 29 2007

Marci Reinheimer
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Marci Reinheimer

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You can't take into account what they paid for it 12 years ago, but you definitely take into account what things are selling for in the area now.

August 29 2007

CORONA NICK
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Low ball them.... who cares if they dont even respond.... lol theres always another property out there.... 250k... is not too low.

August 29 2007

Till Lindemann, "Till Lindemann"
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Till Lindemann, "Till Lindemann"

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If you get a CMA, be aware that the numbers in the CMA, which are 3-6 months old, don't take into account the recent changes in the mortgage system. There may be less qualified buyers walking around after the lending rules have been tightened.

In my experience, a month ago I bid 15% below asking price on a house and didn't come to terms. They called me last week and wanted to see if I was still interested.

August 29 2007

Callista, "warriorprincess"
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Callista, "warriorprincess"

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Well they probably won't take a 250,000 dollar offer all that seriously...yet...

but if that is what you're willing to pay for the place I say go ahead and pitch your lowball. All they can do is say no. I am in a similar situation in Sactown. I just saw a house that I would love to have for about 275,000 but the asking is 350,000. I chose not to offer because in *todays market* their asking price is one of the better ones in the neighborhood I want. They would not have accepted my offer. The people you are getting ready to offer too probably won't either...but who cares? No skin off your back, right?

August 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

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Even in today's market get a CMA done within the last 3 months.

August 29 2007

Robin Lynch, "robin398"
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Robin Lynch, "robin398"

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You can ask for a credit at closing. For example, if a house is worth $380,000. You, the buyer, agree to pay the purchase price but ask the sellers to pay for a $5000 credit towards one time closing costs. Actually, you are only offering to pay $375,000 for the property and not the full amount of $380,000.

Sometimes buyers will use a closing credit to bring down the purchase price of the house and also first time homebuyers don't have enough cash for a down payment and closing costs.

August 29 2007

CORONA NICK
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Hey Callista... take your own advice...make that offer... like you yourself said... NO SKIN OFF YOUR BACK... right???

August 29 2007

Kara Phadael, "Kara Phadael"
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Kara Phadael, "Kara Phadael"

South Windsor, CT

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Definitely get a cma, then when you make your offer, you will know at least approximately what the value of the house is. Regardless of what the value is, make your offer based on what the house is worth to you. If this is your dream home and you've looked at many already- If you have to have this house, then don't go too low, but if you like it, - it's alright, has all of your requirements, but you haven't looked at much else, then lowball it. Maybe you'll get a deal.

I would recommend that you get an agent to represent you, the agent will check with the seller to make sure that they are willing to pay a commission (probably only 3%), and you will not have to pay anything to have someone looking out for your best interests and advising you. If the seller is not willing to pay a commission, then your options are to not use an agent, or pay the agent yourself.

When talking to an agent do not sign an agreement until after they check if the seller would be willing to pay a commission.

September 01 2007

Alan May
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Kara...
... you just explained to destino how to HELP the agent get a 3% commission (either from the seller or from destino herself).

... I think she was asking for help for HERSELF, not help in figuring out how to pay an agent. And then you went even further to say "don't sign an agreement until (and now I'm interpreting) you're sure that the seller will pay the agent!!).

... great advice....(sarcasm inserted here) if you want to know why so many people on these boards dislike agents... your primarily self-serving advice is a prime example.

September 01 2007

CORONA NICK
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Thank you Almay... I always knew there were good real estate agents out there... but they are hard to find..... love your new avatur...

September 01 2007

Alan May
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thanx nick...

I think we all try to be the best at what we do, sometimes it's difficult to see the forest for the trees...

We are hard to find... but I think worth the effort.

September 01 2007

CORONA NICK
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Kara... sorry for the direct and non contributing remark.... I take it back.... and Almay.... your welcome...

September 01 2007

Alan May
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Nick...

you know you can "delete" that remark...

September 01 2007

Lisa Jones, "Lisa Jonz"
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Lisa Jones, "Lisa Jonz"

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I don't know your market, but I think $10-15k below asking price is way to generous. You think the house is worth $250 - offer $250; see what happens. How long has it been for sale?

A lot of people leave "wiggle room" in their price. But you know what, if the house is priced right to begin with there's no need for wiggle room and lots of people will come see it. Houses in our area sell for approx 96% of the asking price. A fair amount of agents are really beginning to understand that over priced listings just aren't worth the time, effort and money we put into getting them sold.

But this house is FSBO and these sellers may not quite understand yet what is going on in the real estate world TODAY. There are still some people out there living in the bubble and these people may possibly be them. Make the offer at $250,000. If these people get enough "lowball" offers, they may realize that the house is way overpriced (if in fact it is, which I don't know b/c I have not seen it nor do I live in that area.)

September 02 2007

Alan May
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I agree that 10-15K below is way too generous...

but I also thing that $250K isn't going to buy the property, but be an exercise in futility... if you're not in LOVE with house... and are just in LIKE with the house, and don't care one way or 'tother if you get it... then it's okay to bid the $250,000...

... if you're really lusting after the house... you may want to up the ante, or at least be prepared to.

September 03 2007

Lee Taylor
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One can go as low as one wants. The real question is how low will the seller go. This can only be determined by negotiation.

September 03 2007

Bryce Hill, "linearrealty"
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Bryce Hill, "linearrealty"

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The tax appraisal on the property is usually rock bottom of what a property should sell for. You can usually find the tax appraised value on that county's website or community sites like "Zillow."

The market price is what a seller will accept as payment for their home. If it is to low, the seller should counter the offer asking for more money.

If you really do not know what to offer, ask a local agent to do a Comparative Market Analysis for you to determine the Market Value.

Good Luck

Bryce Hill
Managing Broker
Linear Realty, LLC

www.linear-realty.com

September 03 2007

Lisa Jones, "Lisa Jonz"
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Lisa Jones, "Lisa Jonz"

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The comments made by Almay and Lee Taylor are great additions to my previous comment. The lowball offer may not be accepted but it could/should open the door to negotiations. $250 may be too low, which I don't know b/c I don't know your area, but if that's what you truly feel the home is worth to you then it is what it is. You never know until you ask (or in this case offer)...

September 03 2007

CORONA NICK
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Better yet.... dont even put in an offer... let them sqirm... look at the seller's board... youll know what I mean when you do...

September 03 2007

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