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Replies (7)
- wetdawgs
- Contributions:26833
In order to get a fair market value of the house of interest, please work carefully with an agent to get a good set of comps. What they purchased it for and what they spent in upgrades isn't the data to be using, but instead what have similar houses sold for in the area in the last few months.
As you purchasing today, you are paying today's value and not 2012 prices. 3.6% decline is a crystal ball number.
As you purchasing today, you are paying today's value and not 2012 prices. 3.6% decline is a crystal ball number.
- Lynne Horner GRI, ABR, SFR, "Lynne Horner"
- Contributions:33
I agree. You should not make an offer based on what they paid for a bank owned home or what you think the home will be worth in a few years. You need to have your agent do a comprehensive CMA and make an offer you are comfortable with. I doubt the seller would laugh at your offer, but hopefully your agent can negotiate the best price for you. Good luck!
- John Dean, "Cambridge Agent"
- Contributions:336
Honestly if you have done you homework and if you are working with a Realtor to come to that number then why wait for a price change ? If you feel this is a fair market value for the property I say go for it.
Honestly I think people should make the offer what is the worst they can say ... No ? If you wait for a price change on the propety that just invites more buyer competition to the property which is exactly what you do not want to see happen.
Honestly I think people should make the offer what is the worst they can say ... No ? If you wait for a price change on the propety that just invites more buyer competition to the property which is exactly what you do not want to see happen.
- sunnyview
- Contributions:25139
I would make the offer you feel comfortable with, but most sellers will consider what houses are selling for today and not consider how much the house might be worth in 6 months unless they have to get their money out.
- Jack Chang, "jackchangrealty"
- Contributions:32
I would recommend that you make an offer that is reasonable and have your realtor provide what the homes in that area is selling for. Then make the offer that is within that range. Making a aggressive offer, just because does not make sense for all parties. Best of luck and hopefully you will get the home that you want at the price you can accept.
- SQUEEGE01
- Contributions:5
wow, everyone that responded is right on and thank all of you for you comments and time. Thanks
- Seth Captain, "CaptainSeth"
- Contributions:142
If the chimp is negotiating for you, you'll have a better shot.
Remember this rule when it comes to bidding on a property and you'll be fine:
Just Make an Offer
It's a business transaction. That's why you use an agent. An agent should have no emotional ties and not be concerned about an under-market offer or what the seller may think of him. Like the other realtor said, what's the worst that can happen,...a big fat NO.
At least with the chimp you can resort to alternate means of intimidation.
Remember this rule when it comes to bidding on a property and you'll be fine:
Just Make an Offer
It's a business transaction. That's why you use an agent. An agent should have no emotional ties and not be concerned about an under-market offer or what the seller may think of him. Like the other realtor said, what's the worst that can happen,...a big fat NO.
At least with the chimp you can resort to alternate means of intimidation.
Negotiating
the property is selling for $175,000 from investers who bought the house for $90,000 in foreclosure. Nice improvements to the property but I'm pre-approved for $155,000. I know in this area the prices will decline 3.6% in the next six months and the homes in this area still sells for 150,000. the property has been on the market for 70 days. Will the seller laugh at a $130,000 to $135,000 offer?
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