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Answers (5)
Best Answer
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
Thanks for your question "charvette". What I do for all of my buyers is a market analysis just as I would do for a seller. Have you agent pull SOLD comps and this will help you formulate an opening offer price which you would have to adjust accordingly to what you want to end up at. Now we are talking about what the seller/builder would net, they rarely care about seller's assist as that should just get added on top.
Insider secret: listing agents consider it a victory if we can end up on a contract price that is 95% of the list price. So, as a buyer, you would want to end up under that! :-)
Now your highest and best price should be determined by YOUR current and projected finances: what you will be left with in your bank account, your monthly payments including utilities, cable, mobile phone, car payments, parking (if applicable), etc....
Hope this helps, good luck!
Insider secret: listing agents consider it a victory if we can end up on a contract price that is 95% of the list price. So, as a buyer, you would want to end up under that! :-)
Now your highest and best price should be determined by YOUR current and projected finances: what you will be left with in your bank account, your monthly payments including utilities, cable, mobile phone, car payments, parking (if applicable), etc....
Hope this helps, good luck!
- JoEllen Ufner - ABR,GRI,SFR, "jufner"
- Contributions:397
It depends on the home value as it compares to other like homes in the neighborhood.....what does your agent recommend? Best of luck
- charvette
- Contributions:2
Thank you Brian, Ofe, and Kevin for your advice. It was most helpful. Made an offer this morning, let's hope for the best!
- KevinLUzzle
- Contributions:38
Look at the tax value, it will be useful to you to find the tax listing as this will provide the tax rate and bill and it will be based on a valuation/appraisal of all homes in the city/county etc. You should be able to develope a base fair price for what properties are selling for in relationship to the tax valuation. Here in Wilmington NC, for instance, if the property is listed at 30% below tax value I think it is fairly priced. The fact that it has been on the market for 290 days works in your favor, the resistance will be what the builder actually spend on materials.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Charvette, Brian is right, have your buyer agent do a comparative market analysis (CMA) to see how much you should offer for the property. You said you have been approved for $130,000 so you may need to work backwards, so that you end up at your approval rate.Good luck!
What should my first offer be on a house asking 139900 in Augusta, GA?
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