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Replies (6)
- Larry Tollen, "Larry Tollen"
- Contributions:384
I don't know your market but from what you've written I do not think $90,000 is to low to start. It appears based solely on what you've written that this property is significantly overpriced for the neighborhood.
You really should be working with a Buyer Broker particularly as you are a first time buyer. The listing agent represents the Seller not you and do not get involved in dual agency where the agent focuses on taking care of themselves and neither side is represented well. (Any arguments to the contrary are simply false and self serving)
Information missing to evaluate your offer is the number of homes currently on the market in the neighborhood versus the number of homes in the neighborhood that have sold in the past 6 months. This will give you the "absorption rate." How long has the property been on the market?
Do yourself a huge favor, do not pursue this without an experienced Buyer Broker to help guide you There should be no fee for their service they will be compensated by the Sellers at closing.
Good Luck.
- Dagmar Mouritsen, "AzBestRealty"
- Contributions:56
If you don't have an agent then I strongly recommend you hire one. The agent for the buyer is paid by the Seller, if the house is listed with an agent. Ask your agent to show you the comps for the area. The agent should drill down a little deeper when comparing prices like for example also look at what the condition of the house is, the upgrades etc. Good Luck.
- Eugene Hacker, "RiverLakeRE"
- Contributions:165
It sounds like you have a reasonable idea of what houses in the area go for. I suggest making a bid at a price that would make you comfortable.
But keep in mind...sellers are not always reasonable. Or its possible that they have a high price because that is the price they need to pay off a loan. Unless this is the "perfect" house for you then I would be prepared to walk away if the seller is not receptive to your offer.
Unless you are comfortable with negotiation and contracts...you might want to have an agent help you out.
But keep in mind...sellers are not always reasonable. Or its possible that they have a high price because that is the price they need to pay off a loan. Unless this is the "perfect" house for you then I would be prepared to walk away if the seller is not receptive to your offer.
Unless you are comfortable with negotiation and contracts...you might want to have an agent help you out.
- Kao Vang, "RealtorKao"
- Contributions:5
Your Realtor should be able to give you a good idea of what to offer. He/She have access to all the houses that was sold or selling for and knows what's selling and sitting. With the information you can make a better offer.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
I suggest that you draw from the experience of a buyer agent to make your first purchase. With homes running from $36,000 to $75000 in the immediate neighborhood $115000 sounds overpriced. The listing price is not as important as the sales price of those properties that have sold withing the last 3-6 months. You will feel better once you get a buyer agent and have the opportunity of looking at a comparative market analysis. The best of luck!
- Randy Jamieson, "RJamieson"
- Contributions:10
Definitely rely on your buyer agent. He/she should be the expert in your area and can pull from past data to give you an expert opinion on the home value. Unfortunately, no one can tell you about future value with any degree of certainty.
What to offer when buying a home
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