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Answers (13)
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
This is an old posting Joanne, please note the dates before you respond.
- Joanne Fishman, "jofishman"
- Contributions:1
Review the comparative market analysis for that neighborhood with your Realtor. Sales should reflect the period for the last six months. Compare these to the home you are considering, seeing how they stack up on sold price per square foot, amenities, location, and the like. This should give you a good idea of what the property is worth. Of course, you also need to know how motivated is the seller. Start here by asking your agent for a property profile, which will show you what is in the public record on that home (i.e., mortgage, square footage, date built, etc.). If the seller is in default, he should be super motivated. If he has considerable equity, he may be less motivated. But knowledge is your best asset!
- Kristine Heilman, "kheilman"
- Contributions:28
A good buyers agent will discuss the comparable sales with you and it never hurts to take a look at the original purchase price of the property and how long the current sellers have owned the proeprty as this may give an indidcation of their room to negotiate. Check public records, if there was a high loan taken out originally or there was no loan this can contribute to the sellers willingness to negotiate. Again these are all factors that your agent can look into and discuss with you. Many times a sellers agent can also disclose their clients motivation level if they have been given permission to do so. As always a good comaparable market analysis will review all of the recent sales and active properties in the community. Find yourself a good buyers agent, thats what we are here for. Best of Luck!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Hire an appraiser or use a buyer's agent to represent you. It costs you nothing except the time it takes to get one. Being represented in this transaction is important.
- Joy Perko, "Joy Perko"
- Contributions:49
You will definitely want to look at recent sold comps, but also consider the terms of your offer.
If you are a cash buyer with a quick closing, the seller may be willing to take a lower offer. If you need financing and want the seller to pay for some closing costs and a home warranty, then you might need to offer a little more on the price.
There are many variables other than your offer price, and that is where a good buyer's agent comes into play.
If you are a cash buyer with a quick closing, the seller may be willing to take a lower offer. If you need financing and want the seller to pay for some closing costs and a home warranty, then you might need to offer a little more on the price.
There are many variables other than your offer price, and that is where a good buyer's agent comes into play.
- SteadyState
- Contributions:787
The "insulting the seller" is sheer nonsense. Since REAs present themselves as real good negotiators they should have no problem packaging and presenting any offer you are willing to make.
Please take the advice by REAs of looking at Comps with a grain of salt. In a sustainable market, comps provide good information regarding the market value of a property. After a bubble however, comps only tell you what your potential neighbors overpaid - use a rent vs. buy calculator instead with a break-even horizon of 7 years.
Please take the advice by REAs of looking at Comps with a grain of salt. In a sustainable market, comps provide good information regarding the market value of a property. After a bubble however, comps only tell you what your potential neighbors overpaid - use a rent vs. buy calculator instead with a break-even horizon of 7 years.
- Bonnie Carlsen, "Bonnie Carlsen"
- Contributions:21
Agreed. Your agent should know what is a reasonable price for the house in that area. Offer low, but not too low, but keep in mind what is your top or "highest and best" offer. I also agree that the accepted price is usually a few thousand below if not listed price. The seller doesn't have to respond to the offer, so keep that in mind. Good Luck!
- Colleen Pye, "Colleen Pye"
- Contributions:4
Well a buyers agent should point out the facts. We have many buyers coming to Houston.. that are listening to the NEWS. We are not a depressed market. We price our homes within a reasonable range... and a buyer does run the risk of never being spoke too about the offer. Comparable sales are FACTUAL. This is your new home... do you really want to start out UGLY ?
Your trust should be in your agent. If you have to ask this question.. you have the wrong agent. A good agent will present the facts.. tell you that they will present as requested.. but set a reasonable expectation. At the end of the say.. ASK NOT, GET NOT. One never knows what happened the day you submit the offer. Did they find the new DREAM HOME? Did they just loose thier job? Are they desperate?
A buyers agent works for the buyer.. if there is a risk of REJECTION by insult your agent should point it out. If they are good.. they have the TEMPUATURE of the seller.. from a conversation of the listing agent.
Your trust should be in your agent. If you have to ask this question.. you have the wrong agent. A good agent will present the facts.. tell you that they will present as requested.. but set a reasonable expectation. At the end of the say.. ASK NOT, GET NOT. One never knows what happened the day you submit the offer. Did they find the new DREAM HOME? Did they just loose thier job? Are they desperate?
A buyers agent works for the buyer.. if there is a risk of REJECTION by insult your agent should point it out. If they are good.. they have the TEMPUATURE of the seller.. from a conversation of the listing agent.
- Lady Chattel
- Contributions:3110
Feelings, why the heck should a buyer care about the sellers feelings....it is a business transaction involving the most $$ a person will EVER SPEND! This isn't a marriage, your not asking to raise their kids........ugh....insult them or give them a dose of reality....make a low offer and let them counter.....if you offer list then you listened to an agent who is not serving you well.
- LakeFrontProperties
- Contributions:21
I have to agree with Jackie and Darrell here, A good buyer's agent will guide you to the market trend for the area, I like to work with percentages to guide the range of offers. But it is wise to remember that there are two sides to a transaction and it is best to consider the other person's feelings while making your best educated offer. When buyers think all sellers are desperate, they hurt feelings. Buying and selling a house is a large step, it should be done with consideration for all parties to the transaction. It just feels better that way. Good Luck on your offer.
- Lady Chattel
- Contributions:3110
Make them a low offer, but one that is comparable or just under recent comps in the area. If they say no....then take a chance that no one will come along, remember there are fewer eligible buyers out there, so don't fall for the "offers coming in" tactic. I have seen so many homes under contract come back on market and continue to chase the market down. Don't get emotionally attached to the house or situation.....if you do then someone will be able to bed you over and not use Vaseline for the screw.
- Darrell Self, "Darrell Self"
- Contributions:349
Absolutely as the as the other agent here pointed out you need to have your agent provide comparable sales in the area. The numbers your agent will give you tells the story of the market. Each seller is different and if you ask you agent to give a low ball offer the seller is under no obligation to respond. If they do they will many times come back at full price or a thousand dollars less than full price and that is not a good negotiating tatic. Hopefully that was helpful to you!
- Jackie Beardsley, "Listingforless"
- Contributions:163
Your agent will educate you by showing you what the homes in that area have sold for. You will compare those to what this home has to offer. There are many factors that go into home value. The bottom line is what you are willing to pay for the home. Your offer should be justified. Both parties like to feel that they are getting some of what they want from the transaction. From a seller's perspective this is their 'home' where to a buyer it is a 'house'. Come in with a fair offer and maybe you can ask for a little help with closing. You will find seller's are happy to help a buyer in most situations. Don't go into it thinking the market 'stinks' and they will be desperate because that isn't going to be the case. This is a very stressful time for seller's. Hope this helps.
how do I know what to offer on a house I like? without insulting seller??
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