Thread: housing question?
06-25-2008, 01:02 PM #1
- Join Date
- Aug 2007
- Rotterdam,NY & Moneta, VA
i went to buy a house a few months ago. they wanted 90k for the house i told them okay you pay closing costs about 5g and i had to pay the lawyer and about 85 for the house. the agreed and then later that day they called me back and said they had a higher offer on the house and i was sorta dumb founded and like im not going up any higher the house isnt worth it.
they call me back today and told me the house was back on the market ( like i knew it would be) and they were willing to accept my offer now and i said i think about it but probably not becuase they weren't willing to go any lower on price.
the house needs a lot of work and im not getting a bargain by any means. i think if i wait till the end of summer ill if it still for sale i could get a awesome deal on it. they people currently own this house and another one and no one is living in it so its just siting there.
would you wait it out or jump on it?
06-25-2008, 01:51 PM #2
i would offer them 75k. if u like the house why wait just baragin them lower. The reason they are coming back to you is you are currently the highest bidder or noone else is interested. The ball is in your court now
06-25-2008, 01:55 PM #3
I am bullheaded so, I wouldn't offer the same deal again. I would make them come down. I would also have a sales contract drawn up and make them sign it when my offer was made. That way, you have legal action if they back out again.
Only you can decide if it is worth going after now or,
worth taking the chance on someone else getting it if you wait for a lower price.
Just my 2 cents.
06-25-2008, 01:56 PM #4
is this an investment or a home? investment (and its a single), wait.
If this is a home you plan on living in the rest of your life, your purchase price is comparable (preferably on the lower side) to houses of similar nature in your market and you can afford it, buy it.
Some will say the market is right around the corner for a rebound... i think its another 2 years out. It will bottom out as soon as there are no more ARMS in the system.
So don't consider it if there is a chance you will be selling within two years...bank your cash and wait...
multi's and investment properties are a whole notha story...
06-25-2008, 02:06 PM #5
- Join Date
- Aug 2007
- Rotterdam,NY & Moneta, VA
it not an investment its a home i would live in for a while i just dont know how long as im young and single and its a fairly small house one of the reasons i wanted it. i have seen similar houses on the market in my area stay stagnent for a while and have gone down in price. i have also seen a huge jump in hud homes for sale and foreclosure homes on the market but usually much higher end homes.
i honestly dont know what to do i feel the market is going to drop alot more.
they arent willing to negotiate on the price with me by the way its either i take the original deal they offered or nothing at the moment. im thinking about telling them to get back to me when they come down in price right now im pretty content on renting and waiting till i find something better as i see a lot of the higher end houses lose as much at 15k in value
06-25-2008, 02:08 PM #6
I have been in the real estate business for 14 years, I am a sales agent as well as a certified residential appraiser. Im not sure what the market is in your area as it differs greatly from area to area. As mentioned above I would get a contract in writing as soon as both parties agree on a price and instantly have your attorney review it as you normally have 5 business days for attorney/inspection review. It sounds like your not working with an agent but I would get one if I were you, get someone who is knowledgeable of the area you are looking in...... have them pull comps of recent closed sales as well as any pendings, use this as ammo to negotiate your price with the seller, people tend to think their home is always worth more than it is, with factual info it makes it easier to get them into realistic thinking. Keep in mind that the seller pays commission so getting an agent as a buyer puts you in a win/win situation.
In the chicagoland area the cheap inventory of well priced homes is getting scooped up as fast as it hits the market, we have pretty much bottomed out here and there is a slow move towards things picking up as well as some areas seeing a small increase in value while there is always the exception with a couple of areas still slightly declining.
Good luck with your search/purchase
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