House offer - Question *Update*

On a house that is $409k, What would be your first offer? We were thinking $387,500=.
Scott

Re: House offer - Question

honestly... it all depends on the house... we put in 3 offical offers on 3 different houses before we found our house... our first bids were anywhere from $10k lower than asking price to just $4k....

it all depends on what the house is really worth... what you are really willing to pay for it... and how much you really want the house...

eta: if the house you are bidding is priced well, in a decent area and it is a good house with decent taxes i think your first offer is a bit too low... but the worst thing they will do is say no or give you counter offer...

Re: House offer - Question

Our house was 430K and we bid 410..we got the house but that was becasue the listing was in house but hoestly I think if its a great house your bid is too low based on watching other people bid. If it needs some work you should be fine.

Re: House offer - Question

The house is being sold by owner, so how would you handle that?

Re: House offer - Question

that opens up a whole new can of worms... if it is fsbo they can go a lot less than market value because they dont have to pay a realtors fee... by every situation is unique... put your offer in a see what happens!! worst case scenario is they say no... but most likely they will come back with a counter offer... good luck!!

Re: House offer - Question

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Posted by cjb88

that opens up a whole new can of worms... if it is fsbo they can go a lot less than market value because they dont have to pay a realtors fee... by every situation is unique... put your offer in a see what happens!! worst case scenario is they say no... but most likely they will come back with a counter offer... good luck!!

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Yeah to a certain extent jot paying the realtor fee can help..sbut ome owners are just being greedy because of the crazy market so who knows

Re: House offer - Question

They actually already went down in price. They originally wanted $429k when they were with the realtor, but now theat they are selling their selves they are asking $20k less.

Scott

Re: House offer - Question

It sound low..if you really want the house, it's in good shape and it matches up to the comps in the area, I wouldn't go that low, you may lose it to someone who is willing to pay close to ask.

Re: House offer - Question

$389k is the lowest we would go...So hopefully we can think of something. I doubt they will sell for $389k but I can hope and pray they will
Scott

Re: House offer - Question

Good luck, it's hard to buy a house...we looked for 2 years until we found something. Give it a try, but I wouldn't cut your nose off if you really want the house..it's a crap shoot.

Re: House offer - Question

Update

So we decidedto put a bid in after having Danielles dad look at the place. He said there is minor cosmetic work to do and the house is move in condition just like we thought.
First offer was $385k turned down
Second offer was $392,500 turned down.

He said he will take $400k the lowest, because he put a lot of money into the house....and I know he did. So I know it is only $6500 or so of a difference and right now I guess we have to decide if we can do it.

What would you do???

Scott

Re: House offer - Question *Update*

I would go for it.
We were looking for a while and every house we saw in the 300's needed work. So we decided to go up to 400k..ended up at 410k but the house is in move in condition. To us we really wanted someplace that wouldnt require extra $$ becasue we knew buying the house would be a trail in itself so better to have move in condition than worry about where we would get money to repair to get to that standard

Re: House offer - Question *Update*

Yes I know. Every house we saw need work that was under $390k. It was insane. We looked at a house in bellmore sunday for $389 and it was tiny, redone but not very well at all.
Scott

Re: House offer - Question *Update*

IMO it all depends on what you can afford. Look at what your mortgage will be, add in the taxes and see if you think you can financially handle it. If the answer is yes, for $6500 I wouldnt lose the house!

Good Luck!

Re: House offer - Question *Update*

I say go for it. We negotiated with seller and upped our offer by 5K - it amounted to less than $25/month difference on our mortgage.

We made the same changes in our game plan and upped our price range to get a house in move in condition that would require no updates. We anticipate closing in August.

Re: House offer - Question *Update*

In the end run a couple of thousand doesn't really make a huge difference.. Go for it!!!

Re: House offer - Question *Update*

We are deciding now what we are going to do. We found out what the mortgage is going to be on the house, and I found out the real taxes on the property. We figured how much we are going to be spending each month....and now we just gotta see what we are going to do. Everyone I talk to says to go for it. The house is totally renovated, and in move in condition. We would only need to paint the colors that we would want the inside of the house to be....Other than that, we just gotta unpack lol. For the price we will not find anything like this again....

I know it will be stressful, money will be tight, but it is sooo worth it.

Scott

Re: House offer - Question *Update*

Definitely go for it. Best of luck Scott!