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danielle
LIF Infant
Member since 7/05 137 total posts
Name:
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If a seller has lowered their price 90,000 in the last month...
would you say that they would be more negotiable or less negotiable?
They have lowered the price of the house about 10.5%
Any opinions on this?
Has anyone seen a situation like this before? DH and I are going to look at the house on Saturday.
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Posted 8/1/06 2:56 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If a seller has lowered their price 90,000 in the last month...
I just want to clarify..is the 90K 10.5% of the asking price?
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| Posted 8/1/06 3:05 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
WOW! that must be SOME house!! almost a mill 
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| Posted 8/1/06 3:06 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: If a seller has lowered their price 90,000 in the last month...
Im sure they are neg- these days you have to be! that said I wouldnt go too much lower if you really like the place.
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| Posted 8/1/06 3:13 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: If a seller has lowered their price 90,000 in the last month...
a house in lido beach droped from $900K to $650K
I am trying to get Jake over there-
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| Posted 8/1/06 3:14 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
It really depends on the situation.
If they priced it high and are now coming to terms with reality - they might not want to negotiate it down any more than they already have.
On the other hand - if they lowered it because they need to get out of the house and they are desperate - they would probably still be willing to negotiate down.
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| Posted 8/1/06 3:15 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: If a seller has lowered their price 90,000 in the last month...
there are so many factors, would need more info.
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| Posted 8/1/06 3:16 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by lululu
It really depends on the situation.
If they priced it high and are now coming to terms with reality - they might not want to negotiate it down any more than they already have.
On the other hand - if they lowered it because they need to get out of the house and they are desperate - they would probably still be willing to negotiate down.
That's what I was thinking.
Once you get up in price - 1mil and up - dropping 10% isn't as significant as when a $400k house drops 10%.
What is their situation? Have they dropped before? Why are they selling? Do they have something lined up already? What do the comps in the area look like?
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| Posted 8/1/06 3:17 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by Colleen9304
Posted by lululu
It really depends on the situation.
If they priced it high and are now coming to terms with reality - they might not want to negotiate it down any more than they already have.
On the other hand - if they lowered it because they need to get out of the house and they are desperate - they would probably still be willing to negotiate down.
That's what I was thinking.
Once you get up in price - 1mil and up - dropping 10% isn't as significant as when a $400k house drops 10%.
I agree--this is a huge difference. Is it dropping 10% b/c its in the 1mil range? If not then I would be a little concerned and find out if they have had offers and people backed out for some reason (maybe after the engineer's report) there are many factors to consider.
Message edited 8/1/2006 3:27:41 PM.
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| Posted 8/1/06 3:27 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: If a seller has lowered their price 90,000 in the last month...
There is a house by me that lowered their price more than 10% in a matter of weeks. I know they have to sell because they already bought another house. I think they would be somewhat negotiable but still need to get a certain price.
That being said, it would depend upon their situation. If they need the money from the house, they will negotiate to a point because they have an idea in their head as to what they need to walk away with after paying commissions and expenses. If they are being very realistic with their price and/or do not need the money at any particular time, they might wait it out and try to get their price.
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| Posted 8/1/06 3:36 PM |
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danielle
LIF Infant
Member since 7/05 137 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
The house price has dropped 10.5% since the original asking price
I had this property bookmarked on mls that's how I know it has been dropping.
I guess I will try to ask the real estate agent some info on Saturday and see if he is willing to give any info as to how much more negotiable the sellers will be.
Message edited 8/1/2006 3:53:44 PM.
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| Posted 8/1/06 3:52 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by danielle
The house price has dropped 10.5% since the original asking price
I had this property bookmarked on mls that's how I know it has been dropping.
I guess I will try to ask the real estate agent some info on Saturday and see if he is willing to give any info as to how much more negotiable the sellers will be.
are you working with your own agent, or is it the sellers agent (specifically the seller of that particular house)? because they are legally obligated to work strictly for the seller, so they might not tell you.
eta: duh I meant seller not buyer - they work for the seller.  its too hot!
Message edited 8/1/2006 4:02:10 PM.
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| Posted 8/1/06 3:53 PM |
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danielle
LIF Infant
Member since 7/05 137 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
I called the seller's agent. I am not looking with an agent as of yet.
I'll ask anyway.
He seemed pretty pushy about coming to see the house asap. He wanted to meet me right when I called him, but DH cannot make it until the weekend.
I really don't like looking for a house.
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| Posted 8/1/06 3:55 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by Meaghan729
Posted by danielle
The house price has dropped 10.5% since the original asking price
I had this property bookmarked on mls that's how I know it has been dropping.
I guess I will try to ask the real estate agent some info on Saturday and see if he is willing to give any info as to how much more negotiable the sellers will be.
are you working with your own agent, or is it the sellers agent (specifically the seller of that particular house)? because they are legally obligated to work strictly for the buyer, so they might not tell you.
YES I agree - be VERY careful with information you get from the real estate agent, unless you have contracted with them to be a buyers agent - they are technically working for the seller. and be even more careful with information that you give the real estate agent!!!!!
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| Posted 8/1/06 3:57 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by Meaghan729
Posted by danielle
The house price has dropped 10.5% since the original asking price
I had this property bookmarked on mls that's how I know it has been dropping.
I guess I will try to ask the real estate agent some info on Saturday and see if he is willing to give any info as to how much more negotiable the sellers will be.
are you working with your own agent, or is it the sellers agent (specifically the seller of that particular house)? because they are legally obligated to work strictly for the buyer, so they might not tell you.
I think you meant they are working strictly for the seller - which is somehow how i read it the first time when i first replied!
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| Posted 8/1/06 3:58 PM |
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danielle
LIF Infant
Member since 7/05 137 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
Wow, thank you ladies for all of your advice.
You have been very helpful!!
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| Posted 8/1/06 3:59 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by danielle
I called the seller's agent. I am not looking with an agent as of yet.
I'll ask anyway.
He seemed pretty pushy about coming to see the house asap. He wanted to meet me right when I called him, but DH cannot make it until the weekend.
I really don't like looking for a house.
It is a major PITA - and it is good you are not going to rush right over there. Those days are long over. The house will (most likely) still be there this weekend!
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| Posted 8/1/06 3:59 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: If a seller has lowered their price 90,000 in the last month...
Posted by lululu
Posted by Meaghan729
Posted by danielle
The house price has dropped 10.5% since the original asking price
I had this property bookmarked on mls that's how I know it has been dropping.
I guess I will try to ask the real estate agent some info on Saturday and see if he is willing to give any info as to how much more negotiable the sellers will be.
are you working with your own agent, or is it the sellers agent (specifically the seller of that particular house)? because they are legally obligated to work strictly for the buyer, so they might not tell you.
I think you meant they are working strictly for the seller - which is somehow how i read it the first time when i first replied!
duh, I mean to type in they are working for the seller. This heat has killed some brain cells!
eta: Definitely, don't sound too eager. The house will probably be there this weekend. and if its not there will be others! good luck!
Message edited 8/1/2006 4:01:37 PM.
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| Posted 8/1/06 4:00 PM |
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