BTDT Home Shoppers - What do you think ...

DH and I looked at a house a few months ago that we really liked. It was kind if out of our price range at the time so we walked away. DH and I talk about this house all the time - it has almost everything we want.

Anyway, the house dropped by $10k about 2 months ago. I just checked again and the house dropped another $10K. I know the lady has to get out (cannot afford the house anymore, single mom, etc, etc...)

Do you think DH & I can bid low on the house - I'm talking $40-50k less than the current asking price (which is already $20 k less than they originally have been asking ...)

We haven't bid on any houses yet and I'm not sure of the protocol for going about low-bidding ...

Re: BTDT Home Shoppers - What do you think ...

Why not? you have nothing to lose. She/her broker could always come back with a higher number. At least it's something work from.

Good luck! I hope the reason she keeps lowering the price is because she needs out and that there aren't any problems with the house!

Re: BTDT Home Shoppers - What do you think ...

Go low. We did, and were shocked that thier counter offer was only $8K more, then we countered again for 4K less than that and the sellers took it.

Bid after you have a home inspection done, our bid was based on the inspection. Our home is a fixer upper so, we got a better deal than we expected.

Re: BTDT Home Shoppers - What do you think ...

The house seems to be in really good shape - new roof, new boiler, new hot water heater, brand new in ground pool, brand new outdoor hot tub, new fence, new kitchen (cabinets & granite), new full bathroom on the first floor.

The second floor needs all new upgrading (bathroom next year, bedrooms painting, new doors, and such), the garage needs to be torn down and replaced.

I would bring in an inspector (a friend of mine) before I bid.

Her real estate agent told me "bid anything, she has to go" ... I would like to bid really low and work my way to a reasonable price.

Re: BTDT Home Shoppers - What do you think ...

I would bid 10% less than what ever the house is currently asking. So lets say the original asking price was 420,000. The new asking price is 400,000. I would offer 360,000.

Even if you saw the house at the old price, you did not bid on it then. So to the seller you are new. I would definately have the home inspected to take into account any hidden problems. If there are any, then I would lower the bid from 360,000 based on the estimated cost of fixing those problems. If the seller is willing to fix them, then I would raise the bid to 360,000. But personally I would rather pay less, and have the work done by people that I hired.

Good luck.

ETA: Painting and cosmetic things are not a reason a seller would decrease the price. It would have to be a structural or other type of major problem. Just b/c you do not care for the look of a fixture (tiles/sink, etc) does not mean a seller would reduce the price.

Message edited 12/12/2005 4:38:38 PM.

Re: BTDT Home Shoppers - What do you think ...

DH wants to bid 20% less.

I know painting isn't part of it. The top floor is old and the bathroom is original, she told us it needs to be updated. The bedrooms and doors and stuff are just cosmetic. It's all hardwood floors throughout the entire house.

It was definitely a well kept house and she did update a lot since she lived there.

Re: BTDT Home Shoppers - What do you think ...

Lisa of course! Its so hard to find a house you love. absolutely go bid on it...you may just be able to settle on a price....
theres no harm in trying
what neighborhood is the house in?

Re: BTDT Home Shoppers - What do you think ...

20% is a lot and the seller might get insulted or she might not. I think it depends upon how much she needs to go, the market, and how long it has been sitting. I would offer 20% less than asking only if the house was on the market for more than 6 months.

Re: BTDT Home Shoppers - What do you think ...

the house has been on the market since about May or June and according to her realtor "she has to go, she cannot afford it".

DH & I figure what do we have to lose right? At the same time though I think like you, I'd hate to insult anyone or make a realting faux pas.

Message edited 12/12/2005 5:00:42 PM.

Re: BTDT Home Shoppers - What do you think ...

well once the offer is on the table, the seller can do one of three things, accept it, reject it or counter offer. She may say she is insulted, but you know what - if you get the house for a lot less, I don;t think I would care so much.

The only risk you run is that the seller is so insulted she will not negotiate with you. Since the market has turned, it is an off peak season and the seller needs to sell I would offer 18-20% less than asking and see where it goes from there.

Re: BTDT Home Shoppers - What do you think ...

can you offer her a quick closing date? Are you all set up with your mortgage? It has been my experience that sellers will go much lower(when they need to sell) if you can offer them other things that help them get out quickly.
If you can offer these things I think you should bid low & go from there.
We bid 20% under asking & got the house at just 5k over our original bid.

Re: BTDT Home Shoppers - What do you think ...

Bid as low as you want. The realtor should say to you "there's no way" if it's that low. And maybe she hasn't had any offers so no matter what it is (within reason), she'll accept. If you don't get it, you're in the same position you are right now.

Where is the house?

(Oh, and what is BTDT?)

Re: BTDT Home Shoppers - What do you think ...

By law, the real estate agent has to present all offers to the seller. I would bid what you feel comfortable with and the worse case scenario is that she counters. If you both really love this house dont let it go because you didnt want to bid too low.

Re: BTDT Home Shoppers - What do you think ...

I would start with your low bid - the house is only worth what people will pay for it and it doesnt' seem that she's getting any other offers.

I do disagree, however, with the poster who said that people don't drop the price for cosmetic reasons - although we now live in DIY age, a lot of work, whether it's cosmetic or structural will put some buyers off, depending on what they're looking for.

Good luck!

ETA: Eileen, BTDT is Been There Done That

Message edited 12/13/2005 12:04:17 PM.

Re: BTDT Home Shoppers - What do you think ...

Posted by usuk2004

I would start with your low bid - the house is only worth what people will pay for it and it doesnt' seem that she's getting any other offers.

I do disagree, however, with the poster who said that people don't drop the price for cosmetic reasons - although we now live in DIY age, a lot of work, whether it's cosmetic or structural will put some buyers off, depending on what they're looking for.

Good luck!

ETA: Eileen, BTDT is Been There Done That

Re: BTDT Home Shoppers - What do you think ...

Posted by LSP2005

Posted by usuk2004

I would start with your low bid - the house is only worth what people will pay for it and it doesnt' seem that she's getting any other offers.

I do disagree, however, with the poster who said that people don't drop the price for cosmetic reasons - although we now live in DIY age, a lot of work, whether it's cosmetic or structural will put some buyers off, depending on what they're looking for.

Good luck!

ETA: Eileen, BTDT is Been There Done That

See I think the cosmetic stuff is in relation to how much they price the house initially, but if you say to someone that after you had the home inspected you want to decrease the price only for a cosmetic issue, a seller would not do that. Of course you should factor cosmetic costs into your opening bid, but a seller would not drop the price after it was negotiated for a cosmetic problem alone. Does that make more sence.

Re: BTDT Home Shoppers - What do you think ...

thanks everyone for your advice!

Re: BTDT Home Shoppers - What do you think ...

Posted by usuk2004
ETA: Eileen, BTDT is Been There Done That

Re: BTDT Home Shoppers - What do you think ...

Posted by Leeners

Posted by usuk2004
ETA: Eileen, BTDT is Been There Done That

Thanks Farah - I NEVER would have come up with that on my own!!!

Lisa - what did you guys decide to do?

Re: BTDT Home Shoppers - What do you think ...

Posted by Leeners

Posted by usuk2004
ETA: Eileen, BTDT is Been There Done That

Thanks Farah - I NEVER would have come up with that on my own!!!

Lisa - what did you guys decide to do?

Re: BTDT Home Shoppers - What do you think ...

Posted by Bebalina

Posted by Leeners

Posted by usuk2004
ETA: Eileen, BTDT is Been There Done That

Thanks Farah - I NEVER would have come up with that on my own!!!

Lisa - what did you guys decide to do?

did u end up bidding on it?

Re: BTDT Home Shoppers - What do you think ...

Inquiring minds want to know too. How did it go???

Re: BTDT Home Shoppers - What do you think ...

What did you guys decide to do?

Re: BTDT Home Shoppers - What do you think ...

I'll let you know