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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Do you think it is at all feasible
To look at home in the 429-439 range, but be able to get them for 395-415?
I am just wondering if I should even bother looking at houses that high. I'd LOOVE to get a home below 400, but I doubt that will happen. Is anyone finding that people will bargain away 30-40,000 off their asking price?
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Posted 11/29/06 10:02 AM  |
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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: Do you think it is at all feasible
in this market and this time of year- yes I do
I have said it a million times but my dad took about $80K off his asking price- he needed to sell- he was already living in florida- he didn't care to make a killing on a house he paid $50K for- he made enough
so if you find someone who NEEDS to sell - yes I think you can do it
I am looking at houses that are $600K in hopes of getting at least $50K knocked off
Try criags list- people are more desparte there!
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| Posted 11/29/06 10:07 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Do you think it is at all feasible
absolutely. you have FM.
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| Posted 11/29/06 10:08 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Do you think it is at all feasible
The first home that accepted our offer accepted at 40K below asking. It fell through though when the engineer's report came back. We backed out, but I knew the seller was willing to drop more.
I wanted (and am buying) a house that is under 400K so it is possible, I assure you. And I don't feel like I'm settling either.
I was weary looking at houses that were 420K too since I wanted under 4K and then I saw the sellers drop their prices to my range so yes, I think you should look at the 420Kish homes.
For example:
One house I looked at listed for 419K. It dropped to 399.
Another listed at 412. It dropped to 369. 
Another listed at 415. It dropped to 399.
One listed at 409. It dropped to 399.
Message edited 11/29/2006 10:10:08 AM.
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| Posted 11/29/06 10:08 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Do you think it is at all feasible
Without a doubt. In fact - i think that if you can afford 395-415, the 425-440 range is what you should be looking in.
Good luck.
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| Posted 11/29/06 10:11 AM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Do you think it is at all feasible
Absolutely - especially if you find a very motivated seller!!
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| Posted 11/29/06 10:12 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Do you think it is at all feasible
There are multiple homes on MLSLI now in "desirable" areas that have already dropped 100k in the last several months.
I also have a patient that was able to negotiate the selling price down another 20k while IN CONTRACT because the house wouldn't appraise for the agreed amount.
This will be common around here soon...values were WAY overinflated & lenders are already getting cautious about being left holding the bag
ETS-we bid almost 70k under asking in 04 & got it. There were some special circumstances though
Message edited 11/29/2006 10:24:20 AM.
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| Posted 11/29/06 10:23 AM |
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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: Do you think it is at all feasible
Posted by KellyFG
This will be common around here soon...values were WAY overinflated & lenders are already getting cautious about being left holding the bag
my DH told me this this weekend!
this is becoming an issue- banks are slashing appraisals- to what they think the house is worth- they are getting much stricter
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| Posted 11/29/06 10:27 AM |
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LA723
LIF Infant
Member since 7/06 171 total posts
Name:
Leslie
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Re: Do you think it is at all feasible
We made an offer on a house that began at $789,000. She took our offer of $680,000. It is definitely possible.
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| Posted 11/29/06 10:31 AM |
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Stefanie
♥
Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Do you think it is at all feasible
Our house was 439,777 and we got it for 415,000. Yeah, I don't get the sevens either...but it's possible!
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| Posted 11/29/06 10:40 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Do you think it is at all feasible
what do you have to loose?
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| Posted 11/29/06 11:23 AM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Do you think it is at all feasible
Posted by Beth1210
Posted by KellyFG
This will be common around here soon...values were WAY overinflated & lenders are already getting cautious about being left holding the bag
my DH told me this this weekend!
this is becoming an issue- banks are slashing appraisals- to what they think the house is worth- they are getting much stricter
some people are telling me I should rent for a while. While this sounds like a good idea because the market MAY drop, it's a guessing game at the same time. I figure at least this time of year, people may be willing to negotiate now. Although, I have called on about 3 houses that were really nice, and a decent price, all on the market for a while, but ALL in contract now. Can be so frustrating.
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| Posted 11/29/06 11:35 AM |
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~Melissa~
Member since 5/06 1462 total posts
Name:
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Re: Do you think it is at all feasible
Absolutely. The house we just bought was originally listed at 409K and we got it for 50K less. It's definitely a buyer's market.
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| Posted 11/29/06 11:36 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Do you think it is at all feasible
Posted by lulugrrl
Posted by Beth1210
Posted by KellyFG
This will be common around here soon...values were WAY overinflated & lenders are already getting cautious about being left holding the bag
my DH told me this this weekend!
this is becoming an issue- banks are slashing appraisals- to what they think the house is worth- they are getting much stricter
some people are telling me I should rent for a while. While this sounds like a good idea because the market MAY drop, it's a guessing game at the same time. I figure at least this time of year, people may be willing to negotiate now. Although, I have called on about 3 houses that were really nice, and a decent price, all on the market for a while, but ALL in contract now. Can be so frustrating.
the market will continue to adjust downward IMO, but if you are able to make a good deal on a home you love now that you plan to live in long term, then that is smarter than paying rent.
It is a gamble to wait, people are buying more now than they were just a few months ago because prices have dropped, this could stabalize the market & you could end up paying more if you wait.
I watch RE on Long Island religously looking for investment properties, but I can afford to wait because I'm looking for a rockbottom deal.
If you're renting & very happy where you live, you could sit it out...I probably would.
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| Posted 11/29/06 11:40 AM |
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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: Do you think it is at all feasible
some people are telling me I should rent for a while. While this sounds like a good idea because the market MAY drop, it's a guessing game at the same time. I figure at least this time of year, people may be willing to negotiate now. Although, I have called on about 3 houses that were really nice, and a decent price, all on the market for a while, but ALL in contract now. Can be so frustrating.
well with the price range you are looking in vs current rent prices- it might not be worth it to rent
rent prices have gone up
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| Posted 11/29/06 11:41 AM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Do you think it is at all feasible
It also depends on if the house is priced to sell. It seems as though some agent/sellers are catching on that they should not overprice themselves. If you think th house is a fair price I would bid 90% of asking.
We got our house for $24k less than asking.
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| Posted 11/29/06 2:31 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: Do you think it is at all feasible
If you're renting & very happy where you live, you could sit it out...I probably would.
she's not renting- she sold her house already
I am renting- and I am riding it out for 9 more months- I have been waiting for 2 years already- my DH is a mortgage banker and saw this down turn coming- predicted it almost to the day
but I am looking for a deal- I will rent for 1 more year if I have to- I want some thing for what my husband thinks is below market value- worst house/ best block situation
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| Posted 11/29/06 2:38 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Do you think it is at all feasible
Yes it is. I was browsing craigslist yesterday and saw a house in NJ that had reduced $100K from $650 to $550. Buyers are being cautious and sellers are desperate. Good Luck!
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| Posted 11/29/06 3:44 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Do you think it is at all feasible
Posted by Beth1210
If you're renting & very happy where you live, you could sit it out...I probably would.
she's not renting- she sold her house already
I am renting- and I am riding it out for 9 more months- I have been waiting for 2 years already- my DH is a mortgage banker and saw this down turn coming- predicted it almost to the day
but I am looking for a deal- I will rent for 1 more year if I have to- I want some thing for what my husband thinks is below market value- worst house/ best block situation
VERY SMART! Beth, since you prob. know a lot about Mortgages since your hubby is a broker. Is there a way for me to get mortgage quotes from more than one place without having my credit pulled a zillion times, which looks bad?
I also COULD live at my MIL house for a year, and if we don't find anything, before we close on our house, thats what we will do, but ....UGH...LOL
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| Posted 11/29/06 3:51 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: Do you think it is at all feasible
[
VERY SMART! Beth, since you prob. know a lot about Mortgages since your hubby is a broker. Is there a way for me to get mortgage quotes from more than one place without having my credit pulled a zillion times, which looks bad?
I
Jake's smart- I wanted to buy a house for $999K that is listed for $750 now- he reminds me all the time...lol
I am pretty sure when you mortgage shop - all the times you credit is pulled during 30 days counts as 1 time-
I can double check with Jake for you
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| Posted 11/29/06 3:59 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Do you think it is at all feasible
Posted by Beth1210
I am looking at houses that are $600K in hopes of getting at least $50K knocked off
Us too! But we will first offer at least 10% of the asking price.
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| Posted 11/29/06 4:05 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: Do you think it is at all feasible
depends on how long it has been on the market and if they have already dropped their price - Im a re agent so I can see this info, If it says owner motivated I would put that home on my list because they are more negotiable - Im looking at homes around 40k higher than I want to spend. If I love the home Im gonna start at 30k below asking and go up from there.
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| Posted 11/29/06 4:16 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Do you think it is at all feasible
Posted by Beth1210
[
VERY SMART! Beth, since you prob. know a lot about Mortgages since your hubby is a broker. Is there a way for me to get mortgage quotes from more than one place without having my credit pulled a zillion times, which looks bad?
I
Jake's smart- I wanted to buy a house for $999K that is listed for $750 now- he reminds me all the time...lol
I am pretty sure when you mortgage shop - all the times you credit is pulled during 30 days counts as 1 time-
I can double check with Jake for you
That would be great thanks! I like my broker, have used him twice before, but I know I do better with him, when I have another competitive rate. Such a game.
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| Posted 11/29/06 4:20 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: Do you think it is at all feasible
Posted by MrsFlatbread
Posted by Beth1210
I am looking at houses that are $600K in hopes of getting at least $50K knocked off
Us too! But we will first offer at least 10% of the asking price.
This is what I was thinking, Start at 10% below, and go from there, until we have reached our limit, then leave the table....who knows maybe we will get lucky!
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| Posted 11/29/06 4:21 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Do you think it is at all feasible
Posted by Beth1210
Posted by KellyFG
This will be common around here soon...values were WAY overinflated & lenders are already getting cautious about being left holding the bag
my DH told me this this weekend!
this is becoming an issue- banks are slashing appraisals- to what they think the house is worth- they are getting much stricter
Wow, what banks is he working with? I have hardly ever seen the review appraiser come back and slash the appraised value and I deal with an extremely large amount of lenders, and not all subprime.
Anyway, I do think that it is worth it to reduce you asking price. $20 - 30 is the average that people are lowering their price by, so you may as well lowball them. Especially nowadays and who knows how long it will last. Because lets face it, RE is a cyclical. What comes up must go down and what goes down, will go up!
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| Posted 11/29/06 4:26 PM |
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