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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Need Help: Making an offer on a home!
DH and I have been house-hunting and we've found a home that we want to make an offer on. We've been looking in NC (since that's where he is being relocated to).
The house is listed at $149,900. That's the top top of our budget and we really dont want to spend anywhere near that much. What would a good STARTING offer be??? We've never done this before and have no idea how low to go. What would YOU make your offer at?
P.S.-- another thing is....does anyone know if theres a difference between making an offer on a Bank-Owned home versus a home being sold by the owner?? There are 2 homes we're looking at -- one is bank owned, the other is not. They're both around the same price but we're not sure which house we have a better chance of negotiating price with Anyone know if bank owned is harder or easier to negotiate on?
Message edited 12/20/2007 12:43:26 AM.
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Posted 12/20/07 12:41 AM  |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Need Help: Making an offer on a home!
Offer anything within 20% of the house price as a starting point.
As for your question re: bank owned/fsbo....IDK.
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| Posted 12/20/07 9:30 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Need Help: Making an offer on a home!
Everything is negotiable! whether it be FSBO (where you can negotiate what the realtor costs would be and factor it into the offer) or bankowned, where they are making money any way you look at it and want to get rid of that house.
I would look at comps in that area (are you working with a realtor yourself? if not, I suggest you do) and go from there.
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| Posted 12/20/07 9:32 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Need Help: Making an offer on a home!
Posted by bicosi
Everything is negotiable! whether it be FSBO (where you can negotiate what the realtor costs would be and factor it into the offer) or bankowned, where they are making money any way you look at it and want to get rid of that house.
I would look at comps in that area (are you working with a realtor yourself? if not, I suggest you do) and go from there.
Thanks so much for the advice. We are working with a REA but since this is our first time purchasing a house, I wasnt sure if when I asked what a good starting offer was, if she'd push us towards the higher side just to try to get the offer accepted. Although we love love the house....I want to make sure we're getting the best price possible.
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| Posted 12/20/07 12:11 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Need Help: Making an offer on a home!
Posted by HomeIsWithU
Posted by bicosi
Everything is negotiable! whether it be FSBO (where you can negotiate what the realtor costs would be and factor it into the offer) or bankowned, where they are making money any way you look at it and want to get rid of that house.
I would look at comps in that area (are you working with a realtor yourself? if not, I suggest you do) and go from there.
Thanks so much for the advice. We are working with a REA but since this is our first time purchasing a house, I wasnt sure if when I asked what a good starting offer was, if she'd push us towards the higher side just to try to get the offer accepted. Although we love love the house....I want to make sure we're getting the best price possible.
I'm not sure about bank owned in NC, but in TX, they come with warranties! I would ask your realtor about that and also do your own house search of comparable homes in the section so that you can get a ballpark idea of how much you can offer. Talk to your REA, pick at her brain. Good luck! 
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| Posted 12/20/07 12:14 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Need Help: Making an offer on a home!
when i was looking a REA told me that he's seeing houses go for 5%-10% lower than asking, if that helps.
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| Posted 12/20/07 1:00 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Need Help: Making an offer on a home!
As you REA for a listing of comparable SALES in the same area. (Not houses on the market, but comparable homes in that area that have sold recently.) This will give you an idea of what homes are going for and hopefully then an idea of what you might get the house for.
I'd start a little more than 10% below asking in most circumstances -- but if the comps are much lower, I'd go lower.
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| Posted 12/20/07 1:19 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Need Help: Making an offer on a home!
I agree with the above posters, see what other homes in the area are selling for. Be careful who you are getting your information from though as comps can be chosen to represent high end or low end!
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| Posted 12/20/07 1:55 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: Need Help: Making an offer on a home!
Posted by JandJ1224
I agree with the above posters, see what other homes in the area are selling for. Be careful who you are getting your information from though as comps can be chosen to represent high end or low end!
who can you get comps from other than your REA? How do you know if you are getting ALL the comps or not? tia!
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| Posted 12/20/07 9:10 PM |
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