How much should I offer on a home I like? UPDATE
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How much should I offer on a home I like? UPDATE
Posted by wegotdatwood on 1/18 at 4:54 pm
List price is 160k.

The good

3 bedroom, 2 bathroom (double sinks in both and a whirlpool tub in the master as well)
2000sq ft, good sized back yard, real fireplace, wood floor in living room (31x18)

Nice tile in the kitchen and the kitchen is huge.

The bad

AC/Heat unit is the original and the home was built in the early 90's. Will need to be replaced soon.

Hot water heater, essentially is done and will need replaced even before the ac/heat unit.

Counter tops and all appliances are extremely dated.

Other small repair to trim and some paint/carpet in 2 bedrooms.


We are doing a VA loan and will finance 100%.

If this makes a difference, it's a relocation so some company owns the house, no emotional attachment to the place.


We were thinking of offering 150k with closing costs paid due to the roughly 10k of repairs we should have in the near future. Add another 10 for to replace the counter tops and replace the appliances.

On the market for 130 plus days.


This post was edited on 1/26 at 10:20 am

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Posted by TyOconner on 1/18 at 4:59 pm to wegotdatwood
How bad do you want it? You probably could offer less, but if you really want it then you dont want to risk insulting the seller. It is def a buyers market though so if you could take it or leave then I think shoot low.


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Posted by Projectpat on 1/18 at 4:59 pm to wegotdatwood
quote:

We were thinking of offering 150k with closing costs paid due to the roughly 10k of repairs we should have in the near future. Add another 10 for to replace the counter tops and replace the appliances.

On the market for 130 plus days.


If it's been on the market for that long, I'd come in further below list price than that.



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Posted by Lou on 1/18 at 5:04 pm to TyOconner
quote:

you dont want to risk insulting the seller
why not? it's business, nothing personal.

if the house is 160K and needs 20K in repairs/updates, I would offer far less than 150K. In fact, if I liked it, I would offer 130K explaining that I am anticpating another 20K out of my pocket. All they can say is no.

I'd also like to know the appraised value of the house, that would definitely factor into what to offer.



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Posted by wegotdatwood on 1/18 at 5:05 pm to TyOconner
We want it badly. It's mentally our home.

I don't think it's insulting due to the repairs needed.

The location is nice, too.



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Posted by TyOconner on 1/18 at 5:06 pm to Lou
quote:

why not? it's business, nothing personal.


I agree but that doesnt mean the seller will feel that way. Thats why I said I would certainly offer less than 150 but you could potentially blow the negotiation by going too low.



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Posted by TyOconner on 1/18 at 5:08 pm to wegotdatwood
Have you considered talking to the realtor? He cant legally tell you what to bid but if he wants to make a sale and seems like an honest guy then he can put you in the ballpark to ensure everyone gets out happy.


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Posted by foshizzle on 1/18 at 5:12 pm to wegotdatwood
quote:

3 bedroom, 2 bathroom (double sinks in both and a whirlpool tub in the master as well)
2000sq ft, good sized back yard, real fireplace, wood floor in living room (31x18)

Nice tile in the kitchen and the kitchen is huge.


I would slowly torture and kill multiple puppies to get it for that price. But then I live in DC. A property like that here would probably change hands for slightly under a million depending on the back yard and location.



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Posted by LSUTigers00884 on 1/18 at 5:36 pm to wegotdatwood
Get it appraised.


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Posted by VABuckeye on 1/18 at 5:39 pm to Lou
quote:

why not? it's business, nothing personal.


Because the sellers may take an offer that they consider extremely low and decide not to negotiate further. A low offer should be reasonable enough to instigate further negotiations to be considered as a serious offer. Believe it or not there are people that just go around with ridiculously low offers from house to house in a buyers market hoping someone is desperate enough to sell.



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Posted by TyOconner on 1/18 at 5:42 pm to VABuckeye
I have made those offers with intentions to flip the house. Never got any bites cause the offers have to be freaky low to hedge against the risk.


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Posted by ItNeverRains on 1/18 at 5:48 pm to TyOconner
quote:

It is def a buyers market




My buyers lost two homes this week that went on MLS Tuesday and yesterday because they couldn't view it until weekend. Where I live, it's a sellers market. Return Of The Specs!



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Posted by LSURussian on 1/18 at 6:13 pm to wegotdatwood
Offer $142,500.


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Posted by BigBoyTiger on 1/18 at 6:18 pm to LSURussian
I would say go to $140,000. Just my personal opinion. It's a corporation that owns it essentially. They aren't in the business of owning real estate. They want to rid themselves of the property. You will get a great deal.


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Posted by VABuckeye on 1/18 at 6:21 pm to TyOconner
quote:

I have made those offers with intentions to flip the house. Never got any bites cause the offers have to be freaky low to hedge against the risk.


Yep, and there's nothing wrong with that. You understand the process. I'd bid differently if I were buying a house to live in vs looking for one to flip.



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Posted by wegotdatwood on 1/18 at 6:26 pm to LSURussian
147k is our offer I think


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Posted by LSURussian on 1/18 at 6:57 pm to wegotdatwood
Too much. Offer less and come up if your first offer is rejected.


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Posted by wegotdatwood on 1/18 at 7:49 pm to LSURussian
That includes closing costs paid. Included, that puts home cost at 142k.

Will update when I hear back. Offer will be done tomorrow.


This post was edited on 1/18 at 7:50 pm

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Posted by LSURussian on 1/18 at 8:06 pm to wegotdatwood
Since when does the seller get paid for closing costs?


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Posted by VABuckeye on 1/18 at 8:44 pm to wegotdatwood
Have you had a home inspection done.

Because...

quote:

The VA requires homes to be “move-in ready” with minimal repairs needed, especially those that lead to health or safety concerns. The most common issues involve lack of sufficient heating, inadequate electrical systems, damaged windows, a roof in disrepair or pest and termite problems.



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