How much should I offer on a home I like? UPDATE
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re: How much should I offer on a home I like? UPDATE
Posted by wegotdatwood on 1/18 at 8:55 pm to VABuckeye
Yes, two inspections have been done.


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Posted by wegotdatwood on 1/18 at 8:56 pm to LSURussian
Not paying them. 147 would be the offer and they cover all closing costs.


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Posted by VABuckeye on 1/18 at 9:11 pm to wegotdatwood
$147 plus closing costs seems reasonable given the condition. What are the comps like? VA will let you borrow up to an additional $6K for energy efficient repairs so you may be able to take care of some bigger ticket things without cash out of your pocket.

Good luck to you.



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Posted by wegotdatwood on 1/18 at 9:19 pm to VABuckeye
Did not know that on the 6k thing. So I could do 153 and put in a new ac/heat unit?


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Posted by VABuckeye on 1/19 at 9:27 am to wegotdatwood
quote:

Did not know that on the 6k thing. So I could do 153 and put in a new ac/heat unit?


I believe you can. Takes care of one major expense for you. You could probably also go tankless on the hot water heater as an energy efficient improvement.



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Posted by lynxcat on 1/19 at 10:36 am to VABuckeye
You should not go up to 153. You are already starting too high. 140k + closing costs would have been my starting point.


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Posted by wegotdatwood on 1/19 at 11:01 am to VABuckeye
We made the offer this morning.

147k plus costing costs paid by the seller.

One hold up with the EEM is that it may take longer to get that loan because you have to gets bids etc and have the work done before closing. Since it's a relocation, the realtor thought we couldn't push closing back that far to sometime in March.



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Posted by VABuckeye on 1/19 at 11:44 am to lynxcat
quote:

You should not go up to 153.


$153k would be his loan amount, not the purchase price. And honestly, how can you make a definitive statement like that without knowing what value the comps in the area support?



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Posted by wegotdatwood on 1/19 at 11:53 am to VABuckeye
Do you know about the limitations on a relocation home as far as how many day I would have to close? Wouldn't be a deal breaker, but would be nice to get a new unit from day 1.


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Posted by wegotdatwood on 1/19 at 8:24 pm to wegotdatwood
Are most offers good for 2 days?


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Posted by matthew25 on 1/19 at 11:15 pm to wegotdatwood
48 hours is reasonable.


Never fall in love with a house. Dave Ramsey says there is a house on every corner. If you don't like this one, there will be another.

Again, what are the comps, 130 days on market is a long time!

Agree with 140K first offer.



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Posted by tiger91 on 1/19 at 11:27 pm to matthew25
To the poster who asked since when sellers pay for closing cost ... since EVERY home selling show on HGTV has buyers asking sellers to pay for closing costs.

We've bought 2 houses .. in 1993 and 1997. The thought to ask fro closing costs never occurred to us AND never brought up by agent.



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Posted by bryso on 1/19 at 11:30 pm to tiger91
Asking for closing costs is a discreet way of saying we ain't got the cash to pay for that... So basically people want to get into a house with as little skin as possible... And we wonder why our housing market is shit


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Posted by wegotdatwood on 1/19 at 11:40 pm to matthew25
quote:

Again, what are the comps


Not sure.

quote:

130 days on market is a long time!



Because it needs expensive immediate repairs.

quote:

Agree with 140K first offer.


Felt 20k off was too much. It needs about 10k in repairs.



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Posted by VABuckeye on 1/20 at 6:39 am to wegotdatwood
I'm guessing you don't have a realtor in this transaction? Because looking at comps to determine the offer is the first thing you should do when you decide to make an offer.


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Posted by wegotdatwood on 1/20 at 7:37 am to VABuckeye
We do have one. Thing is, she's representing both us and the sellers.

There is another house down the street on sale for 166. 160 would be justified if it had any life left in the ac/heating unit and the hot water heater.

It needs trim work, paint, new carpet in two rooms as well.




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Posted by ItNeverRains on 1/20 at 7:54 am to wegotdatwood
quote:

We do have one. Thing is, she's representing both us and the sellers. There is another house down the street on sale for 166. 160 would be justified if it had any life left in the ac/heating unit and the hot water heater. It needs trim work, paint, new carpet in two rooms as well


A realtors job is to do what's in the best interest of their client. How can any realtor possible get the seller the most money possible and save you the most money possible to secure house. This is a big mistake on your part. And the realtor IMO.

I never do a dual agency unless the buyer is willing to pay full market price. I also do a 4% split vs 6%, the extra 1% for my paperwork, setup of termite inspection, home inspection, securing loan if necessary, closing attorney.

At the very least I would notify agent you are not comfortable moving forward without seeing the closed comps in area from the last 6 months, as well as active comps in the neighborhood, and go walk through every active comp you can.



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Posted by Ace Midnight on 1/20 at 1:13 pm to Lou
quote:

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


Yeah, in this market, I would subtract the estimated out of pocket repairs/updates from the appraisal value, and offer about 85% of that number. Make them counter and you'll see if it's worth the time. If they take off less than $5k of their original when they counter, move on (or leave your original offer stand while you look elsewhere). If they move $5k to $6k, then you can proportionally get it moving to where you're more comfortable with a couple more offers/counters.



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Posted by Ric Flair on 1/20 at 1:31 pm to wegotdatwood
Look at zillow. A lot of good info there (previous sale price of the house, recent sale prices in the neighborhood). Your likely to meet in the middle in negotiations, so if youre willing to pay 150k, offer 140k to start.


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Posted by BigAppleTiger on 1/20 at 4:57 pm to ItNeverRains
quote:

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.



Same thing happened to my buyers this past week in Uptown. Good properties in New Orleans are listing and selling very fast the last few weeks. Opposite problem on the Northshore.



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