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wegotdatwood 
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 5:48 pm to Ric Flair)
Said home was last purchased for 167
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lynxcat 
Rutgers Fan
Member since Jan 2008
13190 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 5:54 pm to wegotdatwood)
IDGFA what the asking price is -- do comps and see what houses are actually selling for.
Come down more than you expect them to accept and give yourself some wiggle room for negotiation. Not very hard.
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VABuckeye 
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8115 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 6:23 pm to wegotdatwood)
quote:
Said home was last purchased for 167
This means nothing.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 6:47 pm to VABuckeye)
I know, someone asked.
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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8115 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 7:05 pm to wegotdatwood)
Gotcha. You say the home is now owned by the relocation company. The Realtor should be able to give you a time frame on when to hear back but when you're dealing with a relo company or bank it can take longer than normal. Sometimes a lot longer.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 9:14 pm to VABuckeye)
That's another weird aspect we found out today. The owners are the ones who take the offer but when it's time to sell, the relocation company takes over.
Owners are contacting them (relocation) tomorrow so maybe they liked the offer?
This post was edited on 1/20 at 9:23 pm
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bamanmemphis 
Alabama Fan
Member since Sep 2009
431 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 9:39 pm to Ric Flair)
quote:
Look at zillow. A lot of good info there
Please Ignore this. Zillow is 
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Ric Flair 
LSU Fan
Charlotte
Member since Oct 2005
6349 posts
 Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 11:07 pm to bamanmemphis)
I'm not talking about the zestimates. I'm talking about looking at recently sold homes on zillow, and comparing the price per square feet for comps. I don't see what's so funny about that.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 11:41 pm to lynxcat)
Comps in the last 6 months.
1. 145k
2. 153k
3. 166k
4. 200k
5. 207k
This post was edited on 1/21 at 12:08 am
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/20/13 at 11:48 pm to wegotdatwood)
I'm hoping they are tired of dealing with the house.
They've had 1 offer contingent on the buyer selling their house. That could be a while.
Another offered but after the inspection, pulled their offer. Most don't want to put that much $ to fix a house up.
I may not offer as much as they want, but I have the $ and have it now.
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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
6349 posts
Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 7:03 am to wegotdatwood)
For comps, you should be looking at price per square feet, not total price.
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polizei11
LSU Fan
Lafayette
Member since May 2009
602 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 7:15 am to wegotdatwood)
quote:
Owners are contacting them (relocation) tomorrow so maybe they liked the offer?
In your offer letter, there is a stipulation saying when the seller must let you know if the accept or decline/counter your offer. Usually around 48 hours.
I would have offered around $140k like others have said. If the owners were actually selling the house, I think your offer was about right. Since you are dealing with a relocation company, $140k is a better starting point since they usually won't take it personally a low offer and will counter.
Price of comps means nothing. $/Square Feet are what really matter.
This post was edited on 1/21 at 7:16 am
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 11:10 am to polizei11)
145k- $68 sq ft.
158k- $71 sq ft
166k- $79 sq ft
200k- $87 sq ft
207k- $82 sq ft
Our offer (should hear back before 5 pm today)
$73 sq ft, with closing costs. Fair offer imo.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 12:58 pm to wegotdatwood)
Another offer came in, looks like we're on the losing end.
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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
8115 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 1:51 pm to wegotdatwood)
There's always another one. Just try to enjoy the home buying experience and don't stress over it. Best of luck to you. 
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 2:22 pm to VABuckeye)
We'll see, don't feel very good right now. Should know in an hr or so.
Can realtors make up stories?
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polizei11
LSU Fan
Lafayette
Member since May 2009
602 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 4:17 pm to wegotdatwood)
So a higher offer came in... the seller should either 1.) call your Realtor and say you have to beat X or 2.) call your Realtor saying the owners accepted the other offer (odds are that it was right around the price they wanted). I wouldn't give up on the house but you have to manage expectations. We know nothing about the other offer - have they had an inspection? Do they know about the problems the house? Etc. The buyers may back out or try to renegotiate after having an inspection.
Losing out on a house happens. There are always more homes out there. Be patient and you'll get one you like just as much if not more.
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 4:56 pm to polizei11)
quote:
So a higher offer came in... the seller should either 1.)
That's what is weird when dealing with a relo. Our realtor asked the relo if the seller would take the best offers from both they said "not at this time."
quote:
1.) call your Realtor and say you have to beat X or 2.)
Hasn't happened, not real happy with the communication today.
quote:
2.) call your Realtor saying the owners accepted the other offer (odds are that it was right around the price they wanted).
This hasn't happened 100%. She thought they would go with the other offer.
quote:
have they had an inspection?
Most likely not, 2 have been done already.
quote:
Do they know about the problems the house?
I'd assume so. It needs some immediate work.
quote:
The buyers may back out or try to renegotiate after having an inspection.
I'm praying this happens. My wife was in tears a few minutes ago. I'm not in tears, but I'm 
quote:
Be patient and you'll get one you like just as much if not more.
Thanks, we've wanted this for a long time. Didn't want to over pay for a home but it's what we really wanted.
This post was edited on 1/21 at 4:57 pm
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wegotdatwood
Arkansas Fan
Member since Aug 2009
13687 posts
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 8:21 pm to wegotdatwood)
We came back and offered 157 and the seller pay costs. We'll see.
Something fishy going on with our realtor it seems.
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Ric Flair
LSU Fan
Charlotte
Member since Oct 2005
6349 posts
Online
| re: How much should I offer on a home I like? UPDATE (Posted on 1/21/13 at 9:28 pm to wegotdatwood)
I think you screwed up by having the selling agent as your buying agent. There is no way he/she is acting 100% on your behalf.
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