Buying A Home
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Newbie: Intro and questions

Hello everyone! My husband and I were recently married on 2/25/2012. We have entered into the process of purchasing a home. We have been looking for quite some time now and recently fell in love with a home somewhat over our budget. 

We were hesitant with going forth to look at the home. But, we advice from our realtor that the owners were looking for a quick closing, we looked at it during the week. We are preparing to make an offer. I was wondering if anyone had success with offering almost $20,000 less than the asking price? We are a bit nervous that we will offend the seller, it is actually quite a sad story behind the house.

Any similar experiences out there? What was the outcome?  

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Re: Newbie: Intro and questions

  • The owners reduced the sales price of the home were buying $20,000 a few weeks before we made an offer. They jut needed to get out of there. I'd make the offer, and see what they say. 
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  • I think it depends. Do the comps tell you that the house is over priced? If so, would your offer be in line with comps? Or is the house listed appropriately and your offer of $20k less is a serious lowball? Also, how quickly are nice, appropriately priced homes staying on the market in your area? I think all of those factors will be in play when the seller responds, along with whatever sad story you alluded to.
  • The house is not over priced, it is a low ball. It has been on the market for over a year at different prices. The pulled it off the market a few time as well. Most nice, appropriately priced homes are staying on the market approx. a month in this area. Thanks for the advice!
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  • Thanks! We submitted the offer, so we'll see. 
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  • I lowballed on my house.  The house was listed for 125k which was a great deal on the house.  I started at 107k with 6k in closing costs.  I ended up getting it for 115k and 6900 in closing.  So the sellers netted about 108k from the sale (17k off asking).  The one thing I had going for me was that this was an estate sale so they wanted to get rid of it.

     

    Good luck on your offer!

     

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