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Unread 07-31-2013, 09:23 AM   #1
cactus_jack
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What should I offer?

Getting ready to put an offer down on a house. Here's the scoop

Ranch style built in 2006.
Brick in front and vinyl siding on the rest.
1260 sq ft
2-car (jeep) garage
Awesome neighborhood

Appraised for $155000 in 2011

Asking price is $129,900. Seller is desperate to get out of it.

We actually rented this home about 3 years ago and loved it. Great house in great shape. Very efficient.

What do you guys think I should offer?

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Unread 07-31-2013, 09:25 AM   #2
FourbyFour
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I don't know the market out there, but I'd offer 100k because they'll come back immediately with a counter offer.
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Unread 07-31-2013, 09:30 AM   #3
Davetopay
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125k

Contingent on inspection

3% of sale price back on closing cost

.....but I am in an aggressive mindset when it comes to mime shopping. I have been beat out of 6 six homes in the last year locally.
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Unread 07-31-2013, 10:06 AM   #4
cactus_jack
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Quote:
Originally Posted by Davetopay View Post
125k

Contingent on inspection

3% of sale price back on closing cost

.....but I am in an aggressive mindset when it comes to mime shopping. I have been beat out of 6 six homes in the last year locally.
Well, its not a competitive market at all so I might low ball at first

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Unread 07-31-2013, 10:14 AM   #5
Budke
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$1
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Unread 07-31-2013, 02:53 PM   #6
Nafpu
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$1
$1.01!
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Unread 07-31-2013, 07:23 PM   #7
nwiTJdave
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Quote:
Originally Posted by cactus_jack View Post

Well, its not a competitive market at all so I might low ball at first

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Just becareful with a low ball offer as the seller may ignore you and not entertain ant more offers from you. If similar homes in the neighborhood are selling for 130k than 120-125 is a reasonable offer.
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Unread 08-01-2013, 05:09 AM   #8
jeepdaddy2000
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Take the price you want to pay and make it your middle ground.
If they are asking 130, and you want to go 120, then offer 110.
Don't forget all the closing costs involved, they can add up to about 5K in the end.
Don't forget the most important part, can you afford it?
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Unread 08-01-2013, 05:57 AM   #9
Nafpu
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Like Jeepdaddy2000 mentioned, can you afford it? Are you a first-time home buyer? While you might be able to afford the mortgage payments themselves, most banks roll the property taxes into the monthly payments. Not to mention the interest and mandatory insurance. It's all the little things that nobody mentions that add up quickly. And don't even get me started on HOAs!
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Unread 08-01-2013, 06:38 AM   #10
prjohnson
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Your agent should be able to give you a better idea of the right offer because they'll know the area market a lot better than anyone on here. In my area, if you could find a home under 200k, it would be on the market for less than two weeks & the house you described would likely be around 225k here. If I was happy with the price, I'd submit an offer of maybe 10k less than asking, plus them pay closing. With our current house, we offered 40k less, plus closing & they took it . Just shows you never know...
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Unread 08-01-2013, 08:14 AM   #11
sbcranger
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I'm envious of the prices you guys see on houses. My wife and I are looking now too. While my numbers won't work for you because they are double I agree that you should be concerned about throwing out an offer that's too low. We just got beat out on a house like that.

If you would like I can send you an excel spreadsheet I set up with budget and a mortgage calculator so you can crunch realistic numbers. PM me if you're interested
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Unread 08-01-2013, 08:34 AM   #12
cactus_jack
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I was worried about a low-ball offer as well so I made an offer of 125,000 seller pays closing costs. He came back saying he owed 127,000 and would take that if I paid closing costs. I accepted his counter offer. Like I said, it's well worth the price in this area and this is a VA loan so it helps with the monthly payment (no mortgage insurance needed, better interest rate, etc.)
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Unread 08-01-2013, 08:48 AM   #13
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Originally Posted by sbcranger View Post
I'm envious of the prices you guys see on houses.
No kidding, I can't even imagine paying $125k for a house. Just looking around, my place is going to run $300k for a 1,200 square foot townhouse.

Congrats on the house! Pay it off and buy a nicer one, keep the first as a rental.
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Unread 08-01-2013, 09:28 AM   #14
FourbyFour
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Quote:
Originally Posted by sbcranger View Post
I'm envious of the prices you guys see on houses. My wife and I are looking now too. While my numbers won't work for you because they are double I agree that you should be concerned about throwing out an offer that's too low. We just got beat out on a house like that.

If you would like I can send you an excel spreadsheet I set up with budget and a mortgage calculator so you can crunch realistic numbers. PM me if you're interested
I'm in your boat, also in NY.

PM me that spread sheet!
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[QUOTE=DcMuff;10356365]P[SIZE="4"][COLOR="Red"]REPOST[/COLOR][/SIZE]erous...[/QUOTE]

[QUOTE=Dead_End;13002119]hurr durr I gots a truk[/QUOTE]
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Unread 08-01-2013, 10:44 AM   #15
sbcranger
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Congrats cactus_jack on the house!


Fourbyfour - will do that tonight
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