I agree with Robert. You absolutely must get your own agent. To not do so is a big mistake.
On the note of what to offer, I can't remember exact numbers, but there are percentages that buyers offer and then there are percentages that sellers accept. It's something like offer 93% but settle on 95%. Of course, I don't necessarily like this idea. When I bought my current house, I had a real estate agent who was also an appraiser. That made a HUGE difference. He did things like compare this house with houses that were similar is house size, similar in lot size, similar overall, similar neighborhoods, and then houses in the same neighboor hood before we decided what to offer on the house. According to amount of time that this house has been on the market, you should be slow if you can. If the house has been on the market for 1 month, then jump on it. If it's been there a year, make an offer, wait for a response, wait a couple more days before making another counter offer... that's a terrific technique. Most buyers are scared there's another buyer, sellers are scared they'll counter with too much. Be in control because time is on your side. Having done this twice, I now realize that you can make a very informed decision. Realize that an asking price is usually going to be near the selling price because the real estate agent wants to sell the house in a good time but also make a nice commission. With a house like this, you should also be very concerned about things like structural integrity and lead paint. You will be informed if there is any lead paint, and you will have to have an inspector check it all out. My recommendation is to have EVERY inspection that you could be affected by, and let that affect your offer. For instance, if this house is not on city water but a well, then have a water quality test done. If the general inspector shows any concern at all about the way the house sits, then have a structural engineer come out to check on it. These things all cost more money ($250-$500/pop) but you will have a piece of mind that you're buying a safe house. I would go to http://www.bobbruss.com/ and read everything the man has to say. He really knows his stuff. - Matt ----- Original Message ----- From: "Robert Munn" <[EMAIL PROTECTED]> To: "CF-Community" <[email protected]> Sent: Tuesday, December 13, 2005 12:23 AM Subject: Re: How much to offer for a house? > Cute house! I love those Victorians. > > As the husband of a realtor, my totally non-professional opinion is to > forget about the listing agent and find an agent to work with you as a > buyer's agent. That means they represent you, not the seller. Realtors > fees come out of the sale of the home- the seller's pocket, not yours. If > you have your own agent, the listing agent and your agent split the > commission on the home sale. If you don't have your own agent, the listing > agent gets the whole commission, and really never represents your best > interests the same way a buyer's agent can. > > Finding an agent can be hit or miss. Passing the licensing exam usually > isn't difficult, so you get a lot of not so professional folks who try it > out before they figure out that it's actually a pretty tough way to make a > good living. If you know people who own homes in the local market, ask > them what they thought of their agents. Find someone who does it full > time as a career and has experience representing buyers. > > As far as what to offer, that's something to go over with your agent. They > know the market and will be in a position to help you understand what > offers will be taken seriously and what will not. > > > >>We were planning on moving in the summer (after my son is out of school) >>but >>my wife has found her "perfect house". Now we're not sure how to proceed. >> >>The house is a gorgeous old Victorian. Quite a notch larger than we >>really >>need, but with plenty of room for family. It had a new roof in 90 and a >>new >>furnace in 97. From the (few and small) pictures it looks to have been >>very >>well maintained and kept up. It's only 11 miles from my new office and is >>a >>50'x165' lot (so it's got to have a sizable yard). >> >>Here's the listing: >>http://www.scrantonpamls.com/scr/maildoc/CAAa003v0.html >> >>It's at the upper zone of our "comfort" limit (where the monthly costs of >>the house won't be much more than the monthly costs we have with rent >>right >>now). I would have like something lower (much lower actually) but we can >>definitely afford it without worry and my wife is in complete LOVE with >>it. >> >>When we called real estate agents on the listing they treated us as if >>this >>were a suggestion - something to inform looks at other houses. That would >>be fine but they didn't seem to take our interest in THIS house very >>seriously. >> >>(One woman sent us this listing as well: >>http://www.scrantonpamls.com/scr/maildoc/a006_w.html which makes me think >>she wasn't taking us seriously... these two places just aren't in the same >>class.) >> >>So any ideas on how to proceed. I don't want to lose the place just >>because >>the agents aren't paying us enough attention. I'm tempted to make a bid >>outright (preferably, of course, pending inspection and a visit or two) >>just >>to make sure that we get a chance to on it if there are other bidders. At >>the same time I'd love to push the sale off for another four months... >> >>Anyway... what do you think a decent opening offer is? I've never done >>this >>before - I don't want to be insulting but at the same time I don't want to >>spend more than I need to. >> >>Since the house is listed at $175,000 I'd be thinking anyplace from 150 to >>160 as an opening bid. What do you think? >> >>Also how long does the process usually take (in our case the longer the >>better) and how much should we expect to pay out in closing costs? >> >>Thanks in advance - and wish us luck! >> >>Jim Davis > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Discover CFTicket - The leading ColdFusion Help Desk and Trouble Ticket application http://www.houseoffusion.com/banners/view.cfm?bannerid=48 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:187508 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
