Right now, the buying experience has a number of variables to consider. First, I want to recommend to buyers that you are not in competition or bidding against the seller of a home. You are placing your offer along with three or four other buyers. If the home is in good condition, the seller may receive up to six or seven offers. I have many experiences when me and my client (the buyer) walk into a home and the whole family gets the "warm fuzzies," and this is the home we have been looking for. It took us three months! It is in their monthly price range and it has everything they wanted. One of them leans over to me and asks, "What was the listing price again?" I reply, "It is perfectly priced at its market value of $200k." Right at this point, something happens. I am smiling here, because it is soooo predictable. Client asks me "So, how much do you think they will come down?" Hmm, a minute ago we were at the moment of truth, and now we seemed to have taken a few steps back. I usually say, I have no idea. If you really love this home, I do not suggest a lower offer. You are not going up against the seller, you are in a pool with other buyers. Then I ask, "How much less are you thinking?" The answer usually is $10k less. If you are approved for $230k and want to be frugal, I get it. But $10k less is aprox $45 per month difference. Is it worth you loosing the home over $45 per month? If so, then I suggest we try. If this is the house of your dreams, then I do not recommend such a risk and have you and your family back out here looking around again. Let me know your thoughts.
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor
Just wanted to stop by to welcome you to ActiveRain. Keep up the good work!
Apr 26, 2014 10:32 PM
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