Can I negotiate on the sale price of a home?
carriezmail@sbcglobal.net asked:
I am a first time home buyer and I am interested in a home that is a bit out of my price range, can I offer a lesser amount to the seller? I know when it comes to autos you never pay the sticker price, so is it the same with a home? How much less should I offer? Is it a certain percent?
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I am a first time home buyer and I am interested in a home that is a bit out of my price range, can I offer a lesser amount to the seller? I know when it comes to autos you never pay the sticker price, so is it the same with a home? How much less should I offer? Is it a certain percent?
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April 11th, 2010 at 8:12 am
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yes, you can. But you have to find the real amount for the home. Like carfax.com only for houses.
April 11th, 2010 at 3:05 pm
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Yes, you can offer whatever your want.
April 14th, 2010 at 10:05 pm
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Yes, negotiating on a home price is very common. At times like these, with a declining market, you can often offer a much lower than advertised price. Your offer should be based on your opinion of how the house is priced compared to other similar houses, and how you feel the market will change in the future.
April 16th, 2010 at 9:15 am
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This really depends on the area and the price of the house as a whole. I would consult a realtor in your area because they would know the current trends in the real estate market that you are looking at.
Also take into account if you are paying closing costs or if the seller will take care of it. Make sure you have enough to put a down payment on your loan. I would suggest that you first contact the bank or lending institution that will give you the best rate or that you want to work with, and get pre-approved for the loan. Have your loan officer explain the process, especially escrow (tax/insurance account) if you are a first-time buyer. You may also want to ask them about mortgage insurance (MIP or PMI).
April 18th, 2010 at 5:07 am
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Absolutely! It depends on what the price is. Find out from your broker if there have been any other offers on the home. If not, the seller may be motivated to accept your lower offer. The housing market right now is a buyer’s market. Interest rates are low & prices are low! I think you should go for it. The worst thing that can happen is that they turn you down. In my last house, I offered $30,000 less than the asking price. They said no initially & they came back a week later & accepted. You just never know unless you try, but right now is a great time to buy.
I highly recommend Coldwell Banker if you do not have a broker already. I have had some great experiences with them.
And in your new home, you can start your own home based business that you can build to be very successful. Good luck!
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