It doesn't matter whether you offered 5% less than the listing price, 5% more, or some other number. You can't start with the listing price in determining what the value is. You may have drastically overpaid, or you may have gotten a very good deal.
When your Realtor ran the comps, what did those numbers show?
You establish the value of the property through comps--either a CMA done by a Realtor or an appraisal done by an appraiser. The listing price has nothing to do with value.
Hope that helps.
One disadvantage for being out of state; I could not see the house before I made the offer but I was able see it from google. I was able to see what kind of neighborhood the house located and most of all I rely on my local agent.
I had few offers for few foreclosure properties in Lehigh without any success. Bank sell properties is normally go fast especially the good one; less fixing; desirable neighborhood. So I also believe that bank sell properties are priority for primary home owner; they can get much cheaper than list price. Ex: one of the bank sell in March 2010; the listing price is only 34K for 3/2/1 newer home; I offered 38K cash; bank did not sell me but they sold to a primary home owner for 34K. Anyway because making money is not easy for; therefore, I may worry too much. I knocked down 2K from 42K (list price) I hope this will end the debate and clear everything out. Thank you all.
Look around at what's available and compare to what you are making the offer on.
Buyer's remorse - maybe I overpaid.
I always tell people - you can always go up in your offer.
It all depends on how much you like the home and reason you are buying it - live in or investment.
And it depends how long the home has been on the market and host of other factors - like how much work does it need etc.
Jim Ryan, Home Savings of America, 703 591 5626 ext 419.
My agent is called me that I pay the right price for the house 3/2/2. The street is pave and it is concrete, block and stucco home. it has central water and sewer. Though I need put in about 5K extra more for the A/C cosmetic works in and around the house but the best thing is it is in a nice neighborhood, small community. . So I am not worried any more and I will go head to buy this house.
This is an excellent site and will recommend to all.
by the way hard work will be paid at last.
thanks all. God bless
You have probably anticipated this for a little while, knowing your budget and the types of homes you have seen for the same price. If your buyers agent is working in your best interest then they should have comparisons to show you that have sold in the same vacinity as this home. The important things to look out for are that the home is not sitting on cinder blocks and has a good foundation and is a concret block home. Also, that the home is on a paved road. The concerns I would have with the age is not just the roof but is with the septic tank and well system. Keep in mind that a home inspection will be able to uncover most issues but wont be able to see into the septic system, that should be a separate inspection for you to do within your 7-10 day inspection window.
Good luck to you Toni. Next time you buy you may want to find a realtor you trust and that will keep your best interest at heart by checking out all of these concerns you have a head of time. It is a shame that you are down to the wire and have had to go outside of that circle of trust a buyer and their agent develops prior to the purchase.
However, with that being said your post will help other buyers with the buying process. Happy to help you.
Sarah Garrett, Realtor
Alliance Realty Group
"Chosen Best in Client Satisfaction 2006-2010" by Gulfshore Life Magazine
SW Florida MLS access
In al seriousness.....that best thing to do is have your buyers agent run you a CMA on the property to give you the closest value #. After looking at that you should have an idea of the market price.
Good luck with your purchase