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As a buyer, what is reasonable to ask from a seller in this environment?

My wife and I are in the market to purchase and would like to know what is reasonable to ask from a seller. Pay closing costs, take a certain % off the price of the house, both?
Mon Oct 1 2007, 08:50 - Arvada - Home Buying - 8 answers
 
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Moe
Home Buyer
in Denver
Moe, Home Buyer in Denver in Denver
Answers (8)
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Brett Dunne was FIRST TO ANSWER
Wow - this question is from a few months ago, I'm wondering if you got your new house yet? If so, you probably have a great idea what is reasonable. I thought the comments about Arvada were quite off though. I'd be glad to show you actual statistics on any area if you're still in the market.

When my clients are ready to write an offer, I do a market analysis for them, because a house might look like a great deal, but then you find that particular neighborhood isn't so hot. And you can often get more from lender-owned properties than some people think.

Let me know if you're still looking, K?

Mon Jul 7 2008, 10:49
 
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As many have said each transaction is different. Each seller is different. Some sellers have the ability to help with closing costs or prepaids, some do not if they are in a preforeclosure situation. My advice to buyers has been to decide what is a deal for your situation. Also a qualified mortgage specialist can help you find other avenues for help with downpayment assistance programs.
Good luck!
Kris Hansen

Wed May 21 2008, 07:40
 
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It would be nice if there were one simple, stock answer to this question. The reality is every transaction is different. Most homeowners have the expectation a buyer will try to negotiate. Many homeowners are offering to pay closing costs if it helps them sell their property.

Keep in mind, whatever you ask be it downpayment assistance, closing costs and/or a reduced fee, the end result is the bottom line to the seller. Typically the seller has a bottom line they will go too and it doesn't matter to them how they get there.

Also realize some homes ARE already priced at rock bottom others are not. Each home needs to be evaluated on an individual basis.

Good luck! Hope you are already settled in a home and loving it!

Wed May 21 2008, 07:27
Web Reference: http://www.kristalsellsdenver.com/denverdwellings/
 
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If you are looking in Arvada then you should definitely take no less then 5% off of their asking price. Depending on how they priced it, you may even get 10% off. Arvada is in a free fall at the moment and so much inventory to choose from. Go low, you'd be suprised how many will still come back. Its hard to offend in this market. Now if you are buying in downtown Denver or Boulder then you won't be so lucky...

Thu May 15 2008, 19:17
 
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There is no simple answer to your question. All of the answers you've been given are good and I'm going to add a few other thoughts for consideration.

Ultimately, it will depend upon the seller's motivation in regards to selling.

Are you working with a buyer broker? I strongly recommend you get someone who can figure out exactly what the market conditions are relevant to the property you are considering plus figure out what the sellers motivations are. A listing broker cannot nor will not disclose this to you, nor will the seller.

Lastly, anything and everything can be negotiated if it makes sense for all parties and presented correctly.

Best of luck,
Susan

Mon Oct 1 2007, 11:02
Web Reference: http://www.cospringsrealty.com
 
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You need a local buyers agent to represent you and advise you. In some markets, asking alot isn't a problem, but I don't know your particular market. Also, do you want the house "only if you can steal it", or are you asking about a point to start negotiating - but you definately want the house? It makes a big difference. If you offend the seller on your initial offer, he might not allow you to buy the house at any price (it happens). That won't matter if you're just looking for a steal, but if you rally like the house then the initial offer is very important.

Mon Oct 1 2007, 09:32
 
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It all depends on the property, and what else is on the market in the area.

Ask for whatever you want...the most the seller can say is "no". If you are cash strapped for the down payment, ask for seller to pay maybe some closing costs, such as attorney fees, but to ask for them to pay points, etc. from a sellers perspective is plain irritating...serious buyers who are qualified for a property don;t play such games.

Know your financial limits for downpayments, etc. and the specific property's environment/what's selling, etc.

Mon Oct 1 2007, 09:16
Web Reference: http://www.iansellsnola.com
 
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FIRST ANSWER
Moe:

Great Question!

I am not sure of the area you are wanting to buy in but, here in S.Cal. just about anything goes right now.

If you are a golden buyer, one with great credit scores, money to put down and don't have a property to sell before you purchase; then you can ask for a lot.

To me the most important issue for my buyers is price. Do all you can do to getting the price as low as possible. The next important is have the seller “buy-down” the interest rate of your loan. Check with your lender, but most will allow this and it will save you $$$ over the next few years of paying a mortgage!

Mon Oct 1 2007, 09:13
Web Reference: http://www.DayBreakGroup.com
 
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