I've look back at your questions you've submitted. There is a good possibility for you to buy a home at a lower price. You seem hesitant to actively move forward to buying your 1st home. Yeah...it's scary! If you are serious about buying in the near future, there are certain steps you should take even before seriously looking at homes, if you haven't done already:
1. MEET WITH A MORTGAGE CONSULTANT & obtain a Pre-Approval letter (showing how much you can be approved for on a loan). Even if you are unsure if you can get a loan or are a bit leary to find out what your credit score might be...ALL YOU CAN DO IS TRY AND FIND OUT, it looks like you are ready to try now. There's lots of 1st time home-buyer programs out there available, you may easily qualify for one. I can give you names of fantastic people to work with. Initial consultations are free and at my company and you can even do it online with a quick response. All you can do is give it a shot, you may be suprised! Then you will know which direction to go from there and what price range you can look at. It's not as scary as you may think.
2. ENLIST A REALTOR YOU TRUST and are comfortable with and feel that they are working in your best interest. I feel I could help you out tremendously, you remind me of my step-daughter and more than happy to teach you the ropes of home buying. Don't worry, the buyer doesn't pay the realtor commission (unless you are dealing with a bank owned property or short sale, I will explain as the need arises). In a regular home purchase the only extra fee beyond your own home closing costs (taxes,etc) you pay is a Broker Administration fee to the company of the agent you enlisted to help you find a home. This is under $400 and taken out at closing. Believe me, you will save thousands in the end by signing on with a realtor. The realtor, with honesty & integrity, backed by the licensure law of duties, represents only YOUR best interest when signed on. Whether you choose a family/friend referral or me,
please-please sign on a realtor to assist you on your first home. There is so much that goes into a purchase and would hate to see you get gouged because of lack of knowledge and experience.
3. IT'S TIME TO GO SHOPPING...SERIOUSLY! You know your mortgage limit, you know your own comfortable monthly payment (remember to allow for assoc. fees and utilities). Now it's time to find the home you love that falls within your budget. Let your realtor research homes and sort out the best value within your criterea ahead of time, even ones that aren't on the market yet. Preview homes ahead of time and together. Let your realtor be the eagle eye to point out things to watch out for thing that need attention and negotiate the best price for your new chosen home!
Jennifer, I don't know your current situation but would love to assist you. Contact me if you'd like some help.
Coldwell Banker Burnet - Burnsville
I agree completely with needing a realtor to represent you in this situation. Have you spoken to the listing agent about the association situation? The MLS shows it as $160/month. If there is no association I would be wary regarding your return on investment. A similiar neighboring townhome recently sold for around $130,XXX with similar circumstances surrounding the sale ( Bank owned, needs cosmetics, 2/2). I have run the recently sold comparable properties within a 1/2 mile and would gladly email them to you. If you would like further assistance, feel free to contact me!
I look back over the 10 questions that you have asked and can't help but wonder why you haven't found an agent yet to help you through this process. They would be able to answer these questions immediately for you just by picking up the phone. Maybe you just haven't found the right person yet. Keep looking, they're out there.
I did want to dispell a couple of myths that surround hiring a buyer's agent for you just in case you carried a misconception about what they do and what they cost.
1. Some people think that doing the work without an agent will give them the ability to negotiate out of the seller the fee for the buyer's agent. This concept is false. The listing agent's commission is protected by a written contract and as such there is nothing forcing the agent to give up any amount of commission because the buyer came in unattached. As evidenced by your questions here, the buyer will still need help without having their own agent so the listing agent will need to fill that role. Would you feel comfortable asking this question of the listing agent?
If you were the listing agent and you felt like kicking in some commission to make the deal come together, would you give that break to the sellers, with whom you have an existing relationship, or the buyer who you just met?
2. A buyer's agent will cost me money. Mostly False. The buyers agent will be paid by the seller. There is a fee that will be charged by your agent that won't be paid by the seller and it is called a broker admin fee. Please keep in mind that regardless of whether of not you choose your own agent or work with the seller's agent, that fee will be charged to you, so it is a wash in either case.
That aside, why not have an agent show you the property on 14975 Ember and talk to them about whether or not they feel the low offer is justified. Let us know how we can be of further assistance.
If you are working with a real estate agent in your area, your agent should be able to tell you if your offer is low. You need to know how many days the property in the market and what kind of offers already have on the table. Hire someone knowlegeable in the area to help you out.
The MLS is currently down due to a power outage so nobody will be able to look up that information for awhile. However, your real estate agent should be able to help you with all this information - especially researching comparable homes.
By the sound of it you still aren't working with an agent, why not? Putting all your trust into a real estate forum where you'll get answers from agents around the country won't be the best bet. You know somebody local who knows the market. Get yourself an agent asap - it doesn't cost you a penny and can only be beneficial.