Home Buying in 08054>Question Details

Elsa, Both Buyer and Seller in 08054

Hi,I am looking at a new to be built in Mount laurel,NJ.What % of the asking price should I offer for my offer?

Asked by Elsa, 08054 Fri Apr 6, 2012

The land was there without any activity but the seller has told me that they have sold all the remaining homes.Also is there a way to find out the prices that the other homes went for as they are to be built homes?

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Answers

9
Hello, Elsa.

Are you just buying the land from the seller? And then having a home built by a builder? Or are you purchasing the home and the land as a package deal from a builder? Depending upon the circumstances, you may be able to check the Public Records to see if the adjoining lots have been sold and at what price. Or as one of my fellow agents stated above, you may have success checking with Mt. Laurel's Tax Assessor.

Also, as previously stated, there are many factors that come into play in purchasing a home, even more so, a NEW home. Due Dilligence is paramount in selecting a builder and making certain they have a good tract record in dealing with the Township's Building Code Enforcement officers. In general, you may also wish to check with the Better Business Bureau and the county's court house to see if there have been complaints and/or lawsuits filed against them.

Feel free to contact me directly if you'd like to discuss your upcoming purchase in more detail. Oh, and as an aside, I have lived in Mt. Laurel for over 20 years and have dealt with the township on various building code issues.

Whatever direction you take, I wish you all the best.

Bernie Day, Realtor®, e-Pro, GRI, RSPS, SFR, SRES
Keller Williams - Medford
143 Medford - Mt. Holly Rd.
Medford, NJ 08055
BernieDay@KW.com
CELL#: (609) 410-0406
OFFICE #: (609) 654-5656 x345
FAX #: (856) 219-2104
http://www.BurlingtonCountyNJhomes.com
1 vote Thank Flag Link Fri Apr 6, 2012
I loved my real estate agent. She was professional, patient and I don't think ever slept! She worked very hard! Her name is Sejal Patel and her website is sejalpatelrealtor.com
She has over 15 years of negotiating experience! She will take care of this answer and any other questions you have Hope this helps!
0 votes Thank Flag Link Wed Apr 30, 2014
Elsa, The best you can do is to find a realtor who specializes in this type of transaction. They would be able to show you the recently sold properties so that you can propose a fair offer and get the best deal possible. Also, your realtor may be able to get you some upgrades added in or get you in touch with a good home inspector or mortgage contact.
0 votes Thank Flag Link Sun Apr 29, 2012
Hi Elsa,

My name is Jodi Schwarzl and I am a Realtor with Prudential Fox & Roach Realtors.

Most people don't know that they can and should have their own Realtor when they are looking to buy new construction for the exact reasons your inquiring about and much more. Determining market price is just the beginning. You still have due diligence to be done to ensure that you can build what you want on what you are purchasing.

In most cases commissions are paid by the seller, so it's worth it to you to find a Realtor you can trust to help you through this process.

Please call me and I'll be glad to help you buy your new home.

Jodi 856-857-2817
0 votes Thank Flag Link Fri Apr 6, 2012
I would offer what it's worth... wether that is higher, lower, or exactly what the asking price is. Read this... http://hometeamnj.com/good-dealor-not-a-good-deal-take-the-quiz/

Good luck,
If that's helpful, click the Thumbs Up!

Joe
---------------------------------
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
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0 votes Thank Flag Link Fri Apr 6, 2012
A great many factors go into what an offer should be. There's no set percentage that is standard for an initial offer. Certainly comparable properties based on number of bedrooms, square footage, specific location and the like are going to be used as a basis for determining an initial offer. Considerations for new versus pre-owned will also factor in.
0 votes Thank Flag Link Fri Apr 6, 2012
If any of the other homes settled check with the assessors office. They may tell you what they sold for and what the taxes are.

As Elisa said - there is no % off number that can be determined without a lot more information - including the location and style of the homes and name of the development. Sometimes upgrades will be agreed to by the lender - in addition to (or instead of) a price reduction.

Are you sure you want to do this on your own without an agent? You may be stuck though being on your own if you have already been in contact with the seller. If so, you need an attorney -which is not an ideal alternative because generally they won't have the market background or have seen comparable homes but better than nothing.
0 votes Thank Flag Link Fri Apr 6, 2012
I agree with Elisa but I would add some additional points. The builder starts with a base price then adds the extras. Try to get as many extras in your offer price as you can. Many builders will discount the base house but keep their "upgrades" at full price. If the house is built, it is usually easier to get price concessions from the builder as well as when a project is near completion. You may want representation on any offers. Good Luck.
0 votes Thank Flag Link Fri Apr 6, 2012
There is no set rule for % of asking prices and unfortunately sold prices are not available until the homes settle. You can, however, look at surrounding homes in the area to see what they sold for. If this is the very last home to be built, builders are often more flexible as they want to complete the project.
0 votes Thank Flag Link Fri Apr 6, 2012
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