Import factors on making an offer include recent sales in the area for the same type of property and how badly you want the property.
Edgar Diaz Molineros
United Northern Mortgage Bankers
2105 Williamsbridge Road, 2nd Floor
Bronx, NY 10461
Are you currently working with a buyers agent? Its very important to work with a buyers agent in todays market, there are many different steps that needs to be taken when purchasing a home and a good buyers agent will be able to guide you and walk you throughout the entire process and potentially save you thousands of dollars throughout the transaction. Feel free to reach out to me when you have some time.
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
FAX: Â Â 347-202-4966
If you're looking to make some repairs and renovate the kitchen, I'd recommend a renovation loan and you'd only need a minimum of 5% down; obviously 25% works too. It's hard to determine a competitive offer without knowing more about the property and its local market. Please give me a call at your earliest convenience so we can discuss the property in greater depth along with weighing out all of your options.
Paul F. Marzolla
Sr. Mortgage Advisor
I suggest you work with a Buyers Agent to represent you and get you the information you need to make a respectful and appropriate offer.
We say everything is negotiable in Real Estate but every market is different and Homes are going into contracts fast or have multiple offers.
Don't miss your window of opportunity! Consult with a local expert in that area.
Best of Luck!
Sales Specialist and Tax Consultant
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
If you think my answer was helpful, Please give me a "THUMBS UP" or "BEST ANSWER"
Without this information, any response is wishful thinking.
If you do not know the REAL values (the real values can not be found on Zillow or Trulia) you may find great benefit in consulting with those who assist in the purchase and sale of dozens of NY homes every year.
If you are serious you will pick up the phone and call one of the agents who have responded.
Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Move to the Front of the Line (http://FirstLookHomes.com)
Send me your email, i will send you some comps, ideally you want to understand the market activity for that area before you begin negotiations. Also email me the address and I can accurately advise on the estimated value of the property versus the sale price
Good luck, if you need help, please let us know
Claudia Barnes (email@example.com)
Nadia Barnes (firstname.lastname@example.org)
Coldwell Banker Gumbo Realty
One thing I learned from the beginning of my career; NEVER tell the buyer what to bid (of course, show them comps) and NEVER tell the seller what to ask (of course, show them comps).
Please ask your Realtor to show you recent sales of similar properties within the same zip code, school district and preferably, immediate neighborhood.
These comps are what an appraiser is going to be looking at for you to be mortgaged. It is the only method that counts.
House price doesn't matter.
Amount down doesn't matter.
Type of loan doesn't matter.
What you need to know is: (1) What is the house worth in its present condition (based on comps)? (2) How much in repairs is needed, and (3) What will the house be worth after it's fixed up?
That tells you how much you CAN pay for it.
It's priced at $380,000. Other houses in similar condition have sold for $345,000. You pay no more than $345,000. You probably should offer less.
Or...same details as above. It needs $35,000 in work. Once finished, it'll be worth $390,000. Consider getting a 203(k) loan (which includes rehab costs). That'll cover you up to $390,000, which means that the house itself might get a pre-sale appraisal of $365,000.
But without knowing what it's worth now, what it'll be worth after repairs, and what the repairs will cost, you simply can't make an offer.
Your Realtor can provide more information.
It does help, that you are not asking for a seller's concession. This again, also depends on the market, if a seller's concession is prevalent. However, you are still seeking financing, thus, not much of a discount in that area ( cash 30 day close is king) .
How do you get the repaired fair market value? well , this is where a broker or agent should assist you.
Preferably someone who is familiar with values, inventory, trends, and have done a few CMA's or BPO's in the area over the last 6 months...
There really is NO rule of thumb, such as 10% less than asking, under asking, etc. Some markets, today, have values over asking.
without knowing specifics of the house, repairs, values, competition, days on market, etc. etc, , It is difficult to give a blind number .
I just sold a 2 family in 10466. I had a finance price of $390k and a cash price of 300K. The house needed updating and repairs.