Home Buying in Deer Park>Question Details

Joshv503, Home Buyer in Ronkonkoma, NY

I'm trying to buy a house, the owner is asking $339,000! How much should I offer?

Asked by Joshv503, Ronkonkoma, NY Sun Oct 14, 2012

Help the community by answering this question:


Assuming you have a Buyer's Agency agreement, your agent should pull up some comparable properties which have sold recently. I would try not to go further back than 6 months, but if you are in a small town, for example, your agent might have to. Take a look at those properties and compare them to the house you are looking at and see how it stacks up. The bottom line is YOU are in control of your offer and not your agent. Too many times an agent will suggest a price to a client trying to help them but ultimately the agents responsibility is to provide you with as much information as possible so you can make a good informed decision. Then you can use a mortgage calculator to figure out what your monthly payment will be based on the mortgage amount, down payment, property taxes and PMI (if applicable) Remember: your agent is not going to be making the house payment. You are, so make an offer you will be comfortable with! Good Luck!
0 votes Thank Flag Link Sat Dec 8, 2012
Congratulations on your decision to buy a new home. It is a great time to do so. You should ask your agent to prepare an up to date market analysis of the home you are considering. Crunch the numbers, and make an offer you feel is fair and are comfortable with. I also suggest touring homes close in similarity, so that you can compare. You do have the ball in your park anyway. Purchasers determine the selling price. A Seller may be asking $339k, but it does not mean it will necessarily sell for $339k.

As for your second post. Generally, Agents representing Buyers are compensated from the Seller, and generally--you do not pay for your Agent. Your agents main concern is getting you a fair price, and getting you into your new home.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!"
0 votes Thank Flag Link Sun Oct 14, 2012
Review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there.....
0 votes Thank Flag Link Sun Oct 14, 2012
Thanks Tom & Gail! Thanks Alan, I already got a realtor agent but the true is, a realtor agent won't tell me the reality or how much should I offer! The reason is, while the house has more value, the agent make more commission!
0 votes Thank Flag Link Sun Oct 14, 2012
The buyer's agent can tell you what the true "value" of the home you're trying to buy, by running a market analysis. And while it's true that the more you spend, the more they make. We take a perverse pride in getting our clients the best "deal" possible... that way you'll recommend me to your friends and family, rather than getting an extra few hundred dollars, as Tom points out.
Flag Mon Oct 15, 2012
Hi Josh, there are different capacities that agents can act in Brokers & Sellers agents can't advise you on what to offer a Buyers agent can. The difference in commission at 2% (I have to use an average as I don't know what it actually is, but this should be about right) between 330,000 and 300,000 is $600. I'd much rather advise you truthfully and honestly so you'll recommend me to others in the future than try and get an extra $600, I think most agents think as I do.
Flag Sun Oct 14, 2012
You need to get a buyer's agent. The buyers agent should be paid by the seller but will be representing you. This is a perfect example of why you need a buyer's agent, they can run sold comparables for you and determine a fair market value.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sun Oct 14, 2012
Get a Realtor to represent you and he/she can run comps on recent sales in the immediate area to help you get an idea of ranges

Only you can decide the value of the house to you
0 votes Thank Flag Link Sun Oct 14, 2012
There's nobody online who can answer that question for you.

What is the houses true value? Have you had a market analysis done? Just because they're asking $339,000, doesn't mean the house is worth anything near that... or perhaps it's worth more than that.

Find out the value, and offer accordingly, if the house is worth it to you.
0 votes Thank Flag Link Sun Oct 14, 2012
Alan May, Real Estate Pro in Evanston, IL
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