I wanna make an offer between 400,000 and 450,000 on a house that is listed at 570,000 and has tons of upgrades. It's been sitting empty for two

Jonathan Sessio...
Home Buyer
37066

years and the market for highend homes just isn't present right now. What do you think is the likely hood of my offer being accepted?

Answers (4)
Misti Culbert
Agent
37083

Well that all depends on the sellers need to sell. If you are not working with an agent I would be happy to find out more information for you. Give me a call at 615-388-3194.

Wed Sep 16 2009, 07:30
Brian Copeland
Agent
Nashville, TN

There's only one home in Gallatin for $570K, so I'm going to respond as if that is the home.

In the REALTOR remarks which you cannot see on the public side, it says "Remarks: ***MODEL HOME*** THIS HOME IS NOT FOR SALE, BUT WE CAN BUILD YOU ONE! " in the previous listing. Two days ago they listed the home as "model home for sale."

It's owned by the builder, Clarion Homes in Smyrna, TN. While I can't speak for this seller, my previous experience (even in this market) is that new home builders will usually hold close to price. The history of the home when it was used as a model home was $578,900. The home has NOT been for sale until TWO days ago, technically. They have now discounted it $8,900, which is typically for wear and tear.

This is a hard home to price since it is 5,095 sq ft and the others in the subdivision have been 3,500 sq ft or below.

So, to answer your question, I'd say your chances of getting a 25-30% discount on this home after two days are quite slim.

Mon Sep 14 2009, 18:21
Jonathan Sessio...
Home Buyer
37066

Thanks Kevin. How would I go about getting that information?

Mon Sep 14 2009, 17:45
Kevin Pellatiro
Agent
Franklin, TN
FIRST ANSWER

Jonathan, good to hear you may have located the right house for you. Do you know how much is owed on the property? Who owns it, and which bank holds the note? Being that it’s a model, you may have a chance to get more for your money - but you might want to gather more information and present your offer in a way that they builder is most likely to accept.

I am consistently surprised how often terms, rather than just price, can have influence on whether negotiations work out or not. Also, knowing what the only other homes that have sold in this neighborhood have sold for may be additional information that you can bring to the negotiations.

Have you and your agent discussed these details as a part of your strategy?

kevin pellatiro (615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

Mon Sep 14 2009, 17:25

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