Home Buying in Austin>Question Details

Trulia Austin, Home Buyer in Austin, TX

If a buyer is interested, what questions should they ask about the asking price?

Asked by Trulia Austin, Austin, TX Wed Nov 7, 2012

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Is your name Trulia? I find that odd. Is this question asked by somebody from Trulia just to create some activity on the site?
1 vote Thank Flag Link Wed Nov 7, 2012
yes that's exactly what trulia has started doing and I am against it (and told them so).They are trying to stimulate conversation but I think it makes agents who answer these questions, thinking they are responding to a real person, look foolish.
Flag Tue Nov 13, 2012
Buyers should be concerned with what other silimilar homes in that immediate area have sold for within the past 6 months. They should be able to easily tell why the home has been priced where it is, especially if they have seen other homes in the area. Seeing homes helps you determine where the value is in the market, couple that with what you feel its worth and there you have an offer. The sold comps aren't always the end all for making an offer. In my market we see buyers waive their mortgage contingency all the time, so if it doesn't appraise they are willing to put down the extra cash to balance it out.

Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
0 votes Thank Flag Link Wed Nov 14, 2012
Simply stated....."where are the comps?"
0 votes Thank Flag Link Wed Nov 14, 2012
Days on the Market is a good question. Listing History will tell if the Home has been marketed before by the same Seller. How long has Seller owned the Home. Many times Tax Records can reveal some
insight about the neighborhood.

Request information on Sale trends for the neighborhood. Review other properties that have recently sold, are for sale and currently under contract.

Paul Puig, Keller Williams Realty
Travis, Bastrop, WIlliamson, Hays Counties
0 votes Thank Flag Link Tue Nov 13, 2012
Most people I talk with want to know if the "seller will take a lower price". However, the more daring want to know "how much did they pay for the house" or "how much does the seller owe". Prying is an art form, that requires a large amount of local knowledge and a perfect proposal to the seller.

My general response is that most sellers will work with buyers if it seems fair, doesn't give them a bad taste when asked questions, or if they feel they are solving a problem by selling the home quickly. If you know the area, it wont matter how much they paid, owe or if they are willing to take less. Make the offer, be cool and try to work it out.

I also advise people to offer what they feel is fair and be willing to lose the house if they don't offer a fair price. Some areas right now in Austin are selling for above "fair price" and some places in Austin are selling for much lower than fair. If you are looking for a deal, know the area or hire someone who does....
0 votes Thank Flag Link Tue Nov 13, 2012
How the buyer should start, is by finding a competent Realtor who will work as their agent. Some of the questions they might like to ask, are confidential to the seller, if the agent they select is working as a subagent. The only way an agent can give the kind of advice they want, and need, is to have an in place buyer's agency agreement with the potential buyer. Then the agent can do the necessary research to figure out whether or not the property is priced properly, and also give them the type of advice buyer's typically want.

Ron Cullinan
Avalar Austin
0 votes Thank Flag Link Wed Nov 7, 2012
The buyer should ask their Realtor to provide them with a Comparative Market Analysis. They should also ask how long the home has been on the market, if there have been any price reductions, what it has previously sold and leased for, and the current tax assessment value.
0 votes Thank Flag Link Wed Nov 7, 2012
The best way to find out if the asking price is fair market value (in line with other similar sold properties in the neighborhood) is to work with a buyer's agent. Your agent will do a comparative market analysis (CMA) and show you if the asking price is right or too high and based on that, with your agent's help, you can decide what price to offer. How long the house has been on the market is another question that you should ask your agent because it could be a factor in the price. Of course, you should have a good look at the property before making an offer. Also, in the event your offer is accepted, you should definitely have an inspection which may reveal some issues that were not visible when you looked at the house.

If you do not wok with another agent, I'd be happy to help you buy the property you are interested in.
Feel free to contact me by email or phone.

Vivianne Dordea
Sierra Homes Realty
0 votes Thank Flag Link Wed Nov 7, 2012
Working with a Realtor has many benefits that will help you get the best price as well as look out for you on all angles of the real estate process.
0 votes Thank Flag Link Wed Nov 7, 2012
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