Pre-inspect so you can waive the inspection contingency. Consult with your agent and mortgage broker about waiving appraisal contingency -- it may or may not be a good move for you. Consider asking your banker for a commitment letter (you have to go fully thru underwriting, it's stronger than a pre-approval). With a commitment letter you can also possibly waive the loan contingency. Again, your banker would know.
If I were buying, I'd make my offer and leave it on the table. None of this emotional desperation buying that led to the last housing bubble. There are plenty of other properties.
I wanted to buy a car and it just killed the dealer that I would not fixate on a color. If I couldn't have the color i wanted--and that color was not offered--than it didn't matter what color I got. He, finally, picked a color for me and and we agreed on a delivery date, but he called a week ahead that my car was in. Forget it. You can't give me the terms we agreed on, I don't need your car. Sell it to someone else.
As a buyer, I'm not going to be film-flammed into 'concessions.' I'l go as as far as to counter offer a small amount, but beyond that, if i'm without a house, i can always find another someplace. As a seller, I'll not be greedy, but since there is water where i live, at a higher than sea level elevation, I guess I'll just let the buyers get in a lather about wanting my place, when that time comes. And see what they offer. Or I'll die in it. Not a bad choice, IMO.
All of these, especially auctions actually INCREASE the cost of selling a house. Auction from 11 to 25%! What the consumer fails to recognize is how these fees are hidden and dispersed. These buyers and seller all seem 'HAPPY" because the believe the beat the system. The reality is, they paid more, everyone made more money....and the overall costs were much greater.
Traditional real estate sales have significant transparency, where costs are clearly spelled out and known. And that cost is what ever you negotiate with the professional involved.
Red Sump fails to pull back the curtain on the real risk 'coming to the table without a real estate agent' presents. When things go wrong, Red Stump won't be there to put Humpty Dumpty back together. Your REALTOR will not only keep Humpty Dumpty on the wall, but does indeed have the resources and skill to present solutions to reach the best outcomes possible
Take a look at this 'unrepresented' seller situation.
You have many choices. With many choices comes greater risk and responsibility.
Find out what's most important to the seller -- price, closing date, if they are willing to do repairs, buying appliances, etc. -- then make an offer that meets as many of their criteria as possible.
And it doesn't hurt to be likable!
you're advice is incorrect, firstly the question is for a buyer. A buyer does not pay any realtor fees whatsoever so it would absolutely be the stupidest mistake to buy a home without a legal advisor and some who can protect you from being taken advantage of.
2nd- another idiotic piece of advice- to see it with the agent then wait (God only knows how long) for the listing to expire, then swoop in to make you're own deal. Hmm, well for starts that male the buyer liable to pay their agent commission where they did not prior to this brilliant move- then after the buyer has waited out the listing, perhaps 6-12 months they can expect that houses have probably gone up in value since they began the waiting game and depending on their finances, could've out priced themselves for any home. Lastly, there's generally a good reason a home hasn't sold in a year, from structural probs, title prob,unrealistic seller etc so its actually a tip to stay away!!
buyers please don't listen to this persons advice, you'll do yourself a terrible injustice and for no reason as realtor services are always free to buyers and if something does go wrong you have someone to go back and hold responsible should something go bad and realtors are insured.
Time to meet up with your REALTOR and ask how you can become a buyer SUPERHERO!
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
I would also talk to your lender and get an estimate of what closing costs will be, based on the loan you're getting, and the property you're interested in. I've had buyer's lenders say they need $7K-$10K in closing costs which is outrageous (for Colorado homes in the $250-300K price range). My lenders usually only need about $3-5K (depending on the loan of course).
If you find a lender who has lower closing costs, the better. Better yet, some lenders will actually PAY a good portion of your closing costs so you don't need to ask the seller to pay for them! This way you can go in with a very competitive offer, whereas other competing buyers may be asking for $10K in closing costs. You want your offer to be as attractive to the seller as possible.