Home Buying in 11520>Question Details

BrooklyntoIs…, Home Buyer in New York

Opinions on offer

Asked by BrooklyntoIslandFirstTimers, New York Tue Jun 4, 2013

My husband and I saw a house we loved in the Baldwin SD (Brookside Ave school). It has been on the market since 2011 at $508k, and It is now priced at $418K; however, our realtor said it is priced above value. Value is $387K. He said we should start at $369K since the owners are more realistic on the value and are willing to accept a lower offer. The only things that need to be fixed from what we can see is the kitchen, which is outdated and driveway needs to be repaved. We were wondering what a strong offer would be? We really do not want to go above $375K especially since we have to re-do the kitchen and driveway, and convert from oil to gas. What do you think is a good offer price?

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Answers

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If your agent is advising you, not sure why you are here...review comps with your agent, recently sold similar properties in the immediate, see what the data suggests and go from there...
1 vote Thank Flag Link Tue Jun 4, 2013
Hi,

Most of us won't be able to provide as good of an opinion as your own agent - who has first hand knowledge of the details and property in question. I would suggest sitting down with your agent have having him provide jusitification for what is "driving" his opinion of value.

He should have comparables, or other information that back up or justify the price he is recommending. What needs to be considered ultimately is if the condition issues are reflected in the purchase price, or if you are paying a higher price - but they are agreeing to fix what needs to be fixed. "Updating" a kitchen may be a realistic request - but that could be argued as a matter of taste more than a true "defect". Typically - you'll normally have better luck getting something functionally or mechanically wrong with the property fixed, more than you'd get someone to agree to "update" cabinetry, appliances, etc. A common reply I hear is - "If you are buying a 50 year old house, you are going to get the 50 year old cabinets that go with it".

Sorry this answer is a little vague - but without having seen the property, there are simply too many variables here for any of us to answer this with any sort of accuracy. We would all be just pulling numbers out of the sky.

Hope this helps!
1 vote Thank Flag Link Tue Jun 4, 2013
There's another interested buyer
0 votes Thank Flag Link Tue Jun 4, 2013
When you say a "strong offer" what are you concerned about? Are you aware of other offers on the property? I agree with my collegues about having your agent show you comparables. However, unless there are other offers why put your best offer forward? Start a little lower and leave room for negotiation. Keep in mind that when making an initial offer, your goal should be to get a counter-offer from the seller. So, you don't want to low ball so much that they do not take you seriously, but there is no need to put your best offer up front.

Tom Moser
Licensed Associate Broker
Keystone Realty USA

Long Island's Commission Rebate Realtor
I Share My Commission With You
http://RefundAtClosing.com
0 votes Thank Flag Link Tue Jun 4, 2013
Very imp for you to find comparables with your agent that have sold recentlly. Make a strong offer based on this information. Good luck JCronau
0 votes Thank Flag Link Tue Jun 4, 2013
In reality your offer should reflect the market value and the money you feel you need to invest in it. Get an ideas of what all this will cost you, minus the conversion to gas because that's more of a preference eater than a needed repair.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jun 4, 2013
Thanks! I'm here because sometimes it is nice to hear what other people think. That is all. Thanks!
0 votes Thank Flag Link Tue Jun 4, 2013
Ask your Realtor to run current comparable sales reports on like properties in the same zip code and same school district.

This is what the bank appraiser will use and if the house does not appraise, you will not get a mortgage.
0 votes Thank Flag Link Tue Jun 4, 2013
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