New Buyer, Home Buyer in Chicago, IL

We want to make an offer on a new construction condo in West Ridge. The asking price is $290K. It does not

Asked by New Buyer, Chicago, IL Tue Aug 5, 2008

include parking. We are considering giving a very low offer,c onsidering the market now and asking for parking to be included. Does anyone have any thing to add about our offer?

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6
Tom McCarey’s answer
New Buyer,

The scenario you describe is best resolved by working with a real estate professional who can assist you to discern through accurate and current comps what a feasible offer is for the unit that you desire. I believe you are misinformed if you are of the mind that this is a buyer's market. Certainly buyers have certain advantages in the current market, especially if they are capable of making cash offers, can offer without home sale or home close contingencies, or are qualified for a mortgage to make their intended purchase. The seller has the inherent advantage of holding possession of the residence that you wish to call your own.

Having said all of this feel free to make your admittedly low offer should comps justify such. But if they do not I invite you to expect what I tell my clients will be an "atrophication" on the sellers part - in other words, don't expect much movement on the seller's part.

I urge you to enlist a real estate professional familiar with Rogers Park for your future home search efforts.

Tom McCarey
The Real Estate Lounge Chicago
0 votes Thank Flag Link Sun Aug 10, 2008
Sound pretty high for a condo ...we need the address and we could give us an opinion
0 votes Thank Flag Link Thu May 16, 2013
In my experience, offering less than 10% below the offered price can be insulting. It all depends on how desperate the seller is.
0 votes Thank Flag Link Sat Aug 9, 2008
The most important issue is whether you can obtain financing-this is no longer possible on many new buildings. How many units in the building total? How many have been closed on? These issues should all be addressed in detail otherwise its a waste of time. If the units meet lender presale requirements (and a ton of other requirements that apply to new construction), then you need to see what others have paid (and what upgrades such as parking were included in that sales price). I hope that helps.
Web Reference: http://www.1sthomegroup.com
0 votes Thank Flag Link Tue Aug 5, 2008
Being pre-approved for the mortgage loan is perhaps the best way to show the seller you are a serious buyer. Having nothing to sell or not asking for a contingency to sell your existing home is probably 2nd. I'm guessing you are buying from the builder as a homeowner cannot include parking it they don't have it to give. I agree with Chris that recent "closed" sales ideally in the same building and if not within a mile or so and less than 90 days old is your best way to gauge how low you can make your offer. Us the free prequal calculator on my website and then contact me for your free pre-approval.
http://www.gregzaccagni.com/RequiredIncomeCalc
0 votes Thank Flag Link Tue Aug 5, 2008
Hi New Buyer, if you are working with a realtor I would certainly review recent closing prices on comp properties to solidify your intitial offer price. Certainly everything is negotiable these days but a seller will also have this same comp data and be looking to settle on a fair price and may not just give the property away unless they are in dire straits. If the seller senses you are a serious buyer making a fair offer they will certainly be more willing to neogitate on other areas like parking. Additionally, there are purchase incentives available for properties in the neighborhoods you are searching which also may help with your overall negotiations. Please feel free to contact me and I can provide specific details. Good luck!
0 votes Thank Flag Link Tue Aug 5, 2008
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