2. Ask your REALTORÂ® to give you the average percentage of selling price to listing price for that town. The house you're interested in may sell at a higher or lower percentage than this average, but at least it gives you a place to start.
3. As soon as you have #1 and #2, put in an offer. If you "really want" that house, how will you feel if someone else buys it at a price that you were willing to pay? Remember that your offer is just a starting point for the negotiations. Once you have a contract signed by both you and the seller, you still have attorney review and a home inspection to go through.
4. Finally, review the reasons why you decided not to go through with the other offers that you said were accepted. Could any of those reasons also apply to the house across the street from your sister?
Leonard â€œLenâ€ Dunikoski, GRI
Diane Turton Realtors â€“ Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)
You don't state where you are looking. Many of the markets in NJ are hot right now! And, houses don't even last 12 days. If you love the house, you need to move on it now.
If you don't have an agent representing you, get one! The house could be over priced or underpriced. Do not look at the asking price as a true market value. Sellers can ask anything. The 95% you say you can afford might be too much! But, if its priced too low, you might see it go above asking!
It is unfortunate that the seller knows your situation. That hurts you and/or your agent during negotiations.
So, to place an offer, your agent just puts it in writing and submits it with a preapproval, sellers disclosure, copy of your good faith check, and a copy of the listing.
I know, you anticipate getting into a 'bidding' situation, but that is entirely differant.
Have your agent write up the purchase offer that you wish to begin with. If the local market is 'hot' you need to do this as soon as possible. You've got to start the coversation before someone else makes your decision for you.
The stategy to use will depend on the local market, desirability of this home, competition, your agility and any 'poision' pills that may be present. The real estate professional you hired to represent you will be essential in completing this analysis. Use this agent to write and present your purchase offer to the listing agent.
What part of NJ is the property in? I work in Southern NJ (Cape May & Atlantic Counties). I have a great success working with buyers in negotiating deals. Let me know if I can be of service to you.