Home Buying in Inverness>Question Details

myprincessbr…, Home Buyer in Inverness, FL

how do you know what to offer on a house?

Asked by myprincessbrownie, Inverness, FL Tue Feb 19, 2013

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This question was asked from this property: http://www.trulia.com/property/41016086-1305-Stowe-St-Invern…

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Vincent Mccrave’s answer
How much you pay for a home is actually an emotional response. A home is sold usually in the first seven seconds after you walk in. There is an old saying one mans junk is another mans treasure. What I mean is no one can tell you what to pay for something you really want. Like ebay when bidding, you do not want to loose the item you wish to buy to another so you will most likely bid over what you intended.
Realtors have the means to professionally guide you in your purchasing process. They can use comparable homes on the market, and they can use their knowledge of the area from their years of experience in real estate.

If an appraisal is done on the property a lender will use this number to base their financing of the property. Unfortunately this is not usually done until after the offer has been submitted.

Remember you are a part of a larger group of buyers, you are what we call the Market. The Market determines what price they are willing to pay for a home. This is why the same home can be worth 150,000 one year and a few years later could be worth 180,000.

It is what you are willing to pay after reviewing all the information at your disposal. Therefore it is Emotional.
0 votes Thank Flag Link Wed Feb 20, 2013
Hi Myprincessbrownie,

The home you're interested in is in an area that's eligible for the no money down USDA mortgage.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
1 vote Thank Flag Link Wed Feb 20, 2013
You need to have your agent work up a comparable report to show you what similar homes are selling for in the area.
0 votes Thank Flag Link Fri Aug 2, 2013
You may find the the CMA of the house then put a reasonable offer.
0 votes Thank Flag Link Sat Apr 13, 2013
For my clients, I pull property records and closed sales comparable to subject property within the previous six months. Deborah Davis, Coldwell Banker Investors Realty, Inc., 352-212- 4947. I moved to Inverness in 1990 from Youngstown, Ohio and began my real estate career in 1979.
0 votes Thank Flag Link Wed Feb 27, 2013
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BEST ANSWER BELOW

by Nadine Mauro
of Highlight Realty

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0 votes Thank Flag Link Wed Feb 20, 2013
Hi,

You should have your agent give you information on what similar houses in the community have sold for in the last six months. Armed with this information you should make an offer for the house.

If you are getting a mortgage, the bank will get an appraisal for the property. If the appraisal comes in less than the offer you made, you should have your agent go back to the seller's agent and tell them you will not pay more than the house is appraised for. At this point there would be a new set of negotiations regarding the offer you made. Basically, the bank will not let you get a mortgage for more than the value of the property.

Wishing you all the best in your house hunt and purchase.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Tue Feb 19, 2013
This is only one of the many services a trained local real estate professional can provide for you. Seek the assistance of an agent.

Bill
0 votes Thank Flag Link Tue Feb 19, 2013
Your realtor should guide you to the correct price for the offer. You don't want to go so low you insult the sellers. Using the homes that have sold in the last ninety days, that are near your home, and similar in size is a good indicator of what yours should sell for.

Good luck

Tracy Hoyt
Realtor
0 votes Thank Flag Link Tue Feb 19, 2013
Ask you agent for current sales within the community.
0 votes Thank Flag Link Tue Feb 19, 2013
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