Home Buying in "M" Streets>Question Details

Jack1223421, Home Buyer in Dallas, TX

how much will a seller come down on the price for a house that costs $454,000 and needs some minor work?

Asked by Jack1223421, Dallas, TX Sun May 20, 2012

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15
There is no correct answer. There are too many unknown variables, some of which include, the specific property, comparables, inventory, DOM, and of course most importantly where the Seller's mindset is. Does the Seller "need" to Sell, or do they "want" to Sell ? Big Difference.
Also everyone has a different definition of what "minor" work is.
Minor to one person may be major to another.

As a general rule, you can expect to pay 90 to 97% of the Asking Price in a normal market.
In other words expect a Seller to come down 3 to 10%, ceteris paribus.
Again, this is a general rule of thumb in a normal, balanced market.
The M Streets fetch a premium because it's a very desirable location to many people.

My best advice is to hire a Realtor who is an Accredited Buyer's Representative who has additional training and certification to represent a Buyer's interest in the transaction. Good Luck !

Jay Narey ABR, ALHS
Keller Williams - Preston Rd.
jaynarey@kw.com
Web Reference: http://www.jaynarey.com
1 vote Thank Flag Link Sun May 20, 2012
How long is a piece of string? How would anyone besides the Seller know the answer to that? Get an agent and a clue.
1 vote Thank Flag Link Sun May 20, 2012
They'd come down to zero - and maybe give you cash back at closing - in some circumstances; they'd stand firm because they priced it with the work in mind in others.

This is the big rookie mistake - savvy buyers do not let the seller establish the price; they master the marketplace and THEY establish the price.

All the best,
0 votes Thank Flag Link Sun May 20, 2012
Depends on how motivated the seller may be and how good your agent is at negotiating. I would be happy to go over it with you and assist you if you have no representation. I am a Licensed Realtor, Experienced veteran investor, I own and maintain several rental properties, am a Licensed Heating and A/C Contractor in the State of Texas and being around new and pre owned real estate most of my life I can size up any repairs that could potentially sink an unknowing buyer. I work for my client not a comission, please call and put me to work for you!

Best Regards,
John Greer
United Real Estate
214-460-8381
jgreer@unitedrealestatedallas.com
http://www.johngreerhomes.com
0 votes Thank Flag Link Sun May 20, 2012
Your going to need to look at comparables in the neighborhood. Its important to look at solds over the last 3 months. It could be that the house is priced well. Their are also many factors that go into a lower offer. Time on market, and what do you mean by minor work? I would consult with your agent regarding the offer and ask for comps.
Good luck
0 votes Thank Flag Link Sun May 20, 2012
That is not a one answer question. There are many things involved in purchasing and/or selling a home. If you work with a realtor you will have someone who is looking after your best interest and helping you through the buying process. Call me if you would like to work through the process and I will educate you on the buying process and help you find a home at the right price that will fit your needs.

Mary OKeefe
Coldwell Banker Residential Brokerage
214 882 0082
0 votes Thank Flag Link Sun May 20, 2012
6 dollars?

Well... Seriously.... Think about it.
Is the property priced right for the repairs?

No reputable realtor will answer this question.
0 votes Thank Flag Link Sun May 20, 2012
I answered the question. Vaguely, but answered. I can assure you that I'm as reputable as it gets.
Flag Sun May 20, 2012
Are you referring to 6011 Martel? Where is your buyers agent ? If you don't have one contact my office few ways I might be able to assist you with your purchase.

You would need be qualified for a home mortgage prior to presenting any offer .

Keep in mind a property owner does not "pocket" 100% of sales . The homeowner must pay
1. Closing costs
2. Realtor fees
3. General repairs
4. Taxes 2012 through close date


Contact my office today
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multi Million Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Sun May 20, 2012
This answer just depends. The seller may have no interest in selling the home fast and may not come down a lot or at all. The seller may also have been sitting on the home for a while and be willing to do some nice negotiating. Each scenario is different. I wish you the best of Luck!! If you need a buying agent to help you through this time and to negotiate for you, please give me a call. I am here to help.
Kandice Reed VIP REALTY 214-524-3261
0 votes Thank Flag Link Sun May 20, 2012
Calculate closing costs for the Seller first. This is generally around 9% off the bat....before negotiating any repairs during the Option Period. The 9% assumable, consists of Brokerage fees of 6%, plus an additional 3% miscellaneous of charges for Tax Proration, Deed and Transfer Preparation, Title Insurance, Real Estate Transfer Tax (depends on sales price), plus any additional settlement costs paid to buyer per purchase offer.


Based strictly on these numbers - it will cost the sellers $40,860 to Broker the home. They've prepared to walk away with $413,140. Calculating what it will cost the seller to sale a home, is the best approach when developing an effective offer.

Cheers!

Hunt Holdridge
Huntahome Realty
214-457-1639
hunt@huntahome.com
http://www.huntahome.com
0 votes Thank Flag Link Sun May 20, 2012
Jack,

Average sales price to list price in this price range in this area is 3% over about the last 18months. However every home is different. Some have discounted as much as 7%, while some have sold right at list price. The market is starting to heat up again. There are clients in our office right now who have lost bids on 3 houses, including one today at full price.

What we normally do before you make an offer is sit down with our clients. Weigh the pros and cons of the house vs others we've seen in the area. Then look at a lot of different factors including perhaps what price the seller paid for it, current mortgage amount, and a host of other factors, and then help you determine what to bid. Unfortunately every situation is different. Some people might be able to take a bigger hit on price than others.

If you would like to see inside the home just let me know.

You can see more pictures of the home and more info at the link below.
0 votes Thank Flag Link Sun May 20, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
The average sale to list percentage for the M Streets area in the past 6 months for homes listed over $400K and needing minor work is 97%. As others have said, there are too many variables to say whether or not that's the right percentage for your subject property - if I can help you figure that out don't hesitate to get in touch by clicking on my photo for contact info.
0 votes Thank Flag Link Sun May 20, 2012
It really depends on the seller's situation. For example, how much is owed, how fast they need to move, etc. A lot of it will depend on the market and what comparable houses have sold for in similar condition. A good agent can help you through this. The seller pays for the buyer's agent so it is really wise to have someone represent your interests. Good luck, and let me know if you need any assistance. Don Weintraub, Seeto Realty, 972-989-7432
0 votes Thank Flag Link Sun May 20, 2012
Too many variables to answer that question without knowing the details. Discuss with your agent or hire an agent who represents you.
0 votes Thank Flag Link Sun May 20, 2012
You need to hire an agent who will make and work the offer for you.

Consult with the Agent you are working with on what to offer at the start.

GOOD LUCK.

Kenny
0 votes Thank Flag Link Sun May 20, 2012
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