Market Conditions in Elmont>Question Details

doret, Home Buyer in Elmont, NY

Could we purchace this home for less than list price?

Asked by doret, Elmont, NY Fri Jun 1, 2012

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7
I am sure it is possible. Most sellers are not holding out for full price these days. Make a strong offer with a pre-qual letter from a lender to support the offer.
1 vote Thank Flag Link Fri Jun 1, 2012
Depends--in order to determine a fair offer, review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there. Keep in mind that if a property is priced on target, or slightly below, multiple offers may occur.
1 vote Thank Flag Link Fri Jun 1, 2012
First things first: when making an offer, focus on what your monthly payment will be for the mortgage financing, including taxes and insurance. If that payment is within your means, then your Mortgage Banker will determine the maximum loan/purchase price for you based on all the factors of the monthly payment, your down payment and your mortgage qualifications.


Begin making an offer with the following standards:

1. WISH LIST. Does the home meet MOST of the requirements from your Dream-Home-Wish-List? The Dream Home exists only in our minds; it's NOT out there waiting for you to stumble across it one Saturday afternoon. But you can find the right home using your Wish List. When you find the home that meets most of your requirements from the wish list, then it's time to make an offer.

2. FORGET LIST PRICE. Based on your own research, shopping in your chosen area, select the price you're most comfortable with, regardless of list price/asking price. In other words, you'll find a home listed at $268,000, but you've seen at least a dozen other similarly constructed homes in the immediate area priced or sold at $235,000. What makes this home so special that it's priced $33,000 more than the average price? Remember, your Lender will appraise the home based on similar homes and those prices.

3. MAXIMUM OFFER. Never exceed the price based on your mortgage qualifications, no matter how much you LOVE the home. You have to be able to afford the payment for the next thirty years. That in-ground swimming pool you love isn't going to pay the mortgage for you!

4. OFFERS ARE NOT PERSONAL. An offering price can NEVER be misconstrued as an insult to the homeowner. This is business; you're not going to hurt anyone's feelings! Make the offer based on a price you're most comfortable with!


5. OPENING OFFER. NEVER open with your maximum offering price. Test the waters with your opening bid: you want to see if this Seller is a SERIOUS Seller who understands this is a BUYER'S MARKET. If there's no reaction to your offer---assuming the price you offered is within the reasonable range of current market prices---you may be wasting your time with this home/Seller. It might be time to move on to another home.

See my "Five Steps To Making An Offer" for the best way to negotiate on your home purchase.
http://www.tcurranmortgage.com/2010/04/09/five-steps-to-maki…


Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a "Thumbs Up" or "Best Answer." Thanks!
0 votes Thank Flag Link Tue Apr 16, 2013
Absolutely. Best to go directly to a LOCAL pro at "Find a Pro" in the header of this website for local advice in your zip code of purchase. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Tue Nov 27, 2012
We do not have an address, so no good answer can be given. But any asking price can be negotiated, the seller of course does not have to accept it.

But to get a really good assistance, expert advice and a market evaluation based on the home in question, comparing it to similar homes that have recently sold, and comparing it also to other homes current on the market in that similar size and price range WORK WITH AN EXPERIENCED LOCAL REALTOR.... The services of a good Buyers Agent are immense and they are usually free to the buyers, as they get paid by the sellers out of the proceeds..

Do not do this on your own, there is more to buying a home than just the price, so much more..
You will need guidance and years of expertise of a Realtor who is working in your BEST interest
and protecting you in the entire process.

Good Luck to you, if you need a recommendation for a local Realtor, get back to us here and we
gladly make some good recommendations.

EdithSellsHomes@gmail.com
YourRealtor4Life! Your Chicago, Northern Illinois, N and NW subs and the fine homes of the
Northshore Expert with @Properties Northshore, 30 Green Bay Road, Winnetka, Il. 60093
Edith always works in the very BEST interest of her clients, buyers, sellers and investors alike
and she truly goes the X-tra Mile with a SMILE for all her clients

Have a wonderful Day and all the BEST....
0 votes Thank Flag Link Sat Jun 2, 2012
You should get a buyer's agent to work for you. They should take their full compensation from the seller when you close, so it wouldn't cost you anything, and they could provide you with a wealth of knowledge and advice. The advice on here is general, a buyer's agent could give you specific information regarding your situation.
Thank you
Tom Brady SFR, e-PRO, SRES GREEN BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Fri Jun 1, 2012
Hi Doret,
As a REALTOR I would submit any offer by you to the homeowner.

Arlynn
Arlynn B. Palmer
Coldwell Banker Claire Sobel
(516)410-3594
(516)621-6300 x 205
Arlynn@ArlynnPalmer
Web Reference: http://www.ArlynnPalmer.com
0 votes Thank Flag Link Fri Jun 1, 2012
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