Lois Cheatham, Renter in Austin, TX

What offer to make to purchase 8407 Spring Valley Drive listed at $216,800.?

Asked by Lois Cheatham, Austin, TX Sat Jun 2, 2012

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Lois, are you working with a Realtor? If so, your agent should be able to advise you based on other similar properties sold in the neighborhood. If you don't have your agent, you should know that the listing agen represents the seller and must look out for the seller's best interest, not yours. It is very advisable to have representation when you buy a home. A buyer's agent will represent the buyer's interest,will advise the buyer on value of the home, show the buyer comps, advise the buyer on how to handle repairs after an inspection, etc. etc.

If you need representation, feel free to contact me, I'd be happy to represent you, advise you and walk you through the home buying process.

Vivianne Dordea
0 votes Thank Flag Link Sat Jun 2, 2012

This home was put under contract (buyer and seller agreed to the terms of an offer) on Friday, June 1. But if you are still looking for similar homes, you should be represented by someone who can negotiate the best terms on your behalf. Irrespective of this home now being under contract, here's what I would advise in this type of situation.

I'm always suspicious of owner financed properties, especially ones that advertise only 2 year terms for their loan. Unless the seller asked has a third party appraisal (very unlikely), you have no idea what the home is worth. That may be what the seller is hoping for, to offer you the ability to avoid having to qualify for a loan through a traditional lender, maybe even offering little or no money down, so that you don't pay attention to market value, and make the mistake of buying the place based on a payment you can afford, instead of what it's really worth.

In two years, you'll have to go to a lender and get qualified for a loan to payoff the seller, and you might get a rude awakening that the home you bought isn't worth anything close to what you agreed to pay for it, simply because you might have been focused on monthly payment instead of market value.

Then things go from bad to worse. The seller gets their home back because you can't get a loan when the home doesn't appraise for enough for you to qualify for one, they foreclose on you, and sell it to someone else, all over again.

But let's presume there are no ulterior motives on the part of the seller, AND you have someone representing you to help you determine value. There doesn't seem to be anything that would place this home at the top of the market in terms of finish out. The cabinets don't appear to be new (they look original but painted), counter tops appear to be formica, but there are some wood floors in the living/family room. There doesn't appear to be a view from this lot, as some of the more expensive sales have had. In general, it appears to be a nice typical home in the neighborhood, but nothing that makes it top of the line.

Other similar nice homes have sold for less than $200K, many are well less than $200K. Tread carefully and get an agent or broker to help you in negotiating any deal. By posting their listing in the multiple listing service, the seller has already agreed to pay their broker a commission, which your agent or broker will typically get half of, all for making sure your best interests are represented.

Broker/Owner - Exclusive Client Agency
Representing People, Not Properties

Partner, Keller Williams
1 vote Thank Flag Link Sun Jun 3, 2012
Knowing what to offer on this home can be a wealth of information and working with a Realtor to help you each step, and it does take some steps, is positive for you. No one can really state what to offer on this property. From your end and research, viewing the home, looking at homes in the area is the best for us to come to that price. First off, are you working with a Realtor? This home is in a positve neighborhood, school district and very good on many levels. If you are not working with a Realtor, please feel free to call me and we can talk about where you are at with lending and many other factors that help in the process. The positive on a buyer side, is you are not responsible on any realtor commisions or fees. So if you are comfortable, please feel free to contact me. You have some great input from many Realtors below. Talk with many to get your comfort with your needs.

Take care,
Lisa Payne
Central City Properties
1 vote Thank Flag Link Sat Jun 2, 2012
Lois, I see you got a lot of answers already but I'll reach out to you just in case. If you're not yet working with a realtor, the best thing to do would be for us to visit the property together, assess the condition, and then run comparables to see what it is worth. I am a Residential Specialist who works in that area and would be happy to discuss representing you if you would like. I am one of the top agents in Austin and do not charge you anything for my extensive services. I am also a Master Instructor and teach Contracts, Negotiations, etc. which would be to your benefit! I have a great team of lenders, inspectors, title people, and the likes who would be happy to work with us. Contact me if you would like some assistance!!
Joe Jarusinsky, Keller Williams Realty, 512-261-4415
PS I do work on Sundays and will be in my office tomorrow at 10 AM if you would like to call me. Thanks, Joe
1 vote Thank Flag Link Sat Jun 2, 2012
Hello Lois,

I've run a comparative market analysis and if you are not currently working with another Realtor, would be happy to work with you to help you determine a good offer . This area is my specialty as my office is right at the "Y" (next to Donn's BBQ). I'm happy to set up an appointment with you.

If you are working with another Realtor, please ask them to prepare a market analysis for you, and count on their expertise in determining an offer.

Thank you,

Kathleen Bauerle Vernon
Third Generation Austin Realtor
Jackson Properties
1 vote Thank Flag Link Sat Jun 2, 2012
Lois, you need to be talking to your Realtor, someone who knows market conditions THIS week. But, my advice to clients is after looking at the comps, get it off the market and in your option period. You're not buying the house, you're just buying the option to buy it. Until you and the sellers agree upon price, someone else WILL beat you to it. (especially in this market) Best of luck!
0 votes Thank Flag Link Sun Jun 3, 2012
I am always afraid when I see a question like yours, that you are a buyer who is NOT working with a Buyers Agent, i.e a Realtor who represents YOU and only YOU as your Agent, working on your behalf and in your BEST interest, remember the listing agent has a written and signed agreement with the Seller and an Agency relationship with that Seller, his interests really are selling the home at the highest price for his seller!

You want to work with a Buyers agent who will want to do the same for YOU, get you the best terms and the best price during the negotiations on your behalf. Furthermore Buyers Agents are usually paid out of the proceeds at the closing table by the selling side, so no cost to you to use a Buyers AGent and soooo many advantages. Your Realtor will also run a market evaluation, once you like a property like the one above, so that you can see for yourself, for how much similar properties have sold recently this will let you see how low you can go with your offer and up to where you may have to negotiate. And the Realtor will help you through the inspection and all other.

Do not do this on your own! Just good advice, believe me.

Good luck to you! and if you need recommendations for Realtors in your area, feel free to get back to us and we would gladly provide you with some good recommendations...

YourRealtor4Life! Working always in the very BEST interest of her clients, buyers, sellers and
investors alike.
Covering the city of Chicago, all N an NW suburbs and the fine Homes of theNorthShore for
@Properties Northshore, 30 Green Bay Road, Winnetka, Il. 60093
Edith always goes the X-tra Mile with a SMILE for all her clients, she also covers with her
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Edith speaks French, German, Spanish & more
0 votes Thank Flag Link Sun Jun 3, 2012
Please, you need to get a Realtor!!!!!
0 votes Thank Flag Link Sat Jun 2, 2012
Depends on comps and if other bidders show up. Never steal in slow motion if you want that house lets get this show on the road.
0 votes Thank Flag Link Sat Jun 2, 2012
Hi Lois, thank you for your interest in 8407 Spring Valley Drive. I would be delighted to run a market analysis report for you on comparable properties in the area. I live in the area and would love the oppportunity to work with you! Please feel free to contact me on my direct line to discuss comps! Hope you're having a fantastic weekend, look forward to visiting with you soon.
0 votes Thank Flag Link Sat Jun 2, 2012
call me and i will help you with your offer if, you like

Laura lokey realtor
0 votes Thank Flag Link Sat Jun 2, 2012
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