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.
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
Central City Properties
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
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.
Kathleen Bauerle Vernon
Third Generation Austin Realtor
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...
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