Property Q&A in 55416>Question Details

Amy005, Home Buyer in 55416

Im interested in a home that is "fee simple". Its priced at $250K Can I offer less?

Asked by Amy005, 55416 Fri Aug 28, 2009

Im interested in a home that is "fee simple". Its priced at $250K Can I offer less?
This house has everthing original (51yrs old) and needs a lot of work. Is this a bad idea?

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Answers

4
Hi Amy----The first step is to contact an agent that can do a comparative market analysis on the home and area. This will give you a good idea whether the home is price properly. You then can decide to offer whatever you and your agent feel is appropiate to try. You might want to look at similar homes in the area to help with your decision. You are looking in the price range that is selling better than any other price range right now. Also, if you are first time home buyer, you can get upto $8,000 back by closing by November 30, 2009. Should you need more information, you can contact me on my cell phone at 612-701-5023
Web Reference: http://www.SkipThomas.com
0 votes Thank Flag Link Fri Aug 28, 2009
Hi Amy,

Wow, it's exciting to see a buyer use the word 'fee simple' as we only hear about it in our education as types of ownership and isn't a word that's usually tossed around everyday. In any event, most homes are fee simple, but some might be absolute or defeasable. It's hard to tell you about pricing without the details of the home. If you would like more pricing information, please feel free to contact me and I'd be happy to help.

Kim Eisen
Realtor since 1980
(651) 457-HOME (4663)
0 votes Thank Flag Link Fri Aug 28, 2009
http://en.wikipedia.org/wiki/Fee_simple

Hi, you just send me back in time to the first Real Estate classes.

Fee Simple Absolute.

You could alwasy offer less, or more. It will depend on your interest on the property and demand. If you go to the property and 3 other people show up, that seems to be good demand.

Consult your agent and / or a Real Estate Attorney on how Fee Simple will affect your ownership.

Benito.
0 votes Thank Flag Link Fri Aug 28, 2009
Amy,

My recommendation is to have your agent do a market analysis to determine what comparable homes are selling for in the area that the house is located in. Then you will know how they are competitively priced. Sure you can offer less, but quite possibly the home already has an offer. You want to be aware of what type of work is involved, especially if you are using financing. I'd be happy to help answer any more questions. Just contact me via my profile and let me know what house you are interested in. Thanks!
0 votes Thank Flag Link Fri Aug 28, 2009
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