Home Buying in Toledo>Question Details

Sukihaido, Home Buyer in Harmony, PA

We are interested in purchasing a home in the Toledo OH suburbs which is FSBO and they prefer not to work

Asked by Sukihaido, Harmony, PA Mon Jun 16, 2008

with an agent. We've done the legwork in getting comps of recent sales in the neighborhood and within a 1 mile radius, as well as researching property info from the county auditor. I don't know the exact DOM but they are not pressured to sell. I believe the house has been on the market for at least 30 days and is fairly priced. However, we were going to make an offer of 10% less than the asking price. (That is a direct comparison from a neighborhood home's list to sold price, 1-1/2 mos ago with similar rooms & living space) I've read that you should have some wiggle room. OR should we offer our maximum allowable price (willing to pay 5% below list) and hope there is not a counter-offer?

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hi....there are things you should know about dealing with homeowners selling their own homes so you are protected.....call me 14 years experience...bob mcclure-mortgage now-farmington,michigan...i am licensed in ohio.........(248) 806-0366.......
0 votes Thank Flag Link Thu Jul 24, 2008
Sukihaido,

I just re-read your question and realized I'd read it incorrectly earlier.

You aren't concerned about another offer, but a counter of your offer if you come in at your top dollar. Right?

With that being said, I'll still stick to my previous answer somewhat, as buying a home is about motivation ... is your motivation such that if you offer your top dollar, and are rejected, you are perfectly willing to continue searching? Or is this the house you absolutely want? If this is the home you absolutely want, then I would suggest being frank with the sellers. Simply offer them your best price, but qualify it with "Mr. and Mrs. FSBO Seller. I would like to offer you such and such a price for your lovely home. This, however, is my highest and final offer, due to financing considerations." Then include with your offer a written pre-approval letter from your lender. This will define you as a serious buyer and perhaps they will see that a bird in the hand may be worth two in the bush.

I'll stick to my other advice about inspections and property disclosures, too!

Let me know how it turns out!
0 votes Thank Flag Link Mon Jun 16, 2008
I always tell my buyers when making an offer that "the home you love today, may be someone else's tomorrow". In other words, if this is the home you want, then offer accordingly ... or be prepared for the unexpected. With that being said, FSBO properties attract very little attention, so it's not a huge concern that someone else might make an offer simultaneously with your offer. Above all else, though, if they refuse to allow you to be represented by a real estate agent, make sure you get your attorney involved. There are certain items and paperwork that simply MUST be done. Please insist on a home inspection by a qualified residential home inspector. Please ask them to provide the state of ohio required residential property disclosures, which will tell you what problems they may have had and what they did to fix such things as roofing, heating, waterlines, A/C, sewer, pest intrusion, etc. You have a right to protect yourself. This is a big investment for most consumers, so make sure to dot all your i's and cross all your t's. If you have any questions, give me a yell!
0 votes Thank Flag Link Mon Jun 16, 2008
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