Home Buying in Nassau County>Question Details

Kathy, Both Buyer and Seller in Queens, NY

when making an offer.....?

Asked by Kathy, Queens, NY Thu Jan 8, 2009

we found a house we kinda like and was able to find out the assessed amt via the town's assessment office. how often will the seller accept an offer under the assessed amt? it's a new construction.

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5
Most Seller's are accepting offers below the assessed amt. Don't forget this is a Buyer's Market. The Homeowner/Builder is aware of it...Take advantage of the current market and submit a reasonable offer based on current home sales (3-6mths) If you would like for me to help you feel free to call me direct:
Patrick C. Williams Jr.
Keystone Realty USA
(516)425-3764
0 votes Thank Flag Link Sun Mar 22, 2009
Kathy,

Here's a piece of information to take to the seller. We are finding that with the cuorrent real estate market trend many new construction homes are not appraising for the amount the sellers are asking. This creates a problem for those individuals that are not aware of this potential and create an executed contract only to find out the home they just went to contract on for $350,000 is only worth $310,000. Banks will not finance a home that does not appraise for the selling price.

We are not saying this in the norm but it is very real and should be considered. Regardless of what you decide to offer be careful of this. Our recommendation is to insist that the builder/seller will guarantee the home will appraise for the full asking price and have this written as a contingency in the contract. A real estate professional will be able to best support you on this initiative.

Good luck
0 votes Thank Flag Link Fri Jan 9, 2009
Kathy, check out recent new home sales in your area. You might need to enlist the aid of a Realtor. In this market, sellers are looking to sell. It is costing that builder money to support the empty house.

If you would like the name of a really good Realtor in your area, let me know and I will recommend someone who is familiar with local sales. Gail@GailGladstone.com
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jan 8, 2009
Hi Kathy,

There really is no general rule to follow in such a situation. Your question is a good one - however, where is the home currently priced? Once a new home is ready for occupancy, most builders today are looking to move their inventory so that they do not have the associated carrying costs (taxes, heat, electric, etc) to pay. Is this home completed? Does it have all the necessary permits at this time? For the most part, sellers are considering all offers to purchase. Only the seller knows what price they will accept. I notice that you are in Queens - is that Queens, NY? If it is and you would like representation on making your offer, please contact me at (516) 410-3594 and I would enjoy speaking with you, giving you additional information and working for you in the purchase of your home so that you pay as little as possible!

Wishing you and your family a very Healthy and Happy 2009!

Regards,
Arlynn
Web Reference: http://www.arlynnpalmer.com
0 votes Thank Flag Link Thu Jan 8, 2009
Hi Kathy -
Over here on the west side of the country. Builders are trying to lose limbs not their head if you know what I mean. A builder will want you to write an offer. That starts a dialogue that shows interest in their property. You have full control over what will happen with this transaction. Meaning, ITS A BUYERS MARKET. Good luck.
0 votes Thank Flag Link Thu Jan 8, 2009
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