Home Buying in 90045>Question Details

Miguel_trulia, Other/Just Looking in 91030

who can help us save up to 20% under asking?

Asked by Miguel_trulia, 91030 Sat Dec 27, 2008

our agent kept talking us out of making low-ball offers but it looks like some of those are actually working.

(see 7913 RAMSGATE Ave LOS ANGELES, CA 90045, it seems that it sold for 423K)

is there anybody out there that's willing to help us make offers for about 10%-20% under asking? we've stopped working with her a few months ago but we still want a house.

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Answers

9
WAIT TILL 2010 we have double the amount of forclosures coming, also it depends on what area you are looking at. Some places have only decreased in value by 3 % . About writing low offers: each piece of real estate is an individual case. Untill we know all the pieces in the puzzle we can't say you are offering to low on a property. You could show me a property that is over priced by $40,000 and you just might want to offer $30,000 less than that listing price not knowing that really it's over priced by $40,000 in this situation I no longer view your offer as a low ball offer, I view the listing as over priced. The fact though is for you to be able to purchase a home the seller has to agree to what you are offering, this is where negotiation comes into play. An agent with great negotiation, statistics of value, and experience will get the job done!
Web Reference: http://BENNYCHAVEZ.COM
0 votes Thank Flag Link Mon Dec 29, 2008
There's more to getting a great deal on a home, then just making a "low-ball-offer". Good negotiating involves creating a win-win situation for both the buyer and the seller. Particularly when you are talking about homes that are not distress sales.
There's an art to negotiation, and part of it is understanding the motivation of both the buyer...and the seller.
We have literally piles of offers sitting in our fax machines that aren't even considered by the sellers.
0 votes Thank Flag Link Sun Dec 28, 2008
Miguel,

Well stated. However, your term "reasonable" is very subjective. We all want a good deal. Scratch that... we all want a great deal.

Have we hit bottom yet? No. We still have a whole new wave of resets coming our way and for those who do not refi will loose their house. Keep in mind, banks do not release all their inventory all at once and simply dripple what they think the market will support.

PLUS... we have the nightmare of commercial investments that have yet to hit the media...All those would be investors like my dentist and chirpractor who bought up apartments to convert who have now defaulted...

We have at least 3-5 years of recovery time. But that doesnt mean you cant find a good buy or not to buy.

Dersirable homes priced right at current market values sell fast as other agents have stated.

Real estate for 90% of the people should be looked at as a long term investment not short. Whats long? 20 yrs...whats short ...less than 5.

So....if you are buying a primary residence and you hold on to it for 20 plus years... is the few thousand you save now really going to make a big difference in your lifestyle to buy the home you want?

My answer, probably not....
0 votes Thank Flag Link Sun Dec 28, 2008
Wait another year to buy, save another 20% on the price. You'll be glad you waited. Good Luck
0 votes Thank Flag Link Sun Dec 28, 2008
Many good answers. I get frustrated with buyers who put in multiple lowball offers, regardless of how close to FMV the home is listed. I have had buyers lowball foreclosed properties by as much as 25% when there are comparable sales well over the listing price nearby. If I show you a home that is listed at 30% over comps, would you be pleased to get 20% under asking? There is more to getting a good deal than picking some arbitrary number over asking and thinking you made out. But don't feel alone: many other buyers are under the same impression.
0 votes Thank Flag Link Sun Dec 28, 2008
There are agents out there who will be willing to help you and make lowball offers. I'm surprised though that you would not want to fall in love with the perfect home and make a fair offer on it, as opposed to just making lowball offers on several homes. You might have more luck with lowball offers if they've sat on the market for a while or if there have been other offers on the home that the seller has turned down. Whatever you do, I wish you the best of luck.

Jillian Mason
Direct: 732-586-5488
E-Mail: jillian@jillianmason.com
Web Reference: http://www.jillianmason.com
0 votes Thank Flag Link Sun Dec 28, 2008
david, when people were buying houses like crazy, i knew that they really couln't afford it. i'm sure you probably knew as well. i'm just trying to get a home at the price i think is reasonable. i know there are areas that have lots of houses that are priced very low and i probably wouldn't try to lowball those. most of these houses are owned by banks that my tax dollars will end up supporting anyway. so basically i'm just trying to get a discount equal to what i paid in taxes last year.
0 votes Thank Flag Link Sun Dec 28, 2008
let me ask you, what "if" the property was allready 20% below current comps? Would you still want to come in less 20% or more?

Also, when you say low ball... do you really mean more than 20%
0 votes Thank Flag Link Sat Dec 27, 2008
Hi Miguel,
I'm absolutely willing to help you make lowball offers during this great buyer's market. I try to encourage all qualified buyers to bid under right now. There are a ton of sellers who want to make deals. Call me. I can help. You might as well take advantage of the buyer's market before things start going up again.
Best,
Robin Page
310-213-9437
RE/MAX Execs
0 votes Thank Flag Link Sat Dec 27, 2008
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