Home Buying in 22314>Question Details

Chuck, Home Buyer in 22314

Don't want to waste an agent's time...?

Asked by Chuck, 22314 Thu Dec 27, 2007

I don't want to waste an agent’s time in searching for a house. I know exactly the area in which I would like to buy, (this area is about 2 square miles), but I believe most of the homes in that area are over valued. Would I be wasting an agent’s time by making offers on homes that are well below what the seller is asking? There are numerous homes for sale, (but I would need the average price to come down by at least 10%), and I would try to see which seller would reduce his asking price the most before I would purchase the house. Thanks!

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You would not be wasting an agent's time if you are a serious buyer. What any agent would want to know is how serious are you about buying, have you received a mortgage pre-approval and if so, from whom; and when do you want to buy; Although the market has shifted toward the buyer's advantage, this is not a depressed market like you would see in Northern Virginia or Hampton Roads. Sellers may have to make price concessions but many sellers have already done so and many, but certainly not all, homes are now priced at decent discounts

Regarding making offers to see which seller would reduce his or her price the most, you never know what a seller will accept until you make the offer. So, I say, GO FOR IT!
0 votes Thank Flag Link Thu Dec 27, 2007
Negotiating the price down is what a good Buyers Agent should be doing for you anyway. As long as you are a serious buyer - you are not wasting an agents time. An agent can also tell you the latest sales in the area to help you determine which homes are the most over-valued - or which ones may be close to a realistic sales price!
1 vote Thank Flag Link Thu Dec 27, 2007
No, you wouldn't be wasting an agents time, in fact using a buyer's agent to do what you're talking about is probably the best way to actually accomplish the feat. A buyer's agent would be in a good position to know which homes are truly over-valued, and how low they might be willing to go. S/he's also be in the best position to help you achieve that price, as a trained negotiator.

So don't worry about wasting her time... that's what she's there for.. to tap into her expertise, and help you find a home that's priced right for you!
1 vote Thank Flag Link Thu Dec 27, 2007
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
I can help you in Old Town Alexandria.

Will Nesbitt
Condo 1 of Alexandria (We work with all types of property in Old Town.)
703 765 0300
0 votes Thank Flag Link Wed Sep 17, 2008
Don't waste YOUR time. You need a Buyer Agent so you have access to the most important information that you DO NOT have...comparable recently sold properties. In your example, could it be that there is a 10% difference between asking price and selling price? Buyer Agents have (or can look up) this information. It's the lifeblood of the real estate business, and you should not make any offer without it.
Also, your Buyer Agent can offer advice and strategies regarding price negotiation.
0 votes Thank Flag Link Thu May 8, 2008
A "good deal" is different to everyone. Do some research. Find out about the values and the seller's motivation. Have your buyer's agent talk to the listing agent and ask a lot of questions. Why are they moving? Have they had any offers? What's most important to the seller- price or a certain closing date. But don't be afraid to make an offer. The worst they can say is no.
0 votes Thank Flag Link Tue Jan 22, 2008
No, you would not be wasting an agent's time or yours as long as you were not completely unrealistic in your offer and terms (e.g. an undervalued property that just hit the market 3 days ago and you wanted to offer 20 percent less than asking price and wanted to settle in 4 months).

If you already know which properties you like, preparing an offer takes about 30 to 60 minutes and going over it with you can take between 30 and 90 minutes.
Web Reference: http://www.LoudounStats.com
0 votes Thank Flag Link Thu Dec 27, 2007
Chuck - I certainly understand you want a good deal, everyone does. There are ways to get properties 10% below market value. It takes a little time and you will have to be flexible, but it can be done.
I'd be happy to have a consultation if you'd like.
Thanks & Good Luck, Richard
0 votes Thank Flag Link Thu Dec 27, 2007
I think it is a mistake to think of your offers in terms of a percentage of a list price. Some homes may be 20% overpriced and you would not want to have for for only 10% off. Other homes may be priced at a level that you should jump on at list price. I recently recommended a buyer bid over list price on a home that was priced very low. He did not get it because someone came in even higher. He would have been thrilled to get it a little over list because list was so low.

You need to look at market value and place your bids accordingly. Look for the best house you can get at the best price. If you get that you will be much happier in the long term than if you talk someone down a certain percentage.

As a buyer agent, I love buyers who have narrowed there choices to a small area like you have. I wouldn't think it would be a waste of time to work with you, and I think most agents probably feel the same way. Call me if you need an agent; I'd be more than glad to help you find the right house.

Jeff Royce
703-585-5663
0 votes Thank Flag Link Thu Dec 27, 2007
Hi again, Chuck! I would have the agent run comparables on what's actually sold in the past 90-120 days in the area you want. Then look at the homes you are interested in in that area. Then I would rank the houses from the one you want most to least. Start with the top and discuss with the agent what a reasonable price would be, and make the offer and see what happens. If that house doesn't work out, then go to the next. There's plenty of inventory out there so I wouldn't worry about losing out if you don't get the first one. One thing I would keep in mind, though, is how long you plan on staying in the home you buy. If you are settling there permanently and you really LOVE a particular home, you might want to weigh the value of a lower offer vs. making sure you get it with a little higher offer. The difference in your monthly note over a number of years would be low, and only you can decide if that difference is worth it in the long run if that's the house you really want to be in. Have a GREAT day! Regards, Paul
0 votes Thank Flag Link Thu Dec 27, 2007
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