Most Mortage Comanies, Mortgage Brokers, Mortgage Bankers, Banks and Finance Companies work Globally; that is, they can make a loan almost any where, from anywhere.
They can check CREDIT and REFERENCES anywhere.
If you would like to know what you can afford, and how much it will cost you, before you move, you should start the process now.... more
If your friend currently has the home listed with an agent, your buyer's agent would most likely be getting a commission split of the listing agent's commission. So if you cut him/her out of the deal all you are doing is putting 100% of the commission into the listing agent's pocket rather than splitting the commission between the two agents. One other thing to consider is whether or not you have a signed contract with your buyer's agent. Buyer's agents work hard for their clients. How would you feel if you were in his/her shoes?... more
So, by fair market value do you mean what recent comparables have actually sold for?
How long has the house been on the market?
What is the shape of the home? Does it require any major repair, or just cometic or is it move-in ready?
Do you know how many people will be splitting the proceeds of the sale? Is there any debt, liens that need to be paid off? Financial obligations may affect the ability to negotiate.
As you can see, there are a lot of things to consider, but what it comes down to is what is it worth to you? Get as many facts together as you can and make an educated decision. Just make sure you do it with your eyes wide open.... more
I've been told that anything between 20-25% off of asking price is not unreasonable. The seller might feel insulted by that, but if they have an experienced agent they've already been prepped to receive such authors. In fact, the asking price may actually be 20-25% higher then the actual value. I think right now, many sellers are very anxious to sell the homes, so a low-ball offer is at least a good starting point. The other side of it is that if they don't come back with a reasonable counter offer, be prepared to just thank the seller for their consideration and walk away.... more