I am buying first home i have been approved for 67,000..people keep having me look @ homes in high 70's/low 80's.realisticly how low can i

Asked by Crystal, Akron, AL Mon Mar 21, 2011

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Don Tepper, Agent, Burke, VA
Mon Mar 21, 2011
How low can you offer? Depends on the seller's motivation and amount of equity in the property.

I understand your concern: It's a pretty big gap between, say, $77,000 and $67,000. And even bigger if you go up to, say, $83,000.

You say "People keep having me look . . . " Ideally, you should be working with one agent--one you select. Not a listing agent who may have listed one of the higher-priced homes. First, make clear what you've been approved for. If all you then get are still homes that might be outside of your price range, ask: "Print me a list of all available homes in __________ [location, or x miles from a central spot] that are priced between $60,000 and $70,000." Then see if there are any in that price range that might work for you. If not, certainly consider ones listed for more. But the higher you go--and in your case I'd guess much above maybe $72,000 or so--the less likely you are to be able to get one for $67,000 or less. Again, certainly not impossible, but less likely.

Hope that helps.
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BG, Home Buyer, Phoenix, AZ
Mon Mar 21, 2011
have you informed your agent that you only want to see houses in the high 60s range ? Tell them that they are wasting your time.
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