I will be buying with cash, I'm looking for something in the range of 40,000. What type of mark down will I maybe be able to expect?

Asked by Neesiebear, 46107 Sun Jan 8, 2012

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Annette Lawrence’s answer
Annette Law…, Agent, Palm Harbor, FL
Mon Jan 9, 2012
There is so much we don't know.
At that price point all transactions are CASH. Banks don't care to write mortgages for such low amounts.
I've had buyers puchase homes at this price point on the credit card.
Discount? How much has this been discounted already?
Who are you bargaining with, the owner or the bank?
What is the condition? ARV? Repair costs? If you see where the profit is, others will also. Then it goes not to the low baller, but the highest offer.
Of course, you already know what the standard investor formula is. So go ahead and low-ball and take your chances.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Jan 8, 2012
Much will depend on the seller and terms of the offer; keep in mind that regardless the form of payment, in the end the seller will get paid. In order to determine a fair offer, review comps with agent, recently sold similar properties in the immediate area, see what the data suggests and go from there.
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Tim Moore, Agent, Kitty Hawk, NC
Sun Jan 8, 2012
Cash is nice but it does not impress a seller all that much by itself. A cash buyer can close a week or two earlier than one with a mortgage and the seller gets just as much for the same offered amount so many sellers like cash buyers, but the discount off listed price won't be much different for you vs a mortgaged buyer.
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Phil Rotondo, Agent, Melbourne, FL
Sun Jan 8, 2012
Ask a local real estate agent for the current list-to-sale ratio for homes in 46107. That'll give you an idea.
Web Reference:  http://www.321property.com
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