On 3rd party approval, can you go in with a lower offer than what the asking price is of the house.

Asked by Greg Sassu, Bristol, CT Fri Dec 26, 2008

Say the house is $289,900 and you want to put an offer of $220,000 in because if there will be no repairs made by current owner following a home inspection you want to protect yourself in the end if there are repairs that need to be made

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The Kinslow…, Agent, Centennial, CO
Fri Dec 26, 2008
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Hello Greg,

Of course you can always offer whatever you like. You may want to go through the home and take notes of everything that needs to be repaired, to be of the same quality of comparible homes in the neighborhood. Get a list of the comparible homes that have Sold in the last 90 days from your Realtor and then decide what a good price for the home would be. You may need to do some shopping to find out how much things cost to have repaired. Even though it says the house is being Sold As-Is you still have the opportunity to do a Home Inspection. If the Inspector finds something wrong with the home you can either back out of the deal or ask for it to be repaired. Usually if it's health or safety related, they will fix it. My son just bought a bank owned As-Is home. Upon Inspection, they found breaks in pipes, a major water heater problem and dead animals in the crawl space. The bank installed a new water heater, had a plumber fix the pipes and the animals removed and the area sanitized. These were all items that would prevent most Buyer's from Buying the home, the bank agreed and wanted the house Sold. He paid about 90% of what the bank was asking, however they were asking a lot less then comparable homes in the neighborhood. The same size home in this neighborhood have Sold recently for $85,000 to $120,000 more then my son paid for his home. We feel he got a very good deal without majorly low balling the listed price.

Sandy
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Jesus (jesse)…, , Nashville, TN
Fri Dec 26, 2008
Greg, everything in real estate is negotiable....I do mean everything so, if you feel the home is only worth $220,000.00 the put that in as your offer however, just remember that the seller, bank or whomever, will have some idea of how much the home is worth and will most likely know if you are low balling them.

So, my question to you is, do you have the recent sales figures for comparable homes in the area? If not, then why, you're buying an investment and you need to be comfortable with how much you are paying for it so, make sure you are just as educated as to how much the home is worth as the seller most definitely will be.
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Dallas Texas, Agent, Dallas, TN
Fri Dec 26, 2008
Request your buyers agent review terms of contract how submit an offer. Usually with any home sales pre-existing home there would be minor repairs, home inspection would cover any major cocerns which would allow you to cancel sales offer during option period. That amount of reduction list price to your offer could hack off seller not wanting move forward with a counter offer.

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