would seller except 225,000 for (377 Nassau ave, Freeport)?

Asked by lovely.linda2, Hempstead, NY Mon Apr 1, 2013

This question was asked from http://www.trulia.com/property/637445-377-Nassau-Ave-Freepor…

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Tue Apr 16, 2013
Good morning lovely.linda2,

In my 23 years as a Mortgage Banker I've found my clients have the most success in determining "how much will a Seller accept" by making an OFFER!

First things first: when making an offer, focus on what your monthly payment will be for the mortgage financing, including taxes and insurance. If that payment is within your means, then your Mortgage Banker will determine the maximum loan/purchase price for you based on all the factors of the monthly payment, your down payment and your mortgage qualifications.

Begin making an offer with the following standards:

1. WISH LIST. Does the home meet MOST of the requirements from your Dream-Home-Wish-List? The Dream Home exists only in our minds; it's NOT out there waiting for you to stumble across it one Saturday afternoon. But you can find the right home using your Wish List. When you find the home that meets most of your requirements from the wish list, then it's time to make an offer.

2. FORGET LIST PRICE. Based on your own research, shopping in your chosen area, select the price you're most comfortable with, regardless of list price/asking price. In other words, you'll find a home listed at $268,000, but you've seen at least a dozen other similarly constructed homes in the immediate area priced or sold at $235,000. What makes this home so special that it's priced $33,000 more than the average price? Remember, your Lender will appraise the home based on similar homes and those prices.

3. MAXIMUM OFFER. Never exceed the price based on your mortgage qualifications, no matter how much you LOVE the home. You have to be able to afford the payment for the next thirty years. That in-ground swimming pool you love isn't going to pay the mortgage for you!

4. OFFERS ARE NOT PERSONAL. An offering price can NEVER be misconstrued as an insult to the homeowner. This is business; you're not going to hurt anyone's feelings! Make the offer based on a price you're most comfortable with!

5. OPENING OFFER. NEVER open with your maximum offering price. Test the waters with your opening bid: you want to see if this Seller is a SERIOUS Seller who understands this is a BUYER'S MARKET. If there's no reaction to your offer---assuming the price you offered is within the reasonable range of current market prices---you may be wasting your time with this home/Seller. It might be time to move on to another home.

See my "Five Steps To Making An Offer" for the best way to negotiate on your home purchase.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a "Thumbs Up" or "Best Answer." Thanks!
0 votes
usagenius, Home Buyer, Freeport, NY
Thu Apr 4, 2013
No, I looked in to buying this house and made an offer of $260, he didnt accept, he wanted $290. But give it a try.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Apr 2, 2013
If one plans on making an offer, not sure one you would post an amount on a public forum; in order to determine a fair offer review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there; or make an offer within your means, worst case scenerio the owner will reject. As to the referenced property, according to MLS it is in contract as of 3/28/2013, therefore not available at this time....
0 votes
Derrick John…, Agent, Marathon, FL
Tue Apr 2, 2013
The answer to this question is, It depends. There are many reasons that people sell their houses. Some have financial reasons, some want to up-size/down-size, others will want to move for personal or professional reasons.

Ultimately it depends on them. And how quick they want to sell. You will want to tour the property yourself, or if that's not possible, you will want to have someone you trust tour it for you. Take note of everything. What's good about the home, does the space allow you to do what you would like and live comfortably? What's bad and will need to be repaired or replaced?

After you've done this, discuss it with your REALTOR and have them show you what has sold recently in that area. This will help you determine the price that you will want to offer. It may be less than you think, but it can also be more if you find that home that you truly love.

A local REALTOR can be a amazing source of information and knowledge. Let them help you by giving you all the info you need to make a informed decision. And then enjoy your new home!
0 votes
Jeri Cronau, Agent, Freeport, NY
Tue Apr 2, 2013
After you view the house, You and your agent would disscuss the condition of the house, the local area and decide whether it was worth that amount or not. Call me when yhou would like to see homes in the area. and I would be happy to show them to you and help you find the home that meets your needs. Hope to hear from you soon. Rgds Jeri
0 votes
Lydia Green, Agent, East Meadow, NY
Mon Apr 1, 2013
The answer to your question would depend on many factors. Based on the description of the property, it has been recently updated. So, the market value of the house would be based on recent sales of similarly updated homes.

Are you working with a Realtor who has shown you this house? And, if so, is that person representing you or the homeowner? The listing agent cannot help you to determine fair market value because they have an obligation to the seller.

If you are not currently working with a Buyer's Broker, I would be happy to represent you on this or any other house you would like to see. I have been representing buyers since 2000 and have helped many families get happily moved into their new home. Please call me at 516-410-3000 if you are interested.
0 votes
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