I am interested in this house. Any chance that the price will lower to around $180/190?

Asked by Julie, Giyer Thu Oct 9, 2008

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This question is about this property: http://www.trulia.com/property/1005148295-1351-3rd-St-Meridi…

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8
Maria Morton, Agent, Kansas City, MO
Wed Dec 8, 2010
Hi Julie, have you spoken with a local agent yet? There's not much more we can tell you from afar. For some houses in some neighborhoods, 5 or 10% of list price may be acceptable while in other areas it would not be. The person who could best help you with this is a local real estate agent. Please read Deborah Madey's answer below. She explains some of the basic functions of a Buyer's Agent quite well. This is your starting point.
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Jim Smith, Agent, Sonor, CA
Wed Dec 8, 2010
If you know what your loan approval is for, then it is much easier to make offers on homes like this, hopefully with a Buyers Agent, such as myself.

I have seen cases where the bank will refuse an offer one time, but then a few months later, drop the price to below the point where they refused the first offer. I have actually completed a real estate transaction like this.. It was funny, and quite odd.. There is very little logic to what banks do with their properties. Sometimes they hold them and refuse to sell at any price. Then they want to sell and get all cash and a retail price, but in an as is condition.. with lots of fix up to do...

If you have an agent that knows how to navigate these REO and short sale waters, it will be much easier for you.. A good loan officer or broker is also a huge asset, as that can make or break a deal...

Eric Straatsma MS MHM MCM
ECOBROKER® Certified Green Real Estate Solutions Provider
DRE Lic. # 01730488
Phone; 530-674-8536 or 916-222-2417
Email; realestatesolutionsprovider@boxbe.com
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0 votes
Don Yosef Ma…, Agent, Highland Park, IL
Fri Oct 10, 2008
Dear Julie,
I don't quite follow what this last agent is trying to say ,but if it is what i think ... You personally shouldn't submitt your offer in person !! That's why you are hiring a well trained Realtor who has experience and knowledge of the market and area and has done this a hundred or so times before.
In ILLinois, the seller doesn't have to accept any offers in person and it is up to the seller to do this or not. The buyer the buyers realtor and the seller's realtor can not deman a in person presentation,but at certains times it may not hurt . They can only be there for the presentation only and then leave.
Sincerely yours,
Don Yosef Marcus GRI,ABR,CCREC
CENTURY 21 MB
DonYo770@aol.com
0 votes
Maria Morton, Agent, Kansas City, MO
Fri Oct 10, 2008
Julie, the only way to know what the sellers will accept for the property is to make an offer. Have your agent assist you in structuring the Offer To Purchase/Real Estate Contract and present it. Then you can begin negotiations.
Web Reference:  http://www.MariaSellsKC.com
0 votes
Don Yosef Ma…, Agent, Highland Park, IL
Fri Oct 10, 2008
Dear Julie,
Who evfer tells you that they are Not a big fan of a dual should point out he reasons why!!! IF A DUAL AGENT does theyr job correctly and there is a variable commission I would highly recommend that UNLESS You don't get ALL of the information needed to make an intelligent decision.
EVEN using a Buyer's agent IS NO Guarranty that you will get this property for LESS.
As A Dual Agent situation your Realtor Can not direct you to what price to begin or what price the seller will acept.
In THIS CRAZY MARKET I DON'T THINK ANY BUTER'S AGENT Will Know Either !!!!!
YOU JUST HAVE TO TEST THE WATER's For yourself to see.
In my Previous e-mail I stated that you should get an agent who has advance real estate designations, one of those designations is a ABR, I have one of thoses, it stands for Accredited Buyers Broker.
The whole reason a listing has to state at least in ILL. that it has a variable commission to give the buyer the understanding if there are two exact offers and why their's didn't get accepted why !!! Even though all listing agents can be a dual agent except where owner refuses this situation you still have to "feel out " the realtor if this is someone you want to work with.
THE BOTTOM LINE IS:
Only if you are comfortable with ANY REALTOR should you move foward then.
IN the previous e-mail A Reaaltor and I also feel that......NOT ALL LISTING AGENTS Qualify to be a Dual Agent This is the biggest problem with Dual Agency,but you can say the same for any
REALTOR that you have a bad experience with !!!!I guess the chances of having a bad experience increase with a Dual Agency but i am a firm believer that if there is a variablr rate commission go with the listing agent or maybe some one from their office that has experience in this situation.
Top producer from Chicago for many years
Don Yosef Marcus GRI,ABR,CCREC
CENTURY 21 MB
847-361-7770
DonYo770@aol.com
0 votes
Bill Eckler, Agent, Venice, FL
Fri Oct 10, 2008
Julie,

Anything is possible.

We suggest that you identify an area agent that can provide you with the information necessary for you to use as a basis for making an offer. We would be happy to refer you a top area agent that would walk you through the process, step by step......

Our best regards,
The "Eckler Team"

Michael Saunders & Compant
billeckler@michaelsaunders.com
941-408-5363
0 votes
Deborah Madey, Agent, Brick, NJ
Thu Oct 9, 2008
Hi,

The amount the seller may be willing to take will depend upon the market values in the area, market conditions, and their personal motivation.

I recommend using a buyer agent, and am not a fan of dual agency, evne if and when there is a variable rate commission. A variable rate commission exists when the listing agent agrees to accept a lower fee from the seller if the listing agent represents both the buyer and seller. The challenge for you, the buyer is that the actual selling price may end up more than if you were to have worked with an agent representing you.

A buyer agent will prepare a CMA for inclusion when presenting an offer. If this CMA documents that the market value of the property is in the range of 180K-190K, that will support your goal. The other factor that will determine the final selling price is the desire or need for the seller to move the property. Not all sellers are desperate to sell. Some have high motivation, while others are simply wiling to hold their property if a buyer is not willing to come up to their price. Again, a good buyer agent can discover more information about the buyer motivation which will aid you in making your decisions about your offer.

Good luck
Deborah Madey - Broker
Peninsula Realty Group - New Jersey
0 votes
Don Yosef Ma…, Agent, Highland Park, IL
Thu Oct 9, 2008
Dear Julie,
The first thing you should find out if the listing agent has a varible commisssion on this propperty. If so it might be your best interest to use him. I don't know values in California but you are asking for a 10 % reduction off of list price. When ever you get ready to submit an offer your realtor should do a CMA on that property. In this case maybe only recent sales in the area. This will give you an idea of what a fair price is,but only an experienced realtor who has seen most of the comps in the area can give you the inside information on the sales which is more important, bacause listings don't always give you the full details in writting. Try and find a realtor with the more advance real estate degree's are better. Example like a GRI, ABR, CRS all of these shows great commitment towards their profession. You should first of all see the home with a licensed inspector on;y if you are serious about buying it. Maybe a licensed friend that is a contractor,electrican,a/c heating all of these can work for you in the beginning stages. Make sure you get a home warranty,especially a warranty that covers septic. I use OLD REPUBLIC and the reps name is SANDY . You can ask the seller to include this as part of the sale or have your realtor give it to you as a closing gift like I do.
Good luck,
Sincerely yours,
Don Yosef Marcus GRI,ABR,CCREC
CENTURY 21 Mb
CHICAGO & Northbrook
DonYo770@aol.com
847-361-7770

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