What are some tips to buy a house way below its list price? Can you provide some articles and links that can help me on this.?
I am in the market for new house and feel loat prices are higher than the values of houses. One thing I am thinking to do is go for houses that are in market for 60 plus days that way I can ask much lower than the list price. What are some other tips?
- curtisports2Lv 74 months ago
There's a reason houses are on the market longer than 60 days. The owner wants what they want and are staying put until they GET what they want. They don't need to move. They are not a motivated seller. Motivated sellers will reduce the price to attract offers.
So, you can waste your time and an agent's time and a sellers time in making lowball offers that will be rejected and not even countered. You are NOT going to get something for 'way below' the MARKET price unless the property needs substantial work to bring it UP to market price. Then, you can buy below market price and do the work yourself. There are properties like that out there. You won't find anything in 'move in' condition for way below market.
- realtor.sailorLv 74 months ago
Get a good Realtor that knows the market. It doesn't cost you anything as the seller pays the commission. Have your agent prepare a CMA - comparative market analysis on a home you're interested in. This will show you what comparable homes have sold for.
- Anonymous4 months ago
Define way below? Asking has little to do with what it can or will be sold for no matter how long on the market. But people have an idea going in what they will sell for because of existing mortgages or other obligations they want to meet.
Offer to far below and they laugh in your face and do not reply but so what. Knowing and doing your homework will assist you and so will a savvy agent which cost the seller as they pay the commissions.
Other ways to reduce your cost is to negotiate closing cost etc.
- 4 months ago
Know what you are talking about.
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- Anonymous4 months ago
Talk to the agent. Agents rely on commission so they may well agree to convey your lower offer to their client. Be polite. If you think you can twist an agent's arm they will just ignore you.
- PamLv 64 months ago
There are several other ways that you can use as a bargaining tool. 1) check out what other comparable homes (within 1 mile) SOLD for. Not the list price. Pay no attention to that. A house is only worth what the market says it is. 2) Kitchens and baths sell homes. If the kitchen and baths are NOT upgraded, that's a huge bargaining tool because your argument would be that you would have to spend money to upgrade it yourself and therefore your offer would be below their asking price. 3) If there are any structural damage or if you get an engineers report, you can always use that as leverage also. Be a competent negotiator and know going in, what you want to spend on a home but not without first doing your homework first.