Questions to anyone who has experience in real estate.?

[Zemfik]

I have been looking at properties to buy for several months. Approx 6 mths. We finally found a property that is a upscale ranch. Wood flooring, open and split floor plan. Dinning room, Den, master bathroom with walkin closets, soaking tub, stand up shower and a mud room off of the garage. Unfinished basement, 2300 sq/ft. The house has set empty for two years. Actually the auditors website says it was built in 06. The house originally came on the market last year for 297.000.00, the contractor took it off market during the fall/winter months. it has now came back on the market for 257,000.00. The market quiet frankly sucks in our area. There are 300k +/- houses being built on the same street without luck in sale. My question to anyone that can answer this question. Do you think that the builder would take an offer of 225k? Every month this house sits empty the contractor is loosing money. I can not help but wonder if he would be anxious enough to take the offer?

[Michael Quarles]

The answer is already a profound NO until you ask!

[Dan Auito]

Michael has a profound answer in a not so gentle delivery. LOL

I would have accentuated ASK!

Just be sure to have an all cash offer, with no contingencies and the ability to close in two weeks with you paying all cash + closing costs evidenced by the unmodified contract presented, which doubles as the offer. (by the way)

Now forget that offer after you present it and keep looking for more reasons to justify your price while he thinks about that real fast cash for the next two weeks.

Nothing says you can't lower you next offer ! LOL :thumbsup: $225,000 all cash, in two weeks, no closing costs.

[Bill H]

I agree with both Dan and Michael....the absolute worst that can happen is the contractor says NO. You do not pass Go and do not go to Jail...he just said NO...However if he says NO with a counter...you have established contact, have a working feeling for what his bottom line is and you can respond accordingly.

However; on the other hand; if you sit and ponder....SOMEONE else may ask the question and you will lose.

What are you waiting for....ACT NOW!

[Bluestarhomes]

Yup yup, you never know unless you ask! I've heard it said that if your not embarassed by your offer then you offered too much.

[dude1e]

Just watch it,it looks to me like there are many other homes on the market and available and you may end up being stuck with this one even buying at a discount,go for as low as possible,let the seller come back with something than if it is something feasible and you can handle it go ahead,always start low,if you ask the seller lst question what the lowest price they will take is that gives you a good starting point,also find out why they want to sell,what is owed,what the actual comps are ,what the market is doing,what the market rent is,how many vacancies,how long other properties are on the market,conditoin of plumbing,electrical,foundation,any problems that gives you negotating powere

[Tom Henderson]

Do not be afraid to ask. Whe I get a question like this, I tell my students to look at all the newspapers around the nation to see if you find this headline:
INVESTOR MURDERED FOR MAKING LOW BALL OFFER If you find such a story, then do not make an offer. If you do not, call the contractor and ask him what he would do to get rid of it.

[Debbie]

Do not be afraid to ask. Whe I get a question like this, I tell my students to look at all the newspapers around the nation to see if you find this headline:
INVESTOR MURDERED FOR MAKING LOW BALL OFFER If you find such a story, then do not make an offer. If you do not, call the contractor and ask him what he would do to get rid of it.

You're quite humorous, Tom :scream:

[BSH]

Amen on the low-ball offer stuff. I think I'm the queen of low-ball offers--always embarassed by my offers. And y'know what? I usually get what I want. Once in a while, I'll get an uppity real estate agent or owner who is just totally offended, but no one ever hurt me yet! :-)

I'll tell you a quick story: The very very first house my hubby and I bought together was in upstate NY. We were saving up for a house, but not quite ready yet. Then, a cute little abandoned house near our apartment came up on the market. On a lark, we went to see it. Butt ugly--everything painted mint green, mint green carpet (over gorgeous oak floors!), mint green plastic tile in the bathroom--you name it. But solid as a brick. And anyone with vision could see the cute potential was off the charts. Anyway, they were asking $160K for it, and it'd been on the market just a couple of days. My husband and I decided to offer $78K. Why $78K? Because we had exactly enough downpayment in the bank for that amount and not a penny more. When the selling agent saw our offer, she literally threw her chair back and jumped to her feet--totally offended. She even refused to present the offer, until we reminded her she is required to present the offer. Anyway, the next day, the sellers accepted. We lived happily in that sweet little house and fixed it up really nice and made a small fortune in no time. Since then, that's how I've gotten all the rentals I have, too.

Low-ball is the way to go!!!!!! Don't be shy!!!!!

[AIR]

make the offer you're willing to pay, dont budge, no emotions involved in RE