Opinions wanted--1st time buyer

[Dan Connolly]

First of all the only way to find out if the Seller will take your offer is to be willing to walk away from the place if you don't get it at your price. If its been on the market for 8 months, make your gut feeling offer and wait a couple of weeks. They may not take it in the first couple of days but you would be amazed how often the Seller will come down after thinking about it for a week. But you have to be willing to lose it. There is a pretty good chance you will get it at your price!

I have been a full time Agent for 20 years. Any agent who actually understands the biz knows that you make way more money by helping people get the best deal. They tell their friends what a great agent you are and you get another sale every year or two. Referrals are the lifeblood of the buisness. I love finding someone what they want for 350K when they tell me they can pay up to $450K. Believe me the referrals are totally worth it. I have clients that bought their first home for 89K 20 years ago who are buying at $650K now, and I have had 5 sales with them over the 20 years (that's selling their house and helping them find the next one.)

Look for an agent that has been around for awhile.

[mediagal]

Thanks for your reply and for sharing your insights Dan. There are good sellers and there are bad sellers in every business. Sounds like you're one of the good ones and your success shows.

I think walking away will be the key to this transaction for me and something to keep in mind during all big transactions. After a couple of weeks of negotiating and researching, I truly believe that my original offer was too generous because I wasn't armed with the information that I have now. The seller is probably sensing that I'm not patient since I've been fairly quick with my responses. I'm pretty sure he knows I'm a first-timer and I would think that alot of first-time buyers are anxious. Patience is definately a key in this size of purchase. I really believe he's going to come back before the end of the year with a better offer. Here's a scenario: Let's say he comes back in a few weeks at something much closer to my last offer and my last offer was $111, plus seller pays buyer's closing and up to $1000 for a refrig. Is it unacceptable in the real estate world for me to counter at less $$$ than my last offer if I have totally withdrawn from the negotiations? Wouldn't withdrawing from this take everything back to "zero" and be like starting all over again?

I can see loads of things to do to bring the condo up to something so much nicer than what it is that could actually get the prices that he's been tossing out there--a new or at least nicer deck, french doors instead of a slider out to the deck, vinyl windows instead of aluminum, etc. Just loads of possibilities. Not to mention the hvac...

Have you heard of a contract/warranty that can be purchased for around $300 that covers major appliances and built-ins? Costs the buyer/owner $75 for the repair or if the appliance needs to be replaced, it's at no cost. What's your take on these, if you're familiar with them?

Thanks again Dan--

[Dan Connolly]

Well coming back with a lower offer is certainly not unheard of. It generally irritates the hell out of the other party. But yes, you would be starting over. I think that you should offer what you feel good about and take a 'c'est la vie' type attitude if you don't get it.
There are a number of warranties out there AHS (American Home Shield) is one I have used. If you google home warranties you can find a bunch. They mostly charge 360-400 and have extra charges for things like sauna's, pools, and sometimes refrigerators, They have deductibles and there are sometimes extra charges (for example if the new furnace is smaller than the old one they will charge you for extra the ductwork etc). I think if you are on a budget and the home has older systems they are worth it. Just know that sometimes they will tell you that the repair you are expecting is not covered for some reason (they don't cover pre-existing conditions) and you have to still pay for some repairs.

[harryjons]

if you are going to buy a house first check the compleate details about the property, propert owner and i think

http://www.Backgroundrecord.com

This sie will You in this purpose

thank you
http://www.Backgroundrecord.com

[real2]

Opinions wanted--1st time buyer

The homebuying process can seem complicated for first time buyers, but if you take things step-by-step, you will soon be holding the keys to your own home.

10 steps to buying a home:
(More details at HUD http://www.hud.gov/buying/ )
1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home
6. Make an offer
7 Background check the other party.
8. Get a home inspection
9. Shop for homeowners insurance
10. Sign papers

[escapeso]

Not to be suspicious but do yall own background check companies.

[SELLITNOW]

. . . regardless of the fact that they are working "for me", their commission is affected by my low offer. And for those of us who are dealing with homes around the $100,000 mark and commissions of 5% (split in half, of course), no one has wanted to work particularly hard to get me a great deal. It's just not worth their effort, and I have been told as much.

Unfortunately you have run into some very foolish, greedy agents - as a REALTOR with a higher standard of responsibility such a posture is reprehensible! I "bust mine" for every client - its the work done for the client that brings more business - not the dollar amount on any particular deal.