House buying question
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JoseCuervo
New member
Right now????
Make a low-ball offer based upon what the market is worth. There are still unrealistic asking prices out there.
Don't feel bad about insulting the seller, you are not trying to make friends, you are trying to buy something as low as you can.
Maybe offer 50% and see if they counter you or are insulted. If you realise that prices have dropped 20% in the last year, and the bank is selling the house across the street from a foreclousure, 50% might get accepted, or at least start the negotiation.....
I am about to offer a guy $1200 for a 12 enclosed Interstate Cargo trailer that he was asking $2400 for.... He says he needs to sell it today, we will see how bad he needs to sell it.... Worst case is he gets mad and says no..... I can walk away.
Things are tough out there right now, nobody is buying anything..... If you have cash/financing you should be able to name your own price...
Make a low-ball offer based upon what the market is worth. There are still unrealistic asking prices out there.
Don't feel bad about insulting the seller, you are not trying to make friends, you are trying to buy something as low as you can.
Maybe offer 50% and see if they counter you or are insulted. If you realise that prices have dropped 20% in the last year, and the bank is selling the house across the street from a foreclousure, 50% might get accepted, or at least start the negotiation.....
I am about to offer a guy $1200 for a 12 enclosed Interstate Cargo trailer that he was asking $2400 for.... He says he needs to sell it today, we will see how bad he needs to sell it.... Worst case is he gets mad and says no..... I can walk away.
Things are tough out there right now, nobody is buying anything..... If you have cash/financing you should be able to name your own price...
Calif. Hunter
Active member
If you can guarantee a 20 or 30 day escrow because you have cash or can get a fast loan, you can get 20-40% below market here - market price being based upon banks' REOs, for the most part. My house is down about 25%, but there have been few foreclosures in my area and the houses are still selling, albeit at the 25% lower prices.
See if you can get comps (sales prices of recent home sales of the same size home in the same area) from a title company's customer service department. If not, try going on line to Data Quick or other real estate info services. Maybe google "comparable sales." Base your offer upon these comparable sales, going lower to start with.
See if you can get comps (sales prices of recent home sales of the same size home in the same area) from a title company's customer service department. If not, try going on line to Data Quick or other real estate info services. Maybe google "comparable sales." Base your offer upon these comparable sales, going lower to start with.
JoseCuervo
New member
Cali,
Rumour has it, around here, one of the title companies around here filed bankruptcy.
And, I went into another one yesterday, one of the biggest, locally here, and their office was quiet. I would guess 5-7 employees and 20 or so empty desks.... No customers....
Are the ReFi's gone completely dry?
Rumour has it, around here, one of the title companies around here filed bankruptcy.
And, I went into another one yesterday, one of the biggest, locally here, and their office was quiet. I would guess 5-7 employees and 20 or so empty desks.... No customers....
Are the ReFi's gone completely dry?
smalls
Well-known member
I am currently looking into a refi but I think I'm going to be unwilling to give up equity by rolling my closing costs considering I only plan on being in the home another 2 or 3 years. Even at rate nearly a full point lower, I'd only save about $60/month.
Calif. Hunter
Active member
I'm refi'ing right now.
Countrywide and Bank of America's refi volume has gone up 300% this week. Rate is down to between 5 and 5.75, depending on credit and points you pay. The news is that it may go down even lower, but since I refi for free, I see no need to wait.
Lawyers/LandAmerica/Commonwealth filed bankruptcy. Fidelity National was going to buy them and backed out. (A typical ploy of Fidelity, by the way - then they can buy the prospect even cheaper. They have done it before.)
Countrywide and Bank of America's refi volume has gone up 300% this week. Rate is down to between 5 and 5.75, depending on credit and points you pay. The news is that it may go down even lower, but since I refi for free, I see no need to wait.
Lawyers/LandAmerica/Commonwealth filed bankruptcy. Fidelity National was going to buy them and backed out. (A typical ploy of Fidelity, by the way - then they can buy the prospect even cheaper. They have done it before.)
JohnSWA
Senior Thread Mover
Bottom line? If your not embarrassed with your lowball offer, you're offering too much!
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