Any tips for negotiating home price?

[nycposite]

SuNiversal wrote:

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Originally Posted by Iceberg Slim

Buy 3 300K homes instead, not even a joke. 300k homes are going for like 180 now, you could prob get some nice 380k comes for 300. There are a plethora of options where can still get a really nice home and make your money work for you as well

I wish that was an option, I work in Manhattan and live in Brooklyn and cant find two family homes for that range.



I feel you. My rent now isnt that bad for a 2 bedroom (about 1600 after everything). Was going to keep on renting and get a 3 br but to stay around my neighborhood
we looking at 4k a month. Been looking at a few houses in pa for around 300 to 400k (4 br, 3 ba, 3000sq). Think its time to leave ny. Good luck

If you dont mind around where you looking at?

 

[suniversal]

Originally Posted by hombrelobo

Have you looked at the comparables in the area? Checked out recent listings? Checked out recent sales? Checked out recent listed and selling prices in the area? Checked records to see if listed prices have dropped? The purchase history of the home?


All these will help you come up with figures that will help you determine a sound strategy for making your offer. PM if you need want to talk more about strategy. I would be more than happy to converse and shoot ideas back and fourth. If not.. good luck my man

Thanks man..I did research the items above using trulia it has those feature and I calculated most of the listing sold for 90% - 92% of the original asking price. I figured 865,000 would be fair starting point and since I saved sufficient down payment that would help my case.

NycPosite - I am looking in the bayridge / ****r heights area of brooklyn.

 

[iceberg slim]

Originally Posted by SuNiversal

Originally Posted by Iceberg Slim

Buy 3 300K homes instead, not even a joke. 300k homes are going for like 180 now, you could prob get some nice 380k comes for 300. There are a plethora of options where can still get a really nice home and make your money work for you as well

I wish that was an option, I work in Manhattan and live in Brooklyn and cant find two family homes for that range.

Ouch that blows. I'm guessing leaving NY isnt an option. You can always talk them down and if there are no other bidders hold out. Congrats on the potential home purchase though thats a beautiful thing

 

[suniversal]

Originally Posted by Iceberg Slim

Originally Posted by SuNiversal

Originally Posted by Iceberg Slim

Buy 3 300K homes instead, not even a joke. 300k homes are going for like 180 now, you could prob get some nice 380k comes for 300. There are a plethora of options where can still get a really nice home and make your money work for you as well

I wish that was an option, I work in Manhattan and live in Brooklyn and cant find two family homes for that range.

Ouch that blows. I'm guessing leaving NY isnt an option. You can always talk them down and if there are no other bidders hold out. Congrats on the potential home purchase though thats a beautiful thing

Can't leave NY because of my career. Appreciate the nice comments hope to move into a home by February 2012.

 

[scientific method]

Why would the seller care about your down payment, by the way? You're getting financing, so they're getting cash either way and your payment is going to the bank/mortgage company. Seems like if anybody is going to give you some benefit, it would be them, like maybe you can get your closing costs paid, or buy your % down (points).

But doesn't the seller get cash the same whether you pay cash, finance, put 10% down, 30% down, I'm not seeing why they would care or maybe I'm misunderstanding the whole process.

 

[suniversal]

Originally Posted by Scientific Method

Why would the seller care about your down payment, by the way? You're getting financing, so they're getting cash either way and your payment is going to the bank/mortgage company. Seems like if anybody is going to give you some benefit, it would be them, like maybe you can get your closing costs paid, or buy your % down (points).

But doesn't the seller get cash the same whether you pay cash, finance, put 10% down, 30% down, I'm not seeing why they would care or maybe I'm misunderstanding the whole process.

With my down payment I can get a loan pre-approval document from my bank to show the seller that I am serious about the purchase. If they know I am serious about the purchase we can speed up the process and come to terms on the amount.

 

[nycposite]

thats not that bad of a price

Where im at 900k will get you a nice 2br maybe 3br 2 ba apt

(10024)

 

[pushak513]

Originally Posted by Scientific Method

If you forego having your own agent and doing the negotiations yourself, you avoid that 3% commission they get and the seller can take that into account when setting the price. There's not a whole lot they do that you can't yourself, even looking at comps you can do so on a site like zillow.com trulia.com realtor.com

found the home I just got off of zillow, forclosure for the low 

 

[scientific method]

Oh, I got my prequal statement before I even started looking, then I lost the house I wanted because the items on my credit report fell off and I had to rebuild my credit, so I decided to build and then by the time it was ready my credit would be back in the 700's, then literally while we going over particulars on a build the house I thought I lost become available again because the couple changed their mind before signing.

If I could go back in time, I would have negotiated harder, but I was just excited because like I said I thought I had missed out on the house, on either the purchase price down 5-8k, and/or got full closing paid instead of half and/or most importantly gotten a fence and fridge. I had to pay for those 2 myself.

I live in Oklahoma so I paid nowhere near what you are looking at. I don't think we even have 959k homes in Lawton.