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eek, i'm going to make an offer tomorrow. wtd?

Posted by fallingwaters (My Page) on
Wed, Jun 6, 12 at 18:59

i haven't bought a home in 23 years and i'm nervous!
i don't have a lisitng agent yet, and need to gte mine listed asap.
the sellers of my potential new home are not in a hurry, as they are building and hope to move by fall.
this house is smaller than mine but lakefront, a location i've been lusting over for fifteen years or more.
so they are asking 389k.
most everything is new but the septic is 47 years old!
i'd like to pay 350, but don't feel comfortable offering less to compenstae for the septic. new one will be 30k there.
so offer 349 and be willing to go up? or?
i don't have an agent yet but the house is represented by the seller's sister, an agent a county away.
i am preapproved and have good credit.
what's next to make the offer tomorrow?


Follow-Up Postings:

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RE: eek, i'm going to make an offer tomorrow. wtd?

Get a buyer's agent before you proceed. Probably not a good idea to do this on your own, and it won't cost you anything.


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RE: eek, i'm going to make an offer tomorrow. wtd?

Homes are taking a very long time to sell in most markets, and buying another home without selling yours first is very risky unless you are a cash sale.


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RE: eek, i'm going to make an offer tomorrow. wtd?

I would check for any new or more stringent restrictions for waterfront development ... you might not be able to put in a new septic or will have to do a special one at an even higher cost. Have a contingency on the contract that the town has to approve a new septic design.

In Mass you can't sell without your septic passing a test (Tittle V) and if there is a problem the seller has to fix it or reduce the price to cover repair/replacement.


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RE: eek, i'm going to make an offer tomorrow. wtd?

oh good pint, i will check tomorrow with the town and the state to confirm it's non buildable park land status.

here in vermont the state is in charge of septic. luckily they've actually increased the types of septics which can now be used, and being grandfathered also is fairly inviolate here.
i just put in a new one eleven months ago, it is state of the art and with engineering cost me thirty thousand.
ouch!
i'll get myself an agent in the morning and proceed.
i am pre approved and have good credit, now to get an offer approved and this place sold.


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RE: eek, i'm going to make an offer tomorrow. wtd?

I'd take a bit more time doing some research on comps before just picking a number out of the air. Get your agent to run comps and work from there. Or use this as a screening tool, meet with a few agents, ask them to help you determine an appropriate offer price, and see how well they do at coming up with something based in fact, not just a "seat of the pants" number that feels good to them. Let them demonstrate how they would negotiate on your behalf, and pick the one that demonstrates the best ability to do so.


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RE: eek, i'm going to make an offer tomorrow. wtd?

$30,000 for a septic field? My oh My!
If the sellers septic is working fine, there isn't really a lot of leverage to use here is there?
Speak with a buyers agent and get a good market valuation on the property. Do not use the sellers agent... they represent the other side!


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RE: eek, i'm going to make an offer tomorrow. wtd?

oh yes, septics are incredibly expensive. town says since it's functional that is all that matters, so we'll see about using it as leverage.
meanwhile i am waiting to hear from an agent to get this place of mine listed and to represent me to make an offer.
i've called the town zoning admin, the land is indeed agricultural so horses are allowed, as is fencing and barns etc. the town no longer uses this pond as drinking water either, so set backs are not as stringent as they once were.
the price is very fair for this location, i'm current on local real estate market.
next is to hoe out this place, 23 years here with both sets of parents' homes stashed in here as well as my own stuff.
ick, i'm not looking forward to the cleaning out process at all.


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RE: eek, i'm going to make an offer tomorrow. wtd?

well my house appraised for 200k less than it did three months ago with a different agent.
so.
tomorrow an agent who comes highly recomended is coming out to talk about selling my place.
if the house i want isn't already gone maybe we can make it work.
but i think it will be long gone before we can be ready.
perhaps it's all for the best, as i LOVE the location and setting, but the house is definately not my style.
we shall see...
i'm not freaking out and am concentrating on allowing things to unfold as they are meant to.
meanwhile i've got a pretty spectacular place to live still.


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RE: eek, i'm going to make an offer tomorrow. wtd?

"Get a buyer's agent before you proceed. Probably not a good idea to do this on your own, and it won't cost you anything."

You might consider reaching out to the seller's agent and asking if she'd be willing to cut / rebate a portion of her commission if you don't include a buyer's agent.

Determining market value / amount you are willing to pay for the property is not rocket science and you will likely be paying for an appraisal anyway if you need a mortgage.

From a document review perspective, you're probably better off hiring a lawyer at an hourly rate than trusting a realtor who will want to take a percentage of the deal.


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RE: eek, i'm going to make an offer tomorrow. wtd?

well my house appraised for 200k less than it did three months ago with a different agent.
so.

Are you talking about an actual appraisal by a licensed appraiser or a competitive market analysis by a RE agent?


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RE: eek, i'm going to make an offer tomorrow. wtd?

two agents have come out and walked the land and inside the house.
the one in march said he's be comfortable listing at 549.
the one last week said he'd be hard pressed to sell it at 349. that one was also very down on my town, obviously he's not being considered.
a third agent is coming out tomorrow morning and we'll see.
the house i want is still not under contract, may be i've still got a chance.


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RE: eek, i'm going to make an offer tomorrow. wtd?

Fallingwaters,

You may think the the low-figure real estate agent shouldn't be considered (your preorgative) but don't fail to consider his opinion and the underlying facts he was basng it on. He could be right - or you could be looking at a "middle ground" of the mid-400's.

The only way to tell is to pay for independant appraisal. Money well-spent in my opinion, especially in a market affected by outside forces like those happening in your area.

A realtor suggesting that you list for a high number could simply be looking for your listing business and not really expecting to sell that high. Until you see (at the very least) the recent sale comps, it's all windage.

HTH

L.


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