the house we were looking at was at $129900( it was on the market for 6 months). when we went to see the house last weekend it dropped down to 125k. we made an off of 125k and they cover closing costs. it’s been a couple of days. i asked the realestate agent about the offer . she said they are think about it. so today i was thinking can i offer to buy at 128k and get $1500 at closing and the rest of the other half of the $1500 to help them cover some of the closing cost?
it’s not a short sale and not a Foreclosure.
dallas – ft. worth area
If they are thinking about it, let them think. Do not go back and re write the offer. Let them come to you. The first person who makes the move after an offer is the person with the power. They may have been out of the town a few days…and only got it yesterday…If it has been on the market six months the Realtor, if she/he is a quality Realtor will let you know another offer has been received.
Patience may save you some money.
If they are thinking about it, let them think. Do not go back and re write the offer. Let them come to you. The first person who makes the move after an offer is the person with the power. They may have been out of the town a few days…and only got it yesterday…If it has been on the market six months the Realtor, if she/he is a quality Realtor will let you know another offer has been received.
Patience may save you some money.
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Let them counter your offer before sending another one.
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seller concessions are all part of the buyers market we are in. as far as getting money back borrowers can only receive less than 1% of the loan amount back and the lenders frown highly on that.
be patient seller concessions are big most of our borrowers are advised to ask for 4% seller concessions so they have to bring less to the table and can basically use what money they have as a deposit this is a great way to get the best deal!
be carefule of those sayig they will cover closing costs without a percentage of 3% or a cash amount equal to that amount.
the fact is what is left after all closing costs is yours most people underestimae thier closing costs IM not taking lender fees im talking about all the state and local taxes insurance, property taxes etc.
you will find a link to an article that should be very helpful good luck!
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http://directlendingplanet.com/HomeBuyingSecrets.html
Sit on it. The way the market is right now, YOU HAVE THE POWER. I am surprised you offered as much as you did. Of course, it depends on the area of the country you’re living in, but where I am we offered 20% less than asking AND for them to pay closing and they jumped all over it. Don’t get too over anxious. If it has been on the market that long, and they just dropped the price, I would expect them to accept your offer.
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You’re getting some good advice. Sit tight.
One question, though…
Is this a short sale or foreclosure? If so, it is not unusual to hurry up and wait and wait and wait and hurry up and wait.
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