Updated over 6 years ago on . Most recent reply
First Time Buyer - Purchase Analysis
First time home buyer, about to get pre-approved letter within the hour and going to go look at a property that I've had my eye on that's been on the market for 60+ days (not uncommon in my area). Long story short, I've been defaulted into analysis paralysis for over a year now due to my soon to be wife in grad school - but she's about to graduate at the end of the year and I've cranked my gauge from passively watching to actively hunting now.
The property in question is a 2/2 condo 1180 sqft (large for my area) listed for $184,900. Another exact unit in a sister building was listed for $192,900 and an offer was accepted yesterday (in the 80's says the broker I spoke to who is also representing this unit). Now, the units are just a mile from my job, a mile from three major colleges/universities, and a mile from a major highway intersection, but still tucked away in a quiet golf community. Funny enough, the golf course is the host of the major university's golf club. The rental has been owned by one guy for 20 years (lived in it a bit and rented it out the rest and is looking to unload). He has recently renovated it and quite frankly, they look nice enough for me to be considered turn key. HOA is $319, covering exterior, insurance, water and club. High for the national average, but average for SoFla area.
How low should I place my first offer? I like the property, I'm not going to cry if a lose out on it, but I would like to place an offer that is lower but not offending the seller so they take me seriously. I feel like this property due to its location would be an amazing future rental due to the expanding university in such close proximity. Thoughts?