All Forum Posts by: Louie G.

Brant, 

 This is a property I am buying for my family and not an investment property.  The property was appraised at $355 considering the repairs. We have fallen in love with the property but after looking at other properties in my area, I know I'm still getting a good deal. I'm just gonna go ahead and offer the bank $310k and see what happens. I appreciate all the responses and help. I will keep you guys posted. Thanks again. 

the property has only been vacant for about 6 months. already had the property inspected and what it needs is minor repairs (carpet, paint and a good cleaning). it was built in 2005 so its fairly new. compared to similar properties on the market, house is worth the $355k. if it came down to it, i am willing to pay the $355k with the 6% seller contribution, i just feel like my Realtor is not wanting to negotiate for me. nothing wrong in trying to save an extra $20-$30k...

just wondering what some of the pros would do, risk it and offer $310k or go with what my realtor is saying and offer full ask....

Thanks for the reply Naveen,

 I know that the owner owes the bank $308k on the Mortgage and from what i have heard, the Bank has not collected  any monies on this property in the past 5 years. Thats another reason why i feel i have room to negotiate, but my Realtor continues to imply that if we low ball we could risk them denying our offer and the bank (seller) listing the property on the market to receive other offers. Im Stuck...

Hello,

Hope im posting in the right place. New to this and just looking for some advice. My wife and I put an offer on a property in September for $270k as advised by the listing agent because the Bank (seller) had already accepted an offer for $270k back in april. That buyer didnt end up qualifying. after a 3 month wait, they finally got back to us. they want $355k. I figured that was a starting point to begin negotiating. 

 After speaking with My Realtor he has advised me to counter offer them at $355k with a 6% seller contribution. I thought that was too high of a jump in price and I suggested maybe starting at $310k. He says they wont accept that and we are at risk of loosing the property. THE HOUSE IS WORTH $355k but i feel like im not getting any help from my realtor.

Also want to mention the property is NOT on the market and my offer is the only one they have. 

 Just looking for advice from someone whos gone thru this before and can give me some guidance. Should I take my realtors advice or should i counter at a price that i feel comfortable with. Any help is appreciated. Thanks in advance.