Me and my fiance are thinking of buying our first house. how much below asking price should we start the offer?

Question

We are thinking of buying a fixer upper and are prepared to pay the full amount at closing. We are looking at properties around $30,000. We dont want a monthly payment so we are going to just pay for the house outright then save our monthly paychecks for bills and work that needs to be done to fix it up. Since we are prepared to pay outright how much should we first offer? I dont want to pay asking but i dont want to offend them by going to low either. Since the house is already priced so low im even more unsure. Do they expect full price since its already so low? Do i go by a percentage? Please help!

Answer 1

Everyone who pays below 50k pays outright, you can't get a mortgage below 50k.



Normally these houses sell well over the asking the price. You should be asking your agent what to offer, but the odds of you buying at or below asking are really really low.

Answer 2

I bought my second house on the same terms. I offered a price so low the realtor refused to offer it. I thought he was obligated to do so. I simply found someone else to represent me and I got the house for the offered price. If they didn't want to sell it at that price, I would simply have found another. Best advice is don't fall in love with a house and decide you have to have it. In a slow market, any price can be offered and they can counter offer. If they get insulted...who cares? One thing I can tell you for sure...if you are buying a fixer upper...there will be things you didn't realize were wrong until you get in there. The first one I bought they told me the water was off. Yes it was off because the pipes were clogged shut. I thought that a little underhanded and I paid very little for that house too. Someone removed an old hanging light fixture and I told them they would return it or the deal was off. The realtor was amazed I would stop a deal because a light fixture was removed. It really ticked me off that would be done and it wasn't the owners that did it. They ended up paying me cash for the light after I bought the house. Don't be in a rush to hand anyone your money. One realtor held the loan for me and I kept my cash in the bank. They allowed me to pay it off and make principal payments as long as I stuck to the amortization schedule. It doesn't take long to pay for a house...I think the first was eight years and I had the house and my savings when I sold it to move to Texas. Barter hard and no means you can make another offer or you can look some more. On both houses I paid way less than they offered it for. Fixer uppers owners realize they aren't going to get a lot and they can only hope. Most will take a ridiculous offer. If you have a realtor represent you, remember they must tell you exactly what is wrong with the house and that as is business doesn't work anywhere. Don't forget there are first time home owner loans...find out all about those and you might be able to finance through someone the owner knows. You get to keep your cash in the bank and draw interest and barter for a very low interest loan.

Answer 3

before buying I would look into your counties tax deed auctions,this is simple find-out counties rules. these tax deed auctions are made simple to people like you and I because the county is tired of the property owner not paying his property taxes. So if the property comes up for auction a tax deed. A tax deed is where you place a bid for pennies on the dollar. before you do this go do your homework. lots of homework. see if the property is still at the address that the county has it listed for. See if it's for real.Do your homework and if the county states in the tax deed auction the back taxes that's owed by the property owner. you have done your homework. you like what you see. Place a bid no more then what's owed in back taxes.Do your homework read the rules from the county. Do not use what I said and do not use what other people say because they maybe just blowing smoke in your face so they can place a bid and win. Most of the time people will talk down about stuff they have no clue about. Zip the pie-hole learn the facts open your ears,do your own homework. Even after you won one property do not tell anyone your business. On auction day your ready to place a bid you have done all of your homework do not share your information. If there mad because at the last auction they bid on junk and won maybe there not taking the time to do there homework. Make your homework private. Hope that my information helps you in your next buying of a home. All info is free with your county. Not TV,Not 100 CD's

Answer 4

First and foremost, never ever buy until married

at least one full year.



as for buying a fixer upper, unless both of u grew

up in the building trades this will be a great

divorce magnet.



go to a libray and spend a year learning b4 u get

burned. contact local community colleges

for classes in building trades , other local schools

will help also.



if u got 30,000$ in hand, u can put down 20,000

and use the other 10,000 for closing costs.

buying a good 100,000 home . that u can pay off

in less than 10 yrs saving u 10,000s$

.

a 30,000$ "house" in most of USA is a Tear Down

house not fixxer upper.



u got lots to learn b4 this nightmare.

is the neighborhood worth buying in to?

.

are other houses higher or lower priced

are the school districts scum or great





contact a library for these at least/.



house buying for dummies, e. tysen

total money make over, dave rasmey.



contact a local realtor to learn.

Answer 5

I suggest you work with a reputable Realtor who can pull comparables. Whether or not you need to offer lower or higher is going to depend on comps, location , condition of the house and whether or not you are looking at possible bidding war. There is low inventory here in Cali and bidding wars are common right now. I highly recommend you get an inspection and if you don't have the extra cash or are able to do the work yourself on repairs then do yourself a favor and do not purchase a fixer upper!

Answer 6

Get a realtor to represent you in the purchase. They can help you determine its present value and the value when it is all fixed up. In addition the agent can help you get a little history on the house. For example they can find out if the house was bought at foreclosure, for how much, and see how long it has been for sale to determine how desperate the seller may be. If the houses you are considering are being listed by an agent, having your own agent won't cost you a dime. You are much better off with a professional in one of the largest purchases of your life so far.

Answer 7

Look at the average prices for real estate in the area. Sometimes it may be a great idea to buy cheap but it may not either because it can bring down house value around you. I'd recommend also before buying a house together is to get married because if you guys split, who gets the house? courts hate dealing with that kind of mess.

Answer 8

with out question, you are going to be able to desire to locate a clean realtor. be at liberty to interview some. of course that's necessary detect a nicely suggested one, who is conscious the industry nicely, although that's the two important to locate one which is on an identical web site as you and your destiny husband. yet regardless you will no longer be able to make a pass till you kill the present contract that's in play. The no longer worry-free section is firing your present day one thinking the dating of your fiance. that's recommended to request her to refer you to a different agent, allowing her to gather a referral cost in case you % to apply that agent. good success!

Answer 9

Don't buy anything until you are actually married... financial disaster waiting to happen if you buy a house with someone you are not married to in case there is a breakup.