How to make an offer on a house that needs extensive work
siasconset
12 years ago
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brickeyee
12 years agoJXBrown (Sunset 24, N San Diego County)
12 years agoRelated Discussions
How to make a offer information needed
Comments (3)Like the others said, you will need a Real Estate attorney and can make an offer yourself. Before you make the offer, ask the seller for all necessary disclosure (like property disclosure, lead paint...)and find out what all is included in the sale. After you have that info, you might want to contact a real estate agent to get recent sales in that area (they may charge a small fee to do this). I have given out this info to people for free. If you don't want to contact an agent, look for comparable properties on sites like realtor.com. Use those to figure out what price you want to offer. Use the disclosures and inclusions as well. Talk to your attorney. Tell him the price, things you want included, dates for inspections, etc....See MoreMaking offer on Short Sale FSBO, need help quick please
Comments (1)A real estate attorney can protect you on contracts and verbage but won't necessarily know all the things to check (air, termites, water, mold). The seller usually pays the realtor so I am not sure how the bank can get involved. An attorney for a few hundred dollars may be helpful but more importantly is to get a good inspector and general contractor to see what the problems are and how much it may cost to fix them....See MoreWill be making an offer on a home - need advice
Comments (27)I guess I'm more aggressive than most of you. I'd have countered somewhere about $416-418k figuring that their counter was the first move on their part and they were probably figuring you might come back and split the difference. They either accept (my guess), come back splitting the difference again -- right about $420, or say $423k -- best offer and you haven't lost anything. Once you are negotiating, they are invested in making the deal too. BUT, if you really need to get the house or don't have the patience for negotiating, it's not enough to lose the house over. Assuming you accepted their offer -- hope things go smoothly for you....See MoreMaking an offer on home with contingency contract on it.
Comments (4)I am a Realtor and in my area it is recommended to go ahead and make the offer to become a backup with the primary contract has a 72 hour kick-out clause, which is what you described in your situation. The reasoning is exactly as you pointed out. There are some buyers that have the capacity to close without selling their home first, but most need to sell their home or prefer to sell their home prior to taking on another mortgage. Your offer, if acceptable to the seller, will motivate the primary buyer to either waive his contingency (if he can) or cancel the contract if he can't. Naturally, your offer shouldn't have a similar contingency or it wouldn't make any sense for the seller to swap out contracts without a benefit to the seller. I have sold several homes that were in back up position when the primary buyer couldn't perform. It is infinitely easier for the backup buyer when the kick-out clause is already in the primary contract. Good luck....See Morecas66ragtop
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