You need to look at it first!! If you don't like it, thank them and say that it didn't match all your needs/requirements. If you like it, tell them it would meet your needs/requirements and you would be interested in talking further with them and will call them in a few days. They will need some time to decide. You should also go home and review all the information you have so you can be ready to talk about price when you call them.

I don't know anyone in their 70's except my dad that bought high but I wouldn't doubt they know about the market, they know they bought high. What probably got them to respond was Ive already written in the letter that we dont need a realtor, we dont need to sell our home first and we would be willing to pay top dollar in this flattening realestate market (what ever that may be) My guess is they wouldn't want to go to the table owing money.

After my dad died, my "mother" put the house up for sale August 2006. She originally wanted almost $35,000 over what he paid. We offered about $17,000 more then what my dad originally paid (we were family and had put our own money into the house) and were told no until she was almost 5 months into the contract (had already bought) with no interest. When the contract was almost up she ended up with an offer; another $5,000 over what we offered.

Had they called us when they got the offer, I would have matched it, gone over a bit, the house was worth it to me, even though I knew we wouldn't get it back if we ever sold. Our money was green enough when she couldn't sell but not green enough to counter. :(

She went to an inflated area, paying about $10,000 more then what she sold for, plus from what I hear, ended up having to put money into it before moving in. Doubt she'll see that money back if she ever moves. Thankfully for her, my father could afford it.

In your case, if you like it, the next step would be an appraisal (they may have a number in mind) then take it from there. Depending on where they move to, they may want enough money to cover the new place like my "mother" did. Since they don't have to sell and you went to them, they will probably want to be compensated. Everyone has a price, you need to figure out if you are willing to pay that price.

Thanks for all your insight. I will look at the house in about 15 minutes. If it does suit our needs, I hope I can sway them into saying yes theyll move. For us being in our 40's we have no problem over paying to sweetin the deal, because frankly we cashed out in Miami about 6 months ago before the bottom dropped there and we plan on staying in our home town here in NY for a very long time (Ive learned never say never) So Ill feel them out and see what happens.

Good luck, let us know how it went

If you've already said "we'll pay top dollar," be warned that they may be thinking they'll get a profit.

You might want to ask them to get their own professional appraisal and then set an asking price for you.

If they're going to move at your instigation (and not their own), they may feel you need to pay a certain amount of money for that.

Just a thought: Is your present home small enough for them to consider a trade + cash?

If you like the house, YOU need to get a written appraisal on it to know its value in the present market. It's up to you whether you show the appraisal to the seller, and of course they are free to get their own appraisal. You also need to know where your market is heading: Recent sales prices, DOM, etc.

I just want to say, I didn't intend for THEIR appraisal to serve as YOURS.

Just that they may need to have someone (who is not you) tell them what the market is doing, bcs they may be unrealistic about what prices are right now (esp. given that you mentioned "top dollar"). They would probably have to take a loss, and they may not be willing to do that.

Since they don't have a real-estate agent, an appraiser might be the "expert on the real estate market" who can tell them.

And they might not trust you or your appraiser. And having them hear the bad news about lower prices BEFORE you make an offer might be good. Of course, they might decide not to even set an asking price at all, once they realize the timing is going to cost them $60k.

(also, if they do set a price, or you get an appraisal, you might help soften the blow by offering them slightly above the appraisal, if you can swing it)

All good advice. I went to the home and it is exactly what we are looking for. Of course could use some updates and Has the space to add 2 more bedrooms in the attic. Large basement that is partially finished and just has the space we need in the neighborhood we want. They have 2 other homes already, one in florida of course and another near the lake here. They want my husband to come look at it (he's in China) I asked them to talk it over with eachother and see if they are ready to sell and what price point they are looking at. When my husband goes to visit with me we can ask them to get the appraisal and most likely we will offer a little more then the appraisal. I hope this all works out. I will keep you updated.

If you don't use a RE agent/broker, please have the documents reviewed by a RE attorney. Also, if you do Title companies, please make sure there are no liens on the property and all permits were issued if any improvements are made. You get the appraisal, not they sellers. You also need inspections. You need to protect yourselves.

And remember that you are buying a $190k house (and I'm guessing you will pay more than that for it) in a neighborhood where the average house prices are $119-$165k.

I totally expect to pay more then 190k, they paid that in 2001. I spoke to a realtoe friend of mine and she says she expects that it would sell for around 235k. Thats fine with me and my husband. Of course I spoke with him on the phone today and he wants me to go the house and to just make it happen were his words. Make an offer without him seeing the inside. Not to seem anxious but just get the deal done before they go to their florida home, ask them what they expect price wise and maybe get an appraisal done etc..hopefully they could be out before the holidays since they leave for florida for 4 months. I'm a little a nervous but I'll try....

Hey happy, how is this deal going?

I am considering doing the same thing in an area we will move to next year, unless something comes along in the meantime. Good for you for taking the initiative!

Well, I got the appraisal and it came back at 230k. Similiar home sold for 270K with 5 bedrooms, a completley finished basement and a gunite inground pool.
The other 2 are comparable and sold for less or the same. The one that is currently on the market for 249k its bigger, more updated, 4 bedrooms and a tennis court. Im waiting for my DH to come home on Thursday and possibly go over together on Friday. Hopefully they will be reasonable. I'll post an update ASAP! I did go this weekend to see another home, just as nice but a colonial.

Well, the owners were not impressed with appraisal. So we left the ball in their court. I guess we will just wait for them to get back to us in a few days.

Heres hoping it comes back to you!