Skip to main content

Negotiating SF purchase price during covid

So, I've been looking for a SF for a while, and one that was under contract came back on the market thanks to the covid collapse.

This is a rural market with declining population for the last few decades. The biggest employer in town (tourism) just announced their layoffs. I anticipate being fine myself, thankfully.

I went to look at this place today. It's a nice fit, but I don't need a new place to live. The asking price on this house is the same as it was pre-collapse. I 100% do not want to be buying a place like its 2007, but any value adjustment for this house based on covid issues is speculation at the moment, so I'm not sure what kind of agreeable terms there could be between me and the seller.

I guess I'm wondering what would make people jump on buying a house at the moment. I've seen a lot of posts about deals falling thru or people opting to wait. I'm wondering if I can float some ideas about price reduction to the seller that could be agreeable.

submitted by /u/hey_listin
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/frgvw1/negotiating_sf_purchase_price_during_covid/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...