Skip to main content

I decided to have the listing agent help represent me in writing an offer for a home that I like. However, my family has been telling me to just back out of the offer because buying it overlist isn't worth it. But I felt that my numbers worked out if I went over just 20k list price. Should I pass?

I currently am looking to buy a home that's a fixer, in a very hot market. The property I'm looking at once fixed up, we'd look to see it valued at $620k, as the house down the street same with the same floorplan, which sold for that price back in February.

The list price of this house is $499k. I guess I like it enough that I keep driving to look at it. I guess my question is should I offer from the $499k-$525k range? I was thinking if this home just doesn't happen to workout for me, I want to net a good profit too. I don't want to be buying this home for more than what it's worth. I want to net a profit of like $60k or so at least from this transaction. Given this home is going to need $50k worth of repairs. It's only 900 sq ft. Very small home but so many repairs needed. The seller has provided a complete report of the inspection they done for the property as well.

When I told my newly found agent, whose also the listing agent for this home, that I want to offer less she give me this look. Lol. I said ok then I think I'll just do full price asking at $499k, with 5% down conventional. And then she asked me to send proof of funds when she emails me the offer and said no letter is acceptable. I wanted to personally write a letter to the seller, but it is considered against the Fair Housing Act. But proof of funds really? Isn't that too early in this stage to provide that? Why would I waste anyone's time if I can't buy.

She didn't even write up my offer and have it sent to me til 11:50PM at night. I'm starting to think if I should offer at 525 to even be considered. Because I feel like she's not even taking my offer seriously. What do you guys think?

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

source https://www.reddit.com/r/RealEstate/comments/o9hlac/i_decided_to_have_the_listing_agent_help/
Labels:

Comments

Post a Comment

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...
1 comment
Read more

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...
Post a Comment
Read more