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Old October 7th, 2013, 06:38 AM   #1
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Default What to offer on a house

We are in the house market and found a place in town that we are in love with. What I know about it was the last time the house sold it went for 150k. It's now bank owned and down to 38k. Needs some plaster/drywall repair, new carpet, some other stuff. Nothing major. My guy says come in at 35k and I'm happy with that, but it has been on the market for 6 months plus. Is thinking about offering 10k less dumb or rude on my part?
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Old October 7th, 2013, 06:42 AM   #2
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Old October 7th, 2013, 06:46 AM   #3
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aww dang.
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Old October 7th, 2013, 06:49 AM   #4
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Offer some car audio equipment, paintball gear and 5 grand.

Every time you "fall in love" with something, you are going to pay more. If you really love it go in at 45k right off the bat. Then because its bank owned expect to wait at least half a year for the bank to drag you around by Your naughty bits.
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Old October 7th, 2013, 06:58 AM   #5
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Quote:
Originally Posted by Skooter_Built View Post
If you really love it go in at 45k right off the bat.
Do not do this ^^^^^^^.
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Old October 7th, 2013, 07:02 AM   #6
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Why don't you have it appraised and go from there?
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Old October 7th, 2013, 07:02 AM   #7
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If you want it and you trust the person you are dealing with, go with what they say. If it last sold for 150k. The bank may not go any less.
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Old October 7th, 2013, 07:16 AM   #8
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If your in love, offer 38
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Old October 7th, 2013, 07:17 AM   #9
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You're*
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Old October 7th, 2013, 07:17 AM   #10
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If no one else is offering on it offer the 10k less and see if they accept it or counter with something.
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Old October 7th, 2013, 07:28 AM   #11
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If its bank owned look in to a 203K rehab loan. Banks like it when you’re better protected for repair.
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Old October 7th, 2013, 07:42 AM   #12
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The whole bank owned thing changes the playing field.

Depending on who the "players" at the bank are.
Some even go so far as to be married to the reatestate agents .
Ask me about that one some time.

The 38K,........is it an actual listed, ask price? or the starting point, (lowest first bid)?

Look at the value and go with your gut.....not your heart.
If you can ........throw the cash on the table .

Personally, I hated waiting for the board to make the decision and ultimately the house I wanted went to "a higher offer" without futrther explaination. (see above comment)
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Old October 7th, 2013, 08:25 AM   #13
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Will this be the main heating source?

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Old October 7th, 2013, 08:28 AM   #14
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Offer what you and your family feel that it's worth to you and your family. Not what a bunch of people on a 4x4 site who have never seen it think you should offer.
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Old October 7th, 2013, 08:41 AM   #15
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I would listen to Skooterbuilt.
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Old October 7th, 2013, 08:44 AM   #16
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When you make your offer, be sure to say 'cash money'.
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Old October 7th, 2013, 08:48 AM   #17
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Judging by your post I recommended contacting the federal government, they seem to be reply good with money and stuff.
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Old October 7th, 2013, 08:58 AM   #18
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Our house was owned by the bank and we actually put a bid a couple grand higher than asking because we wanted the house. We also closed within a month of the offer. But our house was much higher of a price than yours so there may have been less competition. With houses so low, you will get many people putting in offers so if you go less and somebody offers asking, then you will lose it. But if you really want that house, be prepared to pay for it.
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Old October 7th, 2013, 08:59 AM   #19
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My grandmother who's owned over 30 homes and flipped each one says offer 80% of asking and negotiate from there. Everytime.
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Old October 7th, 2013, 09:08 AM   #20
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cash in hand
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