Updated about 10 years ago on . Most recent reply
Making an offer if paying cash
Looking at buying a home to live in. Odd property in that was a commercial building made residential on the inside. Still looks very commercial from the street among conventional homes all around.
Only been on the market a week and a half. Paying cash. Selling asking $235, offered $200. They said "no, will wait for the $235"
My agent says any other buyer will not be able to get certain kinds of loans for this place and it has a face only a mother could love. What should I do. Are they really saying nothing less than asking price or is it worth going back with another offer and what do you think is fair.
Most Popular Reply
What's fair just depends on what's happening in terms of demand in your market right now. If you really want to be sure of getting the place I guess you'll have to offer more. Not necessarily as high as 235k, but more. You can always float a 210k (or something) offer and see if you get a counteroffer. But if you are willing to wait, and if your agent is correct, you may get a better deal. It would probably only take one 235K offer that was unable to obtain financing to make the seller reconsider.
The problem with those "odd" properties is that it is difficult to find good comps for pricing. You might try asking if the sellers have had any appraisals done (this is not likely, frankly). If it has already appraised at the 235 or higher then you are not likely to get them to go down in price very soon I'd guess.