In the process of home buying.
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rickiimarieee
Posts: 2,212 Member
in Chit-Chat
So looking for some random advice, this is my husbands and I first time buying a house together. We found our dream house, but it’s in a very run down area. (Only a bank within like 30 minutes). The house has been on the market for 2 years, and needs quite a bit of fixing up (small but pricey things). The house is priced well above surrounding houses in that area but also bigger. There’s a kids park but there’s like a hillbilly (kidding, but very janky) strip club right beside it. Would it be rude or insulting to the owners to offer 50,000 less than their asking price? The sellers contacted our agent this morning before we contacted her, after us touring the house yesterday and asked what we thought and where we are at. So I’ll take that as a good sign. We placed a bid for 50k less but have been stressing that it’s insulting since we have.
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Replies
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It would depend a lot on the asking price. $50K less on a $250-300K house is a lot different than $50K off a 700K house.2
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All they will do is counter offer, if it has been on the market for 2 years they are wanting to see. You did good!2
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cwolfman13 wrote: »It would depend a lot on the asking price. $50K less on a $250-300K house is a lot different than $50K off a 700K house.
300k but it’s overpriced HIGHLY for the area.1 -
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If it's been on the market for 2+ years, I wouldn't worry about them getting a better offer while yours is still on the table. Good Luck!3
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There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!2 -
Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything0 -
Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Houses around it have sold between 70-110k0 -
If it's been on the market for 2+ years, I wouldn't worry about them getting a better offer while yours is still on the table. Good Luck!
It was listed for 40k more than they lowered it 20k a year ago then took it off the market and put it back up for sale a month later. Then dropped it again 20k.0 -
It sounds like you have concerns about the area the house is in. Don't ignore those concerns. When my husband I were shopping for a house, I fell in love with a house in a not-so-great neighborhood. I went back on a Friday night, Saturday afternoon, and late weekend night to see what it was like at different times of day/night. It was eye-opening. Cars parked nearby with speakers blaring, sketchy-looking people walking around, loud, definitely not somewhere we wanted to live. Check it out at different times, not just during the day. If it's been on the market for 2 years, there is likely a reason.
That said, no, I wouldn't worry about being rude about any offer that you choose to make. It was my experience that pretty much every house was set at a much higher price than it was worth. It's hard to do, but don't get so set on one house, and stay prepared to walk away if the seller keeps pushing for more than you feel the house is worth.4 -
We are also covering closing costs and everything0
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rickiimarieee wrote: »Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything
My husband works in home maintenance and repair, and I'm no expert, but I help him with the company and see a lot of the homes he works on. What you see is wrong is typically only the tip of the iceberg. I would approach this home with caution and insist on a very thorough inspection.4 -
RisingAboveIt wrote: »It sounds like you have concerns about the area the house is in. Don't ignore those concerns. When my husband I were shopping for a house, I fell in love with a house in a not-so-great neighborhood. I went back on a Friday night, Saturday afternoon, and late weekend night to see what it was like at different times of day/night. It was eye-opening. Cars parked nearby with speakers blaring, sketchy-looking people walking around, loud, definitely not somewhere we wanted to live. Check it out at different times, not just during the day. If it's been on the market for 2 years, there is likely a reason.
That said, no, I wouldn't worry about being rude about any offer that you choose to make. It was my experience that pretty much every house was set at a much higher price than it was worth. It's hard to do, but don't get so set on one house, and stay prepared to walk away if the seller keeps pushing for more than you feel the house is worth.
It’s not that I’m worried it’s a bad area (I grew up 5 minutes away) it’s just a very poor area with a lot of run down houses. Our realtor told us if we were to buy this place it would be pretty much impossible to sell because everyone’s trying to get out of that area. But luckily it would be our forever home. It’s definitely a buyers market where I’m at.0 -
rickiimarieee wrote: »Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything
Sorry, I meant that offering a lower price, as you guys are doing, especially when upgrades are needed is pretty common, and the seller probably won't be all that surprised by the lower offer. Looks like I wasn't too clear on that one.1 -
RisingAboveIt wrote: »rickiimarieee wrote: »Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything
My husband works in home maintenance and repair, and I'm no expert, but I help him with the company and see a lot of the homes he works on. What you see is wrong is typically only the tip of the iceberg. I would approach this home with caution and insist on a very thorough inspection.
Oh, I know. That’s why I offered 50k less for repairs and any added repairs they didn’t mention. I’m normally pretty good with repairs and construction as my dad did that while I was growing up and taught me a bunch. I’m sure there’s a lot I still don’t know but I was able to spot quite a bit that they tried to hid, cover up or not mention.1 -
RisingAboveIt wrote: »rickiimarieee wrote: »Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything
My husband works in home maintenance and repair, and I'm no expert, but I help him with the company and see a lot of the homes he works on. What you see is wrong is typically only the tip of the iceberg. I would approach this home with caution and insist on a very thorough inspection.
We’re doing a VA loan so it requires someone to come do an inspection and appraisal0 -
Sunshine_And_Sand wrote: »rickiimarieee wrote: »Sunshine_And_Sand wrote: »There's always the chance of a better offer, though probably slim if it's been in the market for 2 years.
Either way, it's pretty common for buyers to figure cost of the upgrades you need to make into the offering price. If they take it or not is up to them and may depend on how it's priced compared to what comparable homes in the area have sold for as well as if the house is upgraded or not upgraded similarly to those comparable homes.
At this point the offer is made and just wait and see what happens. Good luck!
Well, in the sellers disclosure they lied about things that needed fixed or about them having things wrong so I don’t think they included it. Like it’s 2 1/2 stories and in two of the bedrooms it has sliding doors to outside to a balcony that wasn’t taken care of so it needs ripped down. Didn’t discover that until we viewed the house. Wasn’t in paperwork or online in the pictures or anything
Sorry, I meant that offering a lower price, as you guys are doing, especially when upgrades are needed is pretty common, and the seller probably won't be all that surprised by the lower offer. Looks like I wasn't too clear on that one.
Oh okay, I thought you meant they included the price of repairs in the asking price.0 -
I certainly wouldn't feel "rude" for making a lower offer, but I would run in the opposite direction from the sound of things.
It sounds like you are very set on this particular house, but I agree with the concerns raised by RisingAboveIt. Location truly can make or break you, and even if you plan for it to be your permanent home a lot of things can happen to anyone that might change that over the decades ahead.1 -
to be honest...if they lied about stuff you found when you toured - i would stay far far away - even if it is your dream house...i had the same thing happen and in the 10yrs i've owned it, everytime i've started doing an easy fix/update its turned into a multi-thousand dollar one because i've discovered hidden stuff; or covered up issues - nnot worth it2
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I'd stay away, too. I'd look for a smaller house in a better neighborhood.1
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