Hear that sound… clunk clunk clunk… that is my head hitting the desk after reading your post…
“I will have to get comps from my agent but as far as asking him what to put down that’s not going to work because he really needs the sale and doesn’t want me to offer too low..”
Are you serious Eccen?
Is this agent a close friend or relative?
Look Prudential has listed this home and the seller is offering 3% as a co-op. At 700k that is $21,000 that is going to be split among your agent and his broker. Repeat after me… “I don’t care about the commission my agent gets. I want to get the best deal possible…”
So not only should you lowball, you should ask your agent to split the commission with you. Even 1% of that split would be 7k for you and that would most likely cover your closing costs. Stand up for yourself because your agent will not be making the monthly payments on this home, you will.
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Okay so after a quick look the home was previous listed for 270 days with Prudential. As you said they started at 900 and by the end of the listing they were at 799k. Now they relisted with Prudential again at 749k on 6/5/07. This home is in mapcode 1130F2. There have been NO as is ZERO sales in this mapcode in 2007. There is currently 1 home in this mapcode in escrow and that is from the new homes on Emerald Oaks Glen. The last sale recorded on the MLS was the sale on Royal Oaks on 12/15/06. That home was approximately 2500 sq ft and they had a very nice view of the valley. Now I cannot comment on the debt load these people are carrying. What I see on the Realist report is the original purchase back in 1979 for 160k. Now in 1993 there is a loan for 173k and another in late 1993 for 85k. Then in 1999 there is a loan another 165k. To be honest I would assume that one was a refi. I dont know for sure but common sense would dictate that if these people were carrying a heavier debt load they would have refinanced back in 03/04/05 at much lower rates then the 1999 or 1993 terms. So I would disagree with those who implied these people are strapped by the payments they are currently making. Yes this is a speculative statement but I am willing to stand by it.
Eccen I could go on forever with the analysis but I would recommend checking the surrounding mapcodes as well. You have read enough of Piggington to know the prevailing opinion here on whether you should buy or not. I think starting at 675k is not a bad idea. Hopefully they will counter and not totally disregard the offer. How motivated they are is questionable. The home is vacant and held in trust and I don’t see a huge sense of urgency on their part. If you are shrewd, pick a number to hold the line at and be prepared to walk if you don’t get it… then come back to them in a month or two and try again. You may get the home, you may lose it. It is a long hot summer and I don’t see them getting it sold in the near term. I understand you have an extended family so the way that it is laid our may be perfect for you. Also note that the MLS states sale is AS IS. Actually this is meaningless and should not stop you from doing all of your diligence and asking for repairs or credits for repairs if they are needed.
Again, worry about Eccen’s money and not the realtors money.
