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farbet.
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July 2, 2007 at 10:43 AM #63380July 2, 2007 at 2:40 PM #63387
NotCranky
ParticipantThanks Bob,
Nice of you to say that.July 2, 2007 at 2:40 PM #63440ParticipantThanks Bob,
Nice of you to say that.July 2, 2007 at 3:12 PM #63403no_such_reality
ParticipantI don’t offer because what I consider homes to be worth and where the general market is, is too far apart. It would waste my time, the sellers time, and our agents time.
Also, should one accept my offer in the current market, I’d be instantly concerned that I don’t know something that they know about the property.
As for insulting offers, well, yes, you are insulting them to point. If the home is at or near market and the seller isn’t distressed needing a quick sale, an offer that is 30% below FMV, is an insult that says “I think you’re stupid and lazy”. IMHO. A home listed at 10% below FMV will move.
Of course, FMV has absolutely nothing to do with what 90% of the homes on MLS have for an asking price. FMV is the price that the homes that have sold are going for given their condition, location and tangibles.
July 2, 2007 at 3:12 PM #63456ParticipantI don’t offer because what I consider homes to be worth and where the general market is, is too far apart. It would waste my time, the sellers time, and our agents time.
Also, should one accept my offer in the current market, I’d be instantly concerned that I don’t know something that they know about the property.
As for insulting offers, well, yes, you are insulting them to point. If the home is at or near market and the seller isn’t distressed needing a quick sale, an offer that is 30% below FMV, is an insult that says “I think you’re stupid and lazy”. IMHO. A home listed at 10% below FMV will move.
Of course, FMV has absolutely nothing to do with what 90% of the homes on MLS have for an asking price. FMV is the price that the homes that have sold are going for given their condition, location and tangibles.
July 13, 2007 at 6:55 PM #65772Anonymous
Guesttotally agreed with the statement….
They expect buyer to pay $100k more for the house they paid $150k less 2 years ago..dream on…
insulting the seller..i could careless if the seller is hurt…is my money afterall..i am the one that making payment…If the seller hurts? ..haha..move on..find someone else that will sell
July 13, 2007 at 6:55 PM #65835Guesttotally agreed with the statement….
They expect buyer to pay $100k more for the house they paid $150k less 2 years ago..dream on…
insulting the seller..i could careless if the seller is hurt…is my money afterall..i am the one that making payment…If the seller hurts? ..haha..move on..find someone else that will sell
July 13, 2007 at 7:22 PM #65776bsrsharma
ParticipantI think it is absolutely reasonable, considering the current market dynamics, to offer a price equal to mean value before the onset of bubble. So, take 1999 or 2000 base price and add a 5% yearly inflation and make an offer if you like the house. If the seller rejects it, you can walk away completely guilt free. Alternately, look up the most recent pre-bubble sale price on zillow and add a 5% p.a. rise.
July 13, 2007 at 7:22 PM #65839ParticipantI think it is absolutely reasonable, considering the current market dynamics, to offer a price equal to mean value before the onset of bubble. So, take 1999 or 2000 base price and add a 5% yearly inflation and make an offer if you like the house. If the seller rejects it, you can walk away completely guilt free. Alternately, look up the most recent pre-bubble sale price on zillow and add a 5% p.a. rise.
July 13, 2007 at 8:57 PM #65780Reality
ParticipantI think it is absolutely reasonable, considering the current market dynamics, to offer a price equal to mean value before the onset of bubble. So, take 1999 or 2000 base price and add a 5% yearly inflation and make an offer if you like the house. If the seller rejects it, you can walk away completely guilt free. Alternately, look up the most recent pre-bubble sale price on zillow and add a 5% p.a. rise.
I think this strategy is absolutely a waste of time. 5% per annum inflation since the 1990-2000 time frame? That may be a reasonable price once this bubble is done deflating, but today sellers can do much better. They may be having trouble selling because they think it’s still 2005, which it isn’t. It sure isn’t 1999 plus 5% per year inflation either. Not yet.
July 13, 2007 at 8:57 PM #65843ParticipantI think it is absolutely reasonable, considering the current market dynamics, to offer a price equal to mean value before the onset of bubble. So, take 1999 or 2000 base price and add a 5% yearly inflation and make an offer if you like the house. If the seller rejects it, you can walk away completely guilt free. Alternately, look up the most recent pre-bubble sale price on zillow and add a 5% p.a. rise.
I think this strategy is absolutely a waste of time. 5% per annum inflation since the 1990-2000 time frame? That may be a reasonable price once this bubble is done deflating, but today sellers can do much better. They may be having trouble selling because they think it’s still 2005, which it isn’t. It sure isn’t 1999 plus 5% per year inflation either. Not yet.
July 13, 2007 at 9:54 PM #65784fromnj
ParticipantWhat is FMV in the following case?
A lot of homes released by a developer that sold from 500K to 600K in 92129 and 92127 zip code in around 2002 and 2003 are now on market for sale. Currently, sellers are asking between low 800K to 1M.
Could you advise me what could be a FMV for those. I just want to know a ball park figure.
In 4 to 5 years later, they gained 300K to 400K on paper, but is it truly so? If I offer mid 600K to low 700K to a seller, am I simply stupid? If I go 4S Ranch or even Del Sur, I could buy a nice band new home from high 600K to mid 700K.
I really do not understand why so many million dollar houses (based on their asking price) are around my neighbor, but they do not look like worth even 600K at all.
July 13, 2007 at 9:54 PM #65847ParticipantWhat is FMV in the following case?
A lot of homes released by a developer that sold from 500K to 600K in 92129 and 92127 zip code in around 2002 and 2003 are now on market for sale. Currently, sellers are asking between low 800K to 1M.
Could you advise me what could be a FMV for those. I just want to know a ball park figure.
In 4 to 5 years later, they gained 300K to 400K on paper, but is it truly so? If I offer mid 600K to low 700K to a seller, am I simply stupid? If I go 4S Ranch or even Del Sur, I could buy a nice band new home from high 600K to mid 700K.
I really do not understand why so many million dollar houses (based on their asking price) are around my neighbor, but they do not look like worth even 600K at all.
July 13, 2007 at 10:21 PM #65786ParticipantI would hesitate even offering 500K for the homes built during the last 5 years. The builders were so keen on producing that they did quite a shoddy job in many cases and hired anyone with a pulse. Whatever may be your offer, get a really good building inspector first. You may not want a money pit even at fire sale prices.
See this sad story
http://www.geocities.com/myllamas/CCFL/pulte.htm?ref=patrick.net
July 13, 2007 at 10:21 PM #65849ParticipantI would hesitate even offering 500K for the homes built during the last 5 years. The builders were so keen on producing that they did quite a shoddy job in many cases and hired anyone with a pulse. Whatever may be your offer, get a really good building inspector first. You may not want a money pit even at fire sale prices.
See this sad story
http://www.geocities.com/myllamas/CCFL/pulte.htm?ref=patrick.net
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