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Bargaining for a lower rate?

I'm a first time home buyer. I am going to look at a house tomorrow. I keep hearing it's a buyer's market. How do I figure out what to ofer on a home. The asking price is 139,000 what would be considered ridiculous for me to offer , is120 too low to offer? I know I need to look for flaws and I do know the house is on about an acre, located in metro georgia septic system (Im not too keen on that) gas heat (which is very expensive compared to electric in georgia) Any opinions or idas would be greatly apprieciated. Help me please

Update:

I do have an agent and will be meeting her for the first time tomorrow.

You have all given me so much information I am learning so much tonight thank you and I'll keep reading.

4 Answers

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  • 1 decade ago
    Favorite Answer

    You should have a R.E. Agent to represent you. Sellers pay their commission, not the buyer. They will be able to help you to negotiate on sales price and seller contribution toward closing costs. They will know what the other homes are going for in the neighborhood, etc.

    Source(s): I am a nationwide Loan Officer http://sbigley.primelending.com/
  • Anonymous
    1 decade ago

    Don't just bargain to bargain. It might be a great deal at the price it is, in which case you do not want to alienate the seller by lowballing them. You could turn them off and they can refuse your offer and any future offers from you.

    Your agent is your best source for advice. They can pull comps of other similar properties and you can see what they are selling for. As the buyer, you pay nothing to the agent, so get one for yourself, if you use the seller's agent keep in mind their fiduciary duty is to the seller, not you.

    good luck!

  • Anonymous
    1 decade ago

    Pull up recent comparables to gauge how much the last few sales for similar properties went for. Base your offer on this, minus a few thousand. The seller can always counter offer. Your agent needs to help you with the comps. No Agent? maybe try zillow.com

  • 1 decade ago

    You should first do a bit of research to determine exactly what the comps are selling for...not what they are asking. This is the hest determination of what will be considered a reasonable offer.

    Try this site for values in the area...input the address and it will give you a range of value with comps in the area.

    Source(s): http://www.bankofamerica.com/loansandhomes/index.c... - current sales information for properties located in the United States. Mortgage http://www.tomvoli.com/category/mortgage/ Real Estate http://www.tomvoli.com/category/real-estate/
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