How much can I get a real estate agent to come down when buying a house?
nice dude buying a home asked:
I want to purchase a home for the first time in middle Tennessee. I’ve never dealt with real estate agents before, and I’m wondering how much I can get him to come down on a home listed for $125,000. Do you have any idea? Thanks!
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I want to purchase a home for the first time in middle Tennessee. I’ve never dealt with real estate agents before, and I’m wondering how much I can get him to come down on a home listed for $125,000. Do you have any idea? Thanks!
May 7th, 2010 at 10:22 am
It’s not up to the agent - it will be up to the seller. lifesajoy
May 8th, 2010 at 11:20 pm
get you agent to take them the offer of 100,000 and see what they say if they think it is too low they will send it back with a offer for you then just keep plugging it but I would say start with a opening offer of 100k and go from there cliff_aka_colt_4_5
May 10th, 2010 at 9:53 am
go through the news paper . Sabharwal K
May 12th, 2010 at 7:39 am
How much do you want to pay? $100k? If so offer 80…also, if it is a realtor, you are entitled to a realtor of your own, so that they would have to split the 6% commission, or 3% each…if you dont have your own realtor, offer to have them keep 4% of the commission, and that would save you 2% right off the bat AA
May 15th, 2010 at 2:13 am
It depends on how desperate the seller is to sale. How many days has the house been on the market? What are similar houses selling for in the neighborhood?
Do you homework and then you will have leverage. D S
May 15th, 2010 at 5:39 am
The Real Estate agent represents the seller. They may help determine the price that is set, but the ultimate selling price is an aggreement between you and the seller. Make an offer. Tell the agent what you think the house is worth and what you are willing to pay for it. The agent will make your offer to the seller and they can take it, refuse it or even make a counteroffer. fangtaiyang
May 18th, 2010 at 12:52 pm
It is not what the real estate agent will come down. It is what the seller will come down. Do your homework. Check out what homes sold for in the same nieghborhood recently, under 12 months ago. Go to the town halls assessors office and buy a tax card for the property you are looking to make an offer on, usually $1.00. Check out when it was last sold and for how much, what it is assessed for, etc. Well worth the buck. Good luck to you. NH Realtor
May 18th, 2010 at 9:43 pm
You need to understand how selling a home and working with an agent works. First, as a buyer you should find a buyer’s agent who exclusively represents you as the buyer in the process. In some states agents can represent both parties and that is a bad idea for you as the buyer. So get a buyer’s agent to help you find properties, apply for a mortgage, etc. Your agent will help you make an offer to the seller (or if the seller has his property listed with an agent, your agent will deal with the seller’s agent). It is not up to the agent what to accept for the sale of the property, it is up to the seller. The agent merely conveys the offer and may make a recommendation to his client the seller. Find a buyer’s agent who works in the community where you plan to buy. He will have an understanding of the market and valuations in your community, and be best suited to help you make a good/informed purchase. You should not sign a buyer’s representation contract with ANY agent that exceeds 60days at a time. That way if you end up not liking that agent you are free to find a new one (after the 60 day period). Chris I
May 19th, 2010 at 6:30 am
Like it is said very well above, you need your own agent. They can help you make a good offer too. They have access to how much money is owed on the property, you need to know that. Make a reasonable offer above that, but lower then you are actually willing to go. Then let the two agents negotiate it out. Asking price is just that, the hopes of the seller. Nothing sells for anything close to that where I am, but in todays market you can offer about 15% less and you just might get it. Janet P
May 22nd, 2010 at 9:06 am
Your question should be “How much can I get the SELLER to come down when buying a house? If it were up the the Realtor, your first offer would be accepted. In midd Tennessee, the average ration between sales price and list price is 95%. I would start with an offer at 90% of asking price then negotiate to about 94-96%. In your case you will probably end up at $118,750 realtorrrr
May 23rd, 2010 at 7:26 pm
Hi Dude,
Yes, it’s the seller who decides, and yes, you need to get your own Realtor to be your buyers agent. But as far as what the sale price will be…… well, that depends.
Let’s say the house is really worth $125k. Then you’re doing well to get it for $124k.
But if it’s really worth $100k, then you get taken if you give him $105k.
And, if it’s really worth $150k and he’s just trying to get rid of it quickly, you would do well to out bid the other interested parties (who are writing offers instead of asking questions) and offer $135k.
So, all in all - the end sales price will be… …. teran_realtor
May 27th, 2010 at 4:07 am
The real estate agent is a pawn. The seller makes the real decision and any offer you make has to be presented. (make sure it was signed if it gest denied). That being said, every market is different but even in a buyers market, the seller doesn’t often accept much lower than the asking price. In Denver, most homes sell within 3% of the listing price, but the average price of active listings are 20% than the average price of sold homes. Just because you get him to come down doesn’t mean that its worth that price.
Every market varies when it comes to what you can get but it usually involves how long its been on the market at its current price rather than what its worth. Also, you should never deal directly with the sellers agent. More than likely, for the same cost to you, you can have your own agent. The money comes out of what the listing agent would have made. Just because your thinking your getting a good deal by getting him to come down doesn’t mean you actually got a good deal. A truthful Realtor should be able to tell you for certain or at least show you what other people have paid for the same sort of thing. Spencer B