Need opinions and advice please about buying my first home.

[badsube]

I'm not sure if I'm being fair with this question because I do realize it's dependant on alot of factors but here it goes...

I'm a first time home buyer and I've found a home I'm very interested in. It's been on the market for about a month and a half, so it's relatively new to the market.

My question is, what's a fair price to offer as a first offer for the home. I have to be honest, they're not asking an outrageous price for the home to begin with, so that needs to be taken into consideration.

Also, where should I go to find out about incentives offered to first time home buyers? I know they're out there, so I'm just looking to be pointed in the right direction. I know alot of you guys and gals are veterans at buying and selling homes, so any advice you may be able to offer would be greatly appreciated. Thanks in advance. Jason K.:beer:

 

[zaxjax]

Jason

Talk to your agent, they can help you with programs for first time buyers. Also, they know the market and will steer you in the right direction. Choose an agent who know the area you are looking in.

 

[N2DAMYSTIC]

Talk to Antex about the loans. There is a Federal Downpayment assistance program out there that is set to expire on OCT 1. If you are serious and looking to buy you may want to jump on it.

 

[badsube]

THat's why I came to you guys. THanks alot for the great advice guys. Really appreciate it.

 

[SPRAYED DAILY]

Talk to Antex about the loans. There is a Federal Downpayment assistance program out there that is set to expire on OCT 1. If you are serious and looking to buy you may want to jump on it.

+1 on talking to Matt, he just got me a loan and it was great dealing with him.

 

[FISHTAIL]

+2 on Matt. He was helpful as hell for my wife and I. As for what you should offer, that'd be an easier thing to answer with details. If you are looking for an honest opinion of what a house is worth, you could try talking to wheelhopper. Although, I'm not sure how familiar he is with the market in your area. But I bet he could give you some good pointers.

 

[badsube]

Yeah, I knew it was a pretty vague question regarding the offer. I guess what I was trying to ask was what percent should you take off to make the first offer, but I do realize that there's alot more info needed to provide advice on that issue.

I think I'll contact the members you guys have suggested. I'm really looking to get as much information as possible so every little bit you guys offer really helps me. Thanks again.

 

[04yellowcobra]

Offer should go like this: If they are asking 190 for the house, you want it for 180, your offer should be 170k. And don't be bashful of making a lowball offer in this market as nothing is selling right now. Also never pay the asking price, because its just that, the asking price (its only worth what someone will pay for it). If it was me my target price would include the seller paying for everything else as well, ie closing cost, etc.

Good luck.

 

[badsube]

Yeah, that's the same thing I was thinking. They're asking 178,000 for the house. That's their initial asking price. I was going to offer 150,000 with me covering all closing costs, that's probably at least another 4-5%, right? I'd be willing to up to 155,000 with the seller maybe splitting the closing costs.

I should have just this info in the initial post, sorry bout that. Is this a realistic outlook on the price. Thanks again guys.

 

[N2DAMYSTIC]

Yeah, that's the same thing I was thinking. They're asking 178,000 for the house. That's their initial asking price. I was going to offer 150,000 with me covering all closing costs, that's probably at least another 4-5%, right? I'd be willing to up to 155,000 with the seller maybe splitting the closing costs.

I should have just this info in the initial post, sorry bout that. Is this a realistic outlook on the price. Thanks again guys.

Depends on a few things. First thing that comes to mind is how much do they owe on it? Also, unless it is a private transaction they will be paying 6% of the value to a their RE Agent.

 

[badsube]

Depends on a few things. First thing that comes to mind is how much do they owe on it? Also, unless it is a private transaction they will be paying 6% of the value to a their RE Agent.

The current owners are in their 60's and they were given the home from the wife's parents. They live in a nearby town, so they don't live in or owe anything on the house. It was left to them recently.
They will have to pay a commission fee to their real estate agent because they are going through a realator.

I guess one thing I may have going for me too is the fact they may be alittle more willing to sell the house before the onset of winter. Hopefully. Thanks again.:beer: