dover Posted July 18, 2014 Report Share Posted July 18, 2014 Well that time has come where I have begun actively looking to buy my first house. I have decided on Tampa, Fl and have made arrangements with a realtor to begin the search. Now when I have time (and the internet is actually working) I look through Zillow and Trulia and have found a lot of great places. My question to all you homeowners is how likely am I to pay list price? How does this whole process work, I make an offer they make a counter etc.? Give me the run down on how I should prepare myself to make this as as easy as possible. I work a few thousand miles away so the easier the better. Thanks bros. Quote Link to comment Share on other sites More sharing options...
Farkas Posted July 18, 2014 Report Share Posted July 18, 2014 Paying list price is for fgts. But seriously, it's almost like negotiating on a car. Your realtor should have access to records of the neighborhoods you're looking in and see the market values of similar homes in that area. Very rarily will you ever pay list price because you'll make an offer and they'll certainly counter. If your realtor is good, he should have a pretty good idea what they will/won't take on a house that you're looking at. But it's pretty straight forward, and be aggressive with offers... the worst they can do is counter. I would absolutely look at as many houses as you can, and make sure you find someone to do home inspections you can absolutely trust. A lot of people are qualified to do home inspections, but I suggest finding someone that has been doing it for a loooooong time as they'll have a better idea of what to look for and signs you might be spending some big money in the future. This can also help you when negotiating a closing price. If something needs attention you can request them to fix before purchase or have the cost of repair taken out of the asking price. Either way, good luck on your hunt! Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted July 18, 2014 Report Share Posted July 18, 2014 If it's a good property many times I've seen it go above list due to a bidding war. Some sites are good to search most are never up to current date. Your agent should be able to give you a mls site that will tend to be more curren then random ones you find on google ( usually need a log in and password for these) Also check what type of loan you are erring though the bank of you are as some have stipulations of the condition of the property and can cause your offer to not get approval. Quote Link to comment Share on other sites More sharing options...
BigOxley Posted July 18, 2014 Report Share Posted July 18, 2014 I'm not sure what the real estate laws are in FL, but if I were to look at a house today I would try and find a house For Sale by Owner. I think there are enough resources that a seller and buyer can make an informed negotiation without a realtor. Once a price is decided, take it to a real estate lawyer and have the paperwork drawn up. Save yourself or the seller thousands in the process. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted July 18, 2014 Report Share Posted July 18, 2014 ^^ If you have the internet connection and the time, someone could do that. Many don't have the time. My Realtor earned his money after eight months of looking. When we put in an offer, I came in about 15% under list price. We went back and forth about four or five times. But, I knew we were the only serious buyers to look at the place, and they were ready to move. You just have to feel it out and have a great Realtor. We didn't want a status house, because we aren't ballers. That made a huge difference with working with some good people. Quote Link to comment Share on other sites More sharing options...
bdhill Posted July 18, 2014 Report Share Posted July 18, 2014 Zillow and trulia are typically several weeks off on inventory. Many of the their "available" homes are sold...use Realtor.com and rely on your agent to keep you up to date. Most homes sell within 5% of asking in Central OH...not sure of the Tampa market...Regardless start low, but be realistic...offering something you know will not be accepted doesn't help anyone and creates a difficult negotiaion. Get a Buyer's Agent who represents you. Quote Link to comment Share on other sites More sharing options...
Miller Posted July 18, 2014 Report Share Posted July 18, 2014 ^^ If you have the internet connection and the time, someone could do that. Many don't have the time. My Realtor earned his money after eight months of looking. When we put in an offer, I came in about 15% under list price. We went back and forth about four or five times. But, I knew we were the only serious buyers to look at the place, and they were ready to move. You just have to feel it out and have a great Realtor. We didn't want a status house, because we aren't ballers. That made a huge difference with working with some good people. Let's be serious: your house is pretty cool. Dover you have the idea and it's not terribly difficult, have fun. Just make sure you have a good Realtor. I was making low-ball (compared to asking price but actually very fair) offers and my limp wrist Realtor was backing down when negotiations got tough. We missed out on a much larger and upgraded house because of him. Quote Link to comment Share on other sites More sharing options...
dover Posted July 19, 2014 Author Report Share Posted July 19, 2014 So far my realtor seems pretty on point, the house I have found that I am interested in has already been on the market over 200 days. Price is a bit high but he said we have plenty to negotiate. He send me the MLS listing so it's still good to go. I won't be home till December and I have a really tough time buying anything I haven't seen. So I am hoping it's still there when I get back in the area. Also he brought up the idea of building a home (I am really picky). Anyone every went this route? I don't necessarily hate the idea, I just am scared of the first owners syndrome where all the flaws in the build have to be fixed with in the first couple years. We have found a beautiful area in Northern Tampa that taxes are low and the real-estate is cheap. Quote Link to comment Share on other sites More sharing options...
cstmg8 Posted July 19, 2014 Report Share Posted July 19, 2014 I will never buy a house that isn't an investment again. Made that mistake on my first home, didn't overpay, but there was no room for increased equity. Unless you will live in the house for 20 years, make sure you can unload it for profit. It's likely the largest investment any of us will make. Being in a hurry is the worst thing you can do. Look for a good bank owned home and make an offer well below list/market, even better if it needs a little work and you're willing. Good luck!! Quote Link to comment Share on other sites More sharing options...
cybe Posted July 19, 2014 Report Share Posted July 19, 2014 Bought the best house on the block in 2008 and immediately lost my ass (badly, like a third of the value). There's no room for improvement, so I'll sell at a loss. Don't let that happen, I'll never do it again. Quote Link to comment Share on other sites More sharing options...
bdhill Posted July 19, 2014 Report Share Posted July 19, 2014 Central Ohio did not get hit as hard as many parts of the country...Newer homes, particularly in neighborhoods where they are still building, were hit hardest. If you have the ability to rent your house, I would do that. I am happy to provide advice on the processs to anyone on here. My mom recently moved and we rented her home until the market recovers. Remember, we lost, basically, 8 years of appreciation on our homes. While prices are up some, they are nowhere near where they should be. Prices are highest in areas with easy access to downtown; Clintonville, Grandview, Arlington, Short North, Victorian and German/Merion Village. The model is similar to Atlanta. Prices will continue to climb within 270. Once the Outer-outer belt is built in the next 20 years, these homes will be even more desirable. I have been working in Real Estate for over 20 years, and managing rentals for 15. I am happy to provide direct, no holds barred advice to customers. I do not want anyone buying a home that is going to go down in value-I may have to sell it someday... Quote Link to comment Share on other sites More sharing options...
Farkas Posted July 19, 2014 Report Share Posted July 19, 2014 You wouldn't catch me throwing away money by renting a home... Quote Link to comment Share on other sites More sharing options...
dover Posted July 19, 2014 Author Report Share Posted July 19, 2014 I guess he missed the part where I said I am moving to Florida, I have absolutely no ambition to purchase a house in Ohio just to rent. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted July 20, 2014 Report Share Posted July 20, 2014 It all depends on the whole situation. The first house I bought (about 10 years ago) I knew was not going to be a long term thing. So I was more concerned on what I paid in relation to what I thought I could get back out of it quickly. Depending on the area different price range homes move faster they others. Ie. in Cambrighe OH, a house that is worth 300k that's on the market for 225k will still sit longer than a house worth 110k that's listed at 100k, even though the 225k house is "a better deal" House number one even though it wasn't a super deal in relation to appraisal also made financial sense because it was less expensive payment wise than comparable rental properties. So house number one I stuck to a strict price range and settled for a decent deal. When I was ready for house number two (what I currently live in) I was much more selective, and walked away from a couple dozen house deals. I had a strict set of location, size, and acreage requirements.. Then I would make offers. At this time I knew it was going to be the house I planned on keeping forever, so I cared more about the deal than I did the remarketability. House number two that I ended up buying was WAY below appraisal value (due to being a slow moving price range in my market) and I was able to sell house one quickly due to the planning ahead 7 years prior. Quote Link to comment Share on other sites More sharing options...
dover Posted July 23, 2014 Author Report Share Posted July 23, 2014 Thanks Jordan, my plan is to get a house I can see myself in for at minimum the next 10 years. Therefore I want house 1 to be the right one. The market in Florida is still very low, but on the rise. I want to catch a good deal before it recovers to much. I am already following the trend of property tax on the rise, which I am not against because all the bums that moved into these beautiful neighborhoods are being forced into foreclosure. I have a very strict requirement for my household needs so my realtor is really working hard to accommodate me. If I ever start venturing into real estate for flipping, I definitely plan to follow that formula you used when selecting your first house, easy monies Quote Link to comment Share on other sites More sharing options...
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