And, all the best to you, too!

I do understand screening (and, thought not mentioned, people saying serious inquiries only to avoid lookie loos) and I don't really have a problem with it, except that judging her from what I know of her practice, I'd like to hear some things from the seller's lips.

I don't charge $2,000 an hour for my services, but I'm worth what I get paid. No employer, nor any client of those employers, has ever had any complaint against me.

Quarter,

You offered 43.5% of the asking price. I would have advised my seller to counter at full price to discourage you or make you realize that we believe the price to be reasonable.

How do properties, in your area, that sold for $50,000 compare to this property? How does this property compare to others that sold for $115,000? The group that it has more in commmon with should guide your offer.

Other properties this agent has listed after FSBO don't really have much to do with what this property is worth UNLESS they match what this property is. Don't focus on that.

Tax value also doesn't have much to do with the market value UNLESS the taxing authority maintains tax value at current market value and they have reset this property this year.

As others have said, this property is worth what other similar properties in the area have sold for recently. Recently is a relative term defined by your market - some areas values are increasing or decreasing monthly and in others values are quite similar to what they were a year ago.

An appraiser, REALTOR, real estate agent or real estate broker in the area this property is located will be your best source of reasonable value. Posters to this board are from all across the nation and don't know what values are doing in your area.

You said you aren't far enough along to consider a buyer's representative. Why not? I believe you should consider a buyer's rep as soon as you consider yourself a serious buyer. They will help you find a property in your price range that fits your needs. They may agree with you that 43.5% of asking price is a reasonable offer on this property and use their negotiating skills to get the seller there. They may know that the asking price is inline with current values and suggest you raies your offer or find another property.

This is hilarious.

Am I the only person questioning whether this person really has 50K cash to buy a house, yet he does not own a home, and has never purchased a home?

I guess it's entertaining on a Friday afternoon.

I won a HUGE "Vexatious Refusal to Pay" lawsuit, much larger than $50K, but no further details on that. I signed a non disclosure form..

My first home was purchased from my parents. Easy deal.

My second home I used a buyer's agent. I think we did a good job.

This house, I'm very leery. Everything has already been stated, but all the news about the market, etc, yet the pricing in this small town (I'm new here) just seems out of line with everything you hear.
My last home, in a big city suburb, desirable neighborhood, bigger than the one I looked at, and they want a LOT more?

I'm just confused, that's all!

TxFred,

Thank you! You're kind remarks are appreciated.

I will find a buyer's agent and just go for it.

Quarter,

If you are still looking for your answer go to the local court house and search through the recorded documents of sale. This is the only way you can find comps. in a very rural area without finding an agent to help you.

Another thing not all real estate markets are declining. Here in Houston, Texas we have posted gains every month. Setting records for median and average home sale price again in July. A good ethical agent is far, far, far more reliable then the news casts you here ever will be.

Just because the average home sale price across the country is down does not mean that all markets are experiencing declines in value. It just means that some markets are experiencing declines that are greater than the increases in value in other markets.

Thank you!

I'm not arguing at all that some markets are up.

My observations are that this is a small town, 25 to 30 miles away from services with all sorts of properties all in close proximity. Junk collectors, abandoned houses, foreclosures right next door to well kept and very close to really, really expensive homes on the country club.

I was trying to determine THIS market and THIS house within this market. It all seemed so out of proportion.

But, it's rather moot at this point.

The house recently sold for $72,000 after she told me that the owner rejected $50,000 and countered $114,900 and refused to negotiate with me further.

I don't have that figure written in stone yet. My information comes second hand, but this is a small town and everybody knows everybody else's business, so, I trust it, in a way.

If you wonder why I'm here in a place I consider forsaken? It's just necessary right now.
Why was I interested in that house? It was close to some relatives that would have made my life a bit easier for a while.

*Help with a post-stroke relative.

Not to worry! There are plenty of houses in town of all sizes & prices. Unfortunately, many of them have asbestos siding and I'm reluctant to go for one even in the best condition.

I am in a quandary about what to do about an agent, since she seems to be the "one" people in town list with if they use an agency. Most are FSBO and I really don't know how to deal with them!

It's not that I don't trust agents. I don't trust her and I think I have been proven right.

Her attitude seemed to be that I'd have to deal with her on her terms and if I didn't like it, I was out of luck!

Small town politics may not work for me in the long run, but I'm stuck right now.

Continuing to rent may be my best bet.

At least it's all month to month with no lease involved!

Thanks again!

Don't worry about asbestos siding if it is the hard shingle type. The bad stuff is already encapsulated. The only problem would arise if you wanted to remove it which you never have to because you can cover it over with other siding.

Thanks!

That's what I've been told.

It's just that I keep thinking, "What if repairs are needed?", "What if it needed to be disturbed in some way?"

It does bring a house price way down, though!

[quote=Quarter]No, I haven't done a comp based on recent sales, but read the first post. I have done visual comparisons of adjacent properties, which is supposed to affect property values, I understand.

The house is empty and "They owe more than I offered" is a line told to me by the agent, as far as I know.
I'm dealing with real estate agents. How would one know what spoken word was true and what word was a lie?

But, why should the fact that they owe money concern me? Many people are selling at a loss or being foreclosed on, right?
I'll sell you my used car for $100,000 and I still owe money on it. That way, I can meet his price.

And, I still don't know how to tell a broker from an agent.

I don't expect any good information from this site.

It's for agents by agents, isn't it? [/quote]



Quarter you have gotten some pretty good advice. I would like to add that you should hire a Realtor (one who is a member of the National Association of Realtors which holds a strict standard toward ethics) and have him or her prepare a market analysis for you on this house. This is what I do for my buyer clientele before they make an offer. Afterall, an appraisal is just simply the amount a seller will accept and an informed buyer will pay. You will become an informed buyer once your Realtor prepares the market analysis. The Realtor will also be able to pull up the tax assessor's records from the title company to answer your questions about the property. Most buyer's agents are free of charge to you, unless you sign a Buyer's Broker Agreement and the fee is agreed to be paid in a different manner.

It sounds like you are trying to do everything yourself and for a "newbie" as you call yourself, you are doing yourself a disservice. I am sure there are some real estate offices in your County to call on. Good Luck!

The house is gone.

Thank you for your reply.

I'm not disappointed; there'll be others.

I'll get me an agent to travel 30 miles to represent me, since I don't like the one that already comes here.

[quote=Quarter]The house is gone.

Thank you for your reply.

I'm not disappointed; there'll be others.

I'll get me an agent to travel 30 miles to represent me, since I don't like the one that already comes here. [/quote]


Ok best of luck in your pursuit. Glad you have decided to hire buyer's agent.

Oh God, what a waste of bandwidth this thread has been. I had to read the whole thing.

Its pretty simple, and its just like the reverse FSBO. If you don't believe a buyers agent is worth the time, then do like you did and do your own research and submit the offer. If you want to offer 10 percent of the asking price because you dont ""feel like the value is accurate" then there is nothing at all wrong with that. When you get countered like you did, don't be surprised. When something doesnt go right, dont be surprised. If the market was anything close to decent in your area I would have told the sellers to ignore your offer due to wasting of professionals' and clients' time, when they couldve been out with another client, etc, but spent time/gas,etc,maybe "drove 30 miles" and came to entertain "an offer" of crap.

All the advice I've read here was pretty much spot on. All good advice. And theres no need to compare commercial and residential sales information. NONE.


So after this long I think you've found the answer. Use a buyers agent. There has to be another agent in the area and doesn't have to be 30 miles away, although that does happen. Any other agent would have a professional and more than likely legal responsibility to get the information you want in order to facilitate your desired contract, if you're listed as a client of theirs. Its Free!

Your timely advice is probably as good as your professional services!

Thank you, so much!

Hire an experienced broker or appraiser. Unless you hire the broker, they are most likely acting on the sellers behalf. A buyer broker be your advocate and help you negotiate. An appraiser will help determine value, but they can't act as a advocate... just gives the facts.