Making an offer on a house

Is there a template or anything one should go by when making an offer? I plan to make an offer contigent on obtaining financing and the house passing inspection. I think I will also make my offer include the seller paying closing costs. I want to make a low ball offer on a house I can fix up and live in for two years then flip it for a profit.

 

A year ago I would have told you you were freaking crazy. Today, however, you may get away with it. The housing inspection thing is a given. Be careful not to piss off the seller with to low of an offer. The first dude did that to me when I was selling and I didn't sell it to him out of spite. Wound up selling my place for $14G higher than that offer. Check to see if other offers are being made on the house. If so, that may change your approach. Best of luck!

 

The house I am looking at is owned by a bank that got it in foreclosure. I doubt a low ball offer will piss them off. It has been on the market for about a year and needs a lot of repairs.

 

Well, damn, you didn't mention that little fact in your first post. In that case, go with the low ball offer and see if it sticks.

 

If there is a realtor you trust, make them your buyer's agent. They have access to unlimited amounts of info. And, it's not like you have to pay them any fee. If this is the house you want, get some help.

 

Do buyer's agents not bill you for their services?

 

The seller pays all agent costs.

 

If they try you have gone to the wrong agent. Commission is always paid by the seller and the buyer's agent gets a cut. If there are ANY cost to you walk out and go somewhere else. I would use one if you know the house you want and seek some counseling. Otherwise, if you're just shopping around they have a contract with you and will be involved in any transaction you are interested in. Even a FISBO. Still, no cost to you but it may ward off other sellers from dealing with them.

 

Thanks for the advice guys. I contacted an agent I have dealt with before and he is going to act as my buyers agent.

 

You are crazy not to use a realtor. AND...bank owned foreclosure are usually stingy with paying closing costs or dropping the price. They are also, in most cases, AS IS. Make DAMN sure you can get a loan on it.

Ask yourself this...could you live there the day of closing? If not, getting a loan will be a bitch.