DIYbanter - View Single Post - Need advice on home buying process, PLEASE HELP!

dpb

wrote:
I'm interested in buying a home in IL, first time home buyer.
There is a home came out as fair condition and is priced $195000.
My realtor said it is 'a bit under priced' didn't exactly mention how
much.

I suppose he wouldn't since his commission is a percentage...

You _do_ have legal representation, right?

My realtor wants me to put as much earnest money as possible to get it
closed as quickly as possible.
He also believes that will help him for negotiation process.

In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?

Earnest money isn't required to make a bona fide offer of whatever level
you should choose. That can be arranged during the negotiations as part
of the seller's acceptance/rejection process.

There are too many variables to be able to say anything at all other
than you're way too green going here -- you should at a minimum research
what other houses in the area have sold recently and for what price.
How long has this particular property been listed? How long did
comparable properties take to sell?

W/O knowing anything at all about the area you're in, it's impossible
for anybody here to even hazard a guess as to how depressed the housing
market is there at whatever price range. Some areas are in the dumper,
others have seen very little impact.

Do you think that I could demand lower than or around $180,000?

You can't "demand" anything -- you can make an offer of whatever you
choose and the broker has to tender it. They can reject it outright,
counter-offer or accept. Your move again.

Ever hear of Bruce Williams on evening talk radio? He's great at
fleshing out the details and the pitfalls. He's got a book altho I've
not seen it--if you can find the show, call and ask your questions--but
have a reasonably thick skin; he doesn't suffer fools easily!

--