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Default Need some advice on home buying process, PLEASE HELP!

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.

My realtor adviced me to put as much earnest money as possible to get
it
closed as quickly as possible and help through negotiation process.

In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?
I was thinking that I can put $5000. Should I put more or less?
Also, my realtor is thinking about making initial offer for $180,000,
expecting to close the deal around $190,000.

He explains that though it is buyers' market and knows that
for some houses, those come out as discounted as much as 20 - 30%,
however that would be rare for the housing market that I am interested
in,
under $200,000. In usual situation, I would agree with my realter
100%, that I don't know too much about home buying process anyway,
and 2nd, I respect his opinion that he's the expert and the one who
coordinates the whole thing.
however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; and want some 2nd opinion.
however, on the other hand I wouldn't want to scare off sellers that
I'm getting a bit tired of
home buying process.

well, this pretty much sums up my situation.
Do you think that I could demand lower than or around $180,000?
Thank you in advance.


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Joe Joe is offline
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Default Need some advice on home buying process, PLEASE HELP!

On Mar 14, 7:42*pm, 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.

My realtor adviced me to put as much earnest money as possible to get
it
closed as quickly as possible and help through negotiation process.

In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?
I was thinking that I can put $5000. *Should I put more or less?
Also, my realtor is thinking about making initial offer for $180,000,
expecting to close the deal *around $190,000.

He explains that though it is buyers' market and knows that
for some houses, those come out as discounted as much as 20 - 30%,
however that would be rare for the housing market that I am interested
in,
under $200,000. *In usual situation, I would agree with my realter
100%, *that I don't know too much about home buying process anyway,
and 2nd, I respect his opinion that he's the expert and the one who
coordinates the whole thing.
however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; and want some 2nd opinion.
however, on the other hand I wouldn't want to scare off sellers that
I'm getting a bit tired of
home buying process.

well, this pretty much sums up my situation.
Do you think that I could demand lower than or around $180,000?
Thank you in advance.


Go back to square one and get yourself a lawyer experienced in real
estate matters. As a babe in the woods, the rapacious realtors will
eat you alive. Next contact a competent real estate appraiser. Their
advice can save you money and get you a fair price. Finally, contact a
home inspection firm, but be careful there. Home inspector competence
varies wildly from pure scam artists to old time construction pros
that are well worth what they charge. Good luck.

Joe
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Pat Pat is offline
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Default Need some advice on home buying process, PLEASE HELP!

On Mar 14, 8:42*pm, 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.

My realtor adviced me to put as much earnest money as possible to get
it
closed as quickly as possible and help through negotiation process.

In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?
I was thinking that I can put $5000. *Should I put more or less?
Also, my realtor is thinking about making initial offer for $180,000,
expecting to close the deal *around $190,000.

He explains that though it is buyers' market and knows that
for some houses, those come out as discounted as much as 20 - 30%,
however that would be rare for the housing market that I am interested
in,
under $200,000. *In usual situation, I would agree with my realter
100%, *that I don't know too much about home buying process anyway,
and 2nd, I respect his opinion that he's the expert and the one who
coordinates the whole thing.
however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; and want some 2nd opinion.
however, on the other hand I wouldn't want to scare off sellers that
I'm getting a bit tired of
home buying process.

well, this pretty much sums up my situation.
Do you think that I could demand lower than or around $180,000?
Thank you in advance.


Oh, so many things to say and so little time to type them.

First and foremost, it ain't "your real estate agent" unles IL law is
VERY different from everywhere else. So the first thing is "have you
signed a "buyer/broker" contract". If not, it's the SELLER's agent.
Hello. The agent has a fidutiary responsibility to the seller, not
you. It is also illegal for the seller to communicate information to
you if it is detrimental to the seller but MUST communicate info about
you to the seller. So if the seller know that the seller will sell
for $175m and you are talking $190m for the house, the agent can't/
won't tell you that.

Without saying other things to scare you, all I'll say is that there
are HUD certified housing-counseling agencies all across the country.
Go find one in your neighborhood/area and go talk to them. Even an
informal discussion with them for an hour or two will give you a lot
of information.

Good luck with it.
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Art Art is offline
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Posts: 788
Default Need some advice on home buying process, PLEASE HELP!

I always found the best houses by looking for a pia seller that required 24
hour notice before showing house. Usually that meant that they kept the
house ultra clean and in good shape and realtors never showed houses
requiring appointments so often the house was unsold on the market for a
long time and the price had been lowered significantly. Just a hint from
experience.



wrote in message
...
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.

My realtor adviced me to put as much earnest money as possible to get
it
closed as quickly as possible and help through negotiation process.

In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?
I was thinking that I can put $5000. Should I put more or less?
Also, my realtor is thinking about making initial offer for $180,000,
expecting to close the deal around $190,000.

He explains that though it is buyers' market and knows that
for some houses, those come out as discounted as much as 20 - 30%,
however that would be rare for the housing market that I am interested
in,
under $200,000. In usual situation, I would agree with my realter
100%, that I don't know too much about home buying process anyway,
and 2nd, I respect his opinion that he's the expert and the one who
coordinates the whole thing.
however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; and want some 2nd opinion.
however, on the other hand I wouldn't want to scare off sellers that
I'm getting a bit tired of
home buying process.

well, this pretty much sums up my situation.
Do you think that I could demand lower than or around $180,000?
Thank you in advance.




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Posts: 7
Default Need some advice on home buying process, PLEASE HELP!

On Mar 15, 2:19*pm, Pat wrote:
On Mar 14, 8:42*pm, 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.


My realtor adviced me to put as much earnest money as possible to get
it
closed as quickly as possible and help through negotiation process.


In this market condition - I heard it is buyers market, what is the
reasonal amount for earnest money?
I was thinking that I can put $5000. *Should I put more or less?
Also, my realtor is thinking about making initial offer for $180,000,
expecting to close the deal *around $190,000.


He explains that though it is buyers' market and knows that
for some houses, those come out as discounted as much as 20 - 30%,
however that would be rare for the housing market that I am interested
in,
under $200,000. *In usual situation, I would agree with my realter
100%, *that I don't know too much about home buying process anyway,
and 2nd, I respect his opinion that he's the expert and the one who
coordinates the whole thing.
however, in this given market condition, I'm not so sure,
feeling that I could demand lower price; and want some 2nd opinion.
however, on the other hand I wouldn't want to scare off sellers that
I'm getting a bit tired of
home buying process.


well, this pretty much sums up my situation.
Do you think that I could demand lower than or around $180,000?
Thank you in advance.


Oh, so many things to say and so little time to type them.

First and foremost, it ain't "your real estate agent" unles IL law is
VERY different from everywhere else. *So the first thing is "have you
signed a "buyer/broker" contract". *If not, it's the SELLER's agent.
Hello. *The agent has a fidutiary responsibility to the seller, not
you. *It is also illegal for the seller to communicate information to
you if it is detrimental to the seller but MUST communicate info about
you to the seller. *So if the seller know that the seller will sell
for $175m and you are talking $190m for the house, the agent can't/
won't tell you that.

Without saying other things to scare you, all I'll say is that there
are HUD certified housing-counseling agencies all across the country.
Go find one in your neighborhood/area and go talk to them. *Even an
informal discussion with them for an hour or two will give you a lot
of information.

Good luck with it.- Hide quoted text -

- Show quoted text -


Thank you all for your sharing..it is very helpful.
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