Q&A: How cheap can I get this condo?
Question by KJ: How cheap can I get this condo?
Im a first-time home buyer, I just applied for mortgage pre-approval few days ago. The condo I want is listed for 139,500. The building has twelve units, four on each floor. Its a square building so every unit is a corner unit. Two in the front (street view), two in the back (alley/side view).
I just found the county tax records with everyone’s names and how much they paid for their units. All of the units are identical footage (600 sq, 1br/1bath) except for the lone studio (460 sq ft).
#001…….123,500
#002…….118,000
#003…….listed @ 89,500 (studio)
#004…….121,800
#101…….139,000
#102…….146,500
#103…….not listed (not on the market either, maybe under contract?)
#104…….135,000
#201…….listed @ 139,500 (the one I want)
#202…….145,500
#203…….146,500
#204…….136,500
Aside from the studio, Im not sure why the first floor is significantly cheaper??? Maybe because its ground level. But it doesnt matter, because the one I want is on the top floor, unit 201, one of the rear units.
Judging by the above info, how low will they go?
I was thinking Id offer 126K (10% below) and hope for a 130K sale price. But the lowest anyone got theirs for is 135k (Floor zero notwithstanding). Think I could get them to 132k?? 130k??
There’s only one unit available (not counting the studio), I think that works against me. I dont wanna get beat out by 1k, by someone else. Its been on the market 71 days.
eta: Also its newly renovated and the owner is an LLC, not a private owner.
Sorry to ramble….help!!!
I know Im a novice, but I thought real estate was all about negotiating. Why would I go in and just give them what they ask?? =/
Best answer:
Answer by acermill
You’re dreaming. You’ve done the homework which indicates that the lowest sale price on a top floor unit is $ 136,500. Why would you think you can buy another for significantly less money, especially when the owners have just renovated the premises ? You are niggling over a small amount. If you want this condo badly, offer them no more than $ 1000 less than asking.
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