Replies to post #1359 on Real Estate Bubble (RUBBLE)

[lentinman]

Dear Mr. and Mrs. Biegledog:

Oh, that's too much :-)

Seriously folks....

I think it is a great letter. My ONLY concern is whether you are low-balling enough. I realize you want to make it acceptable to a proud homeowner who is probably still in denial. And, if you want it bad enough, then that's fine.

However, I can't help but think that if you wait a year (if you can manage it), that same homeowner, or dozens like him, will be standing at your door begging you to take it at $150K. I envision the commercial where the bankers are all in the next room and the borrowers are sitting at the table... "NEXT"!

Whatever you decide, you have my best wishes. And, besides, in Rochester at $161K, you can't go too wrong. I mean, it isn't like you are buying a condo (even a discounted condo) in Florida.

Good luck!

Len

[deathtotaxes]

beigledog, personally I think the best negotiation tactic is to make an offer, skip the letter (although it is nicely written). As a seller I would take it as a sign of weakness on your part and would stand my ground firmer because of it. Never show the seller that you really want something. You also are insulting them by telling them how much work is needed and the state of the appliances. Gee, you guys lived in a house with some real crap, but now we want to replace all that and have you pay for it!

Submit the offer, show them that you have the money and are prepared for a fast close. And if they don't bite, wait them out. As Lentinman will prove to you, the inventory will be growing and many more houses will show up. It is your first buy, be patient, don't make the mistake of being overeager.