Overpriced house - lowball offer or wait?

[Anonymous]

ditto, what is bold fonted poster talking about?
a higher mortgage balance or higher monthly payments because you overpaid has nothing to do with finding the perfect mortgage.

you should, however, shop around for low points and rates from several banks and credit unions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:http://franklymls.com/FX7935083

Is it this? Because it is overpriced by at least $100k. Especially because 1st floor Master will limit interest.

wow that's pretty high for not new construction, reston and south lakes

New poster. I agree with PP. That is too high for an older home and especially since it feeds into South Lakes High School... the bottom of the barrel.

[Anonymous]

50k in 10 years time will not be that much.
How much are you going to spend in repairs and maintenance, is the neighborhood going to improve? Will you be zoned for another schooll district? How do the neighbors keep the appearance of their house? Is a high rise building going to block out the sun?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:http://franklymls.com/FX7935083

Is it this? Because it is overpriced by at least $100k. Especially because 1st floor Master will limit interest.

wow that's pretty high for not new construction, reston and south lakes

New poster. I agree with PP. That is too high for an older home and especially since it feeds into South Lakes High School... the bottom of the barrel.

Someone in this thread really has an axe to grind against South Lakes. There are quite a few $1M+ neighborhoods in that pyramid although not in the neighborhood this house is in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:http://franklymls.com/FX7935083

Is it this? Because it is overpriced by at least $100k. Especially because 1st floor Master will limit interest.

wow that's pretty high for not new construction, reston and south lakes

New poster. I agree with PP. That is too high for an older home and especially since it feeds into South Lakes High School... the bottom of the barrel.

Someone in this thread really has an axe to grind against South Lakes. There are quite a few $1M+ neighborhoods in that pyramid although not in the neighborhood this house is in.

http://www.greatschools.org/virginia/reston/569-South-Lakes-High-School/

[Anonymous]

If 50k or 100000 is too much, then you are looking at houses at the very top of your price range. Find another realtor who will show you what you can afford. You are just wasting your time and the realtors time and the sellers time.

[Anonymous]

Anonymous wrote:If 50k or 100000 is too much, then you are looking at houses at the very top of your price range. Find another realtor who will show you what you can afford. You are just wasting your time and the realtors time and the sellers time.

Ugh. Let's see if I can explain this to you in a way that you might be able to understand. Suppose I offer to sell you a brand new ipad for $600 that the Apple Store is selling for $500. If you balk at paying my price, are we to conclude that you can't afford an ipad and shoud be shopping for a knockoff tablet? OP said she doesn't want to pay more than fair market value based on current comps; how does that translate to not having the money and wasting her agent's time? In fact, she said her agent agrees that the house is overpriced by $100k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If 50k or 100000 is too much, then you are looking at houses at the very top of your price range. Find another realtor who will show you what you can afford. You are just wasting your time and the realtors time and the sellers time.

Ugh. Let's see if I can explain this to you in a way that you might be able to understand. Suppose I offer to sell you a brand new ipad for $600 that the Apple Store is selling for $500. If you balk at paying my price, are we to conclude that you can't afford an ipad and shoud be shopping for a knockoff tablet? OP said she doesn't want to pay more than fair market value based on current comps; how does that translate to not having the money and wasting her agent's time? In fact, she said her agent agrees that the house is overpriced by $100k.

That's the problem with asking rhetorical questions. The answer here is, yes, we assume you can't afford it and should be looking downmarket.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If 50k or 100000 is too much, then you are looking at houses at the very top of your price range. Find another realtor who will show you what you can afford. You are just wasting your time and the realtors time and the sellers time.

Ugh. Let's see if I can explain this to you in a way that you might be able to understand. Suppose I offer to sell you a brand new ipad for $600 that the Apple Store is selling for $500. If you balk at paying my price, are we to conclude that you can't afford an ipad and shoud be shopping for a knockoff tablet? OP said she doesn't want to pay more than fair market value based on current comps; how does that translate to not having the money and wasting her agent's time? In fact, she said her agent agrees that the house is overpriced by $100k.

That's the problem with asking rhetorical questions. The answer here is, yes, we assume you can't afford it and should be looking downmarket.

haha!

[Anonymous]

Anonymous wrote:

Anonymous wrote:If 50k or 100000 is too much, then you are looking at houses at the very top of your price range. Find another realtor who will show you what you can afford. You are just wasting your time and the realtors time and the sellers time.

Ugh. Let's see if I can explain this to you in a way that you might be able to understand. Suppose I offer to sell you a brand new ipad for $600 that the Apple Store is selling for $500. If you balk at paying my price, are we to conclude that you can't afford an ipad and shoud be shopping for a knockoff tablet? OP said she doesn't want to pay more than fair market value based on current comps; how does that translate to not having the money and wasting her agent's time? In fact, she said her agent agrees that the house is overpriced by $100k.

Then go and buy the $500 one. Cry all you like, but every house is different. Your fault you want this one

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If 50k or 100000 is too much, then you are looking at houses at the very top of your price range. Find another realtor who will show you what you can afford. You are just wasting your time and the realtors time and the sellers time.

Ugh. Let's see if I can explain this to you in a way that you might be able to understand. Suppose I offer to sell you a brand new ipad for $600 that the Apple Store is selling for $500. If you balk at paying my price, are we to conclude that you can't afford an ipad and shoud be shopping for a knockoff tablet? OP said she doesn't want to pay more than fair market value based on current comps; how does that translate to not having the money and wasting her agent's time? In fact, she said her agent agrees that the house is overpriced by $100k.

Then go and buy the $500 one. Cry all you like, but every house is different. Your fault you want this one

OP here. Thanks for your advice, but this is not a one-of-a-kind house and in this neighborhood similar houses come on the market regularly. We are planning to make a 55-60% down payment, so finances are not the problem here. I was simply asking about the pros and cons of making a -10% offer now versus waiting to see if the sellers drop their price. If someone pays their price, I certainly won't have any regrets or "cry".

[Anonymous]

OP, I advise waiting. If they don't drop the price, very unlikely that they would be receptive to your offer or even be willing to meet you halfway. We made an offer on a house that had been at the same price for over 240 days and even then the sellers would only come down $20k on a $1.2M house.