Price of The Home
Housing prices are different from prices of almost everything else. Many things are factored into the eventual selling price, and the final price is determined by the home seller and buyer. Appraisers can give an estimate of a home’s value however; the final price can only be determined by you and the seller. The seller’s asking price may not be a good indicator of a home’s real value. Some sellers are realistic about the value of their homes and others are not. Some need to sell quickly while others can wait.
You can make a low offer if you think the selling price is out of line; however you should be prepared to cite examples of similar homes which sold for the price you’re offering to support your bid. On the other hand if the home is priced low, move quickly before another buyer has an opportunity to put a sales agreement in place.
Once you have a sales contract for the home in place the seller is legally bound to sell you the property for the contracted price. However, you aren’t bound to pay this price until all of the contract contingencies have been removed. The seller isn’t obligated to reduce the price if problems are found during subsequent inspections but you are free to walk away from the deal.
Have as many professional inspections done as reasonably possible. The cost of inspections is relatively inexpensive when compared to the savings you may realize by having problems corrected prior to the sale or by reducing the selling price.