Richie & Rhoda Ridiculouz
These wannabe buyers have listened to friends, and friends of friends about the bargains that can be found in the slow real estate market. By the time they’ve finished talking it up, the couple is under the impression that they will be able to find a mansion for less than $350 a month…because that’s the deal someone’s cousin got. They enlist the help of a real estate agent, and she shows them fixer uppers and short sale properties that fit within their budget. They find a turnkey home they fancy, and because of the ridiculous advice of non-professionals, demand that the sellers reduce the home another $25,000, provide a stainless steel appliance allowance, and pay all closing costs.
Couples like Richie and Rhonda make me want to scream, chuckle, then scream again!
My Advice: Richie and Rhonda, hear me, please! If your buddies aren’t trained, knowledgeable professionals, take their experiences with a grain of salt. It would be extremely rare if your experience was identical to theirs. Each real estate transaction is different because you are dealing with a different set of people with different wants, needs and financial standing. Now, in terms of your expectations for your future purchase, when is reality going to set in for the two of you? Listen to your agent. Look over the comparables that he or she is presenting to you, in addition to the condition of the desired home and that will give you a sense of what a fair offer is. If you still have your heels dug in, now is not the time for you to buy.