Should I get pre-approved for a home loan before looking for a house to buy?

We are thinking about buying a house but want to stay under a 100,000, so far everything we have seen in our price range has kinda sucked, but i just came across a listing for 109k(it looks promising says it was just refurbished), it was just re listed, before(in November) it was 119k, so i'm wondering if we could get away with offering 90k or if that if too much under the list price, i mean the worst they could do was turn down the offer, but we can't(or don't want to) make an offer until after we get an inspection, which is 250, so i would really like opinions from people who know real estate or have recently purchased a house, Thanks!


Asked by Anonymous at 12:26 AM on Feb. 9, 2009 in Home & Garden

This question is closed and filed in the CafeMom Encyclopedia.
Answers (6)
  • Is it bank-owned or owner-owned? The bank might be willing to take anything to get the inventory off its hands. An owner might not be so willing.

    I'd make the offer. The worst they can say is "no." More likley you'll get a counter-offer.

    Answer by gdiamante at 12:32 AM on Feb. 9, 2009

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  • It depends on alot of things, time its been on the market, condition, current market in the area of the home. if they just relisted you could try 90 (your realtor will normally tell you if your offer is too low) most sellers will come back with a counter offer if they feel your price is too low, i would say if you offer 90 they will most likely come back with 100 then you could counter with 95 and still stay below yuor price.

    One thing to notice when looking at homes, check to see how many realtor cards have been left those are an indicator of how many times the home has been shown, a realtor may show the house 5 times and leave a card each time. knowing how often the home is shown will help determine how desperate the seller is to get rid of the property.

    Answer by 3_ring_circus_ at 12:34 AM on Feb. 9, 2009

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  • I don't think they will take that much off unless it is bank owned. They may owe more than that. You can make an offer before the inspection and just put in the contract depending on inspection. Otherwise you are wasting your money if they don't accept such a low offer in the first place. Good luck. Check out the forclosures in your area sometimes you can get a really good deal that way. That was how we bought our first home.

    Answer by Anonymous at 3:11 PM on Feb. 9, 2009

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  • Well you can always offer low as you want but that doesn't mean the seller will agree to your offer. Generally if the seller is the owner (assuming its not the bank) they want a little commission off house for another house or need to pay off what they owe on the house so some may not be able to take your offer for those reasons. Can ya blame em? If its a bank, well like I said, offer as low as you want, but most generally won't take it if it is too low bank or not.

    Answer by TheFriskyKitty at 3:14 AM on Feb. 10, 2009

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  • Find everything wrong with the house that you possibly can (right down to a broken outlet cover). Then make your offer. You can probably get away with asking $15K-20K less than asking price. So if the house is listed for $109K, you can try offering between $92 and $99K. They may be wanting the house to move badly. You may get lucky. They may come back with a counter-offer that is between your offer and their listing price. It never hurts to try and offer less than what they are asking. I say try to ask lower and see what happens. Good luck!

    Answer by Anonymous at 9:43 AM on Feb. 10, 2009

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  •  OP HERE:OK, so i found out some more info on the house, it's been on the market for 400+ days, someone bought it for 65,000 back in 2006, did some work, listed it for 139,000, didn't sell, listed it for 119,000, then now it's listen for 109,000, whats really funny is that the seller has the same name as our old landlord at our crap ass apartment, so it may be the same owner...anyway weare going to see it on sunday, so after that we will have a better idea on if we want to make an offer on it, btw, i don't know why i posted as anon lol


    Answer by Rachel1786 at 12:51 PM on Feb. 11, 2009

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