First Home Jitters!

May 17, 2008 2:21 PM

I think I just saw my dream house. It was just listed, there's an open house tomorrow and we have the realtor's business card. What do I do next? What documents do I need before I can make an offer? How should I bid in comparison to the list price? (Boston area; currently renting.) Thanks for helping a total n00b.
posted by Saucy Intruder to home & garden (4 comments total)

Get thee to a buyer's agent ASAP. A buyer's agent can only help you with these questions.
posted by deadmessenger at 2:33 PM on May 17

Yeah, that's what I'm thinking too. Is there any way I can somehow express interest so someone with their ducks in a row can't grab it before I can get to the bank and an agent?
posted by Saucy Intruder at 2:43 PM on May 17

If you don't mind overpaying just go in with both barrels and get your dream house.

In order to find any bargaining power, however, you're going to have to let Mr Market inform you, and more importantly, the buyer, as to how realistic the asking price is.

You can do a lot of research on zillow. Zillow every house within a stone's throw of The House. Plot every sale on a chart. Try to find comps of what has been selling in the area over the past few weeks.

The key to bargaining effectively is being able to walk away.

ah, I see ziprealty is in Boston. I haven't dealt with them directly (yet!) but I find their web search function to be primo in terms of getting intelligence on a listing and its neighborhood.

Get an account with them and go to town. They also have a fee kickback deal that is attractive.

Your initial offer should be dependent on how unique you think this house is and how bad you want it and how well you can afford "overpaying" for it.

Me, I've got my eyes on a listing in Fresno. It's been on the market for some number of months now and I hope to make an offer on it later this summer but if it goes before then there are a lot more fish in the sea, these days at least.
posted by tachikaze at 2:50 PM on May 17

I bought a condo in Somerville last year and my agent was supremely helpful (Mary Lane at Coldwell Banker in Cambridge, if you're in that area). Do move fast, as I missed getting the first place I loved because someone put a bid in before I could. I can't remember how soon I had to get the letter from a mortgage company saying that I could get a loan, but you might want to look in to that.
posted by supramarginal at 3:45 PM on May 17