Buying Kansas City Real Estate
It is rare, particularly when dealing with older houses in Kansas City in need of renovation, that a seller expects to receive the asking price of the house. It is up to you, the buyer, to pay as little as will possibly be accepted when buying Kansas City real estate.
Suggestions for Buying Kansas City Real Estate:
- Exercise the most extreme politeness, even if you don’t trust those you are dealing with.
- Gently but firmly mention the flaws you have found and how much they are apt to cost you to fix.
- Let it be known you are looking at other Kansas City real estate as well as this one.
- Make an offer twice as low as you expect to pay: the seller will surely not accept your offer, but will make a counter-offer.
- Ask the owner to include certain repairs as part of the deal.
- Ask the owner to include certain items in the deal, such as:
- Restoration Materials
- Ask the owner to pay your closing costs or give you the time remaining on the insurance policy to reduce your start up costs.
- Explore the idea of the seller giving you a second mortgage at a lower rate than the bank is giving you on the first mortgage; if the seller is planning on investing the profit from the sale, the interest you are willing to pay him or her may be more than their bank or other investment interest will yield.
Watch out for sharpies who just want to make a lot of money on a house that is worth only a little.
To get you through the legal technicalities, hire a real estate lawyer at an hourly rate. Make sure your lawyer protects your interests adequately.
Ask T. J. Lamb, T.J. Lamb Real Estate, about negotiating the price on any and all Kansas City real estate.
This Home Buying Tip was excerpted from:
Reviving Old Houses by Alan Dan Orme, Garden Way Publishing, 1989.