2006-06-20 06:33:49 · 19 answers · asked by fungirl 3 in Business & Finance ➔ Renting & Real Estate
We just sold a house. We took $5,000 less than the listing price. We couldn't afford to go any lower. Our Realtor knew this, and would have rejected any offer less than that without even calling us. Be careful of making an offer that is too low.
When we made the offer on our new house our Realtor was able to guide us as to how much below the list price was a fair offer.
There are many factors to consider. Is the home reasonably priced to begin with? Is there a mortgage balance? Your Realtor should be able to answer your question better than people who have not seen the house and are not familiar with the market area.
2006-06-20 06:45:06 · answer #1 · answered by Sharingan 6 · 0⤊ 0⤋
So many different answers here.
It really does depend on the market in your area. If houses sell quickly and don't spend much time on the market,then you should always offer close to the asking price. Don't go any less than 5% of the asking price. If you are the one that really has your heart set on THIS house then offer them what they are asking or there is a chance they won't accept your offer and they don't have to counter. You could lose the house of your dreams by offering too little.
If you feel that you have a little room to play with or if the house doesn't appraise for the asking price or if the assessed value is lower,you can reasonably offer 10-12% less. But as I said always be cautious when doing this because there can always be other buyers putting in a bid at the same time as you.
2006-06-20 15:55:42 · answer #2 · answered by zoya 6 · 0⤊ 0⤋
For me the worst thing that can happen is they say yes to my first offer.
So I determine what I think the house is really worth given the location and the market at the time. Then I arrive at an amount that if I got it for that I'd be giddy with excitement because it was such a great deal and that's what I'd offer.
Or a wise old investor once told me to think of it this way. Assume you have a home of your own that you are perfectly happy with and the seller came up to you and offered you their house. Considering that you don't need an extra house - what price would he have to offer you so it would be such a great deal you couldn't say no - and offer them that amount.
Keep in mind if you go too low and you risk insulting the owner (if you really want that property).
And if they say yes to my first offer I'd still be dying to ask "would you have taken $XXXXXXXXX" and I won't sleep well for a couple of nights.
That all said, keep in mind I'm an investor. If my wife says I want this house (if we were looking for a house to live in) I suck it up and get it for her - I like being married to her and it's a small price to pay.
Good luck
2006-06-20 14:17:16 · answer #3 · answered by GaryODS 3 · 0⤊ 0⤋
Depends on your market. First, is $349,900 a reasonable price in your marketplace? In some hot marketplaces, offers sometimes actually exceed asking prices. But lately, even in bubble markets, things have been cooling down. In an average market, if $350K is close to fair value, you might make an offer 5-10% below that. In a tough market, you might go lower than that. Check out comps---what have similar homes sold for lately? Prepare for counteroffers, sometimes several times back and forth.
2006-06-20 13:36:53 · answer #4 · answered by Allen 3 · 0⤊ 0⤋
first, you need to know how many people are currently bidding on the house. real estate agent usually can share this information.
Most of them will love to share if there are multiple bidders so you know what it means if they are not willing to share this information.
second, depends on how you like the house.
third, the market around the house. if you are not sure about it, you might want to take more time to do research before you are making the offer.
up to 10-15% lower are reasonable nowadays, but if there are multiple bidder, you might want to bid only 5% or less lower.
2006-06-20 14:27:55 · answer #5 · answered by Aldi 2 · 0⤊ 0⤋
This is why most people need to work with a good Realtor. Most of the above answers have no basis for their answers. NO ONE, not from the area in question, can answer that question. The proper answer takes a lot of research for the home, area and market conditions for the area the home is in. I also want "basbl_fan" to know, that in certain markets, one WOULD bid higher then the asking price.
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Need a good Realtor?
If In Alabama - e-mail me
If not in Alabama - I can still recommend an experienced Realtor from your area that will give you OUTSTANDING service! I work with a network of Realtors across North Amercia.
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2006-06-20 20:35:58 · answer #6 · answered by Keller Williams Realtor 2 · 0⤊ 0⤋
First I would like to say that that first girl whatever her name was is a iddiot (YOU NEVER BID HIGHER) But I would start low and when the prob say no to that go a little higher by the thousands starting at about $250,000 maybe. And if by some merical they do agree you struck gold!!!
2006-06-20 13:38:05 · answer #7 · answered by basbl_fan 2 · 0⤊ 0⤋
may house is $420,000 and when my parents baought it at $300,000 we offered $100,00 cash and that bout it since the previous owner rented it... also if you get an inspector to inspect he house he well tell you some damages get a person to give and estimate of the damges then you can lower you offer....
2006-06-20 13:39:56 · answer #8 · answered by Fritz J 3 · 0⤊ 0⤋
What part of the country?
2006-06-20 13:39:50 · answer #9 · answered by Retarded Dave 5 · 0⤊ 0⤋
Start around $310,000. They will make you increase it, but you will still probably get it for less than the asking price
2006-06-20 13:39:28 · answer #10 · answered by Jon 2 · 0⤊ 0⤋