2006-07-18 07:24:07 · 8 answers · asked by lougerardgroup 1 in Business & Finance ➔ Renting & Real Estate
it depends on the house and the market for housing in your area.
is it a buyer's or seller's market - or in other words are houses like the one you are looking at in high demand or not?
how "desperate" are you to find a house?
it is always easier to start low and, if needed, raise your offer. only if demand is so high in your area would you need to worry that someone else will make an offer higher than yours.
find out how long the house has been on the market. if it has been a long time, then the seller may be more inclined to accept a lower offer.
2006-07-18 07:31:37 · answer #1 · answered by g-man 3 · 0⤊ 0⤋
There is no rule of thumb. You offer as much as you think the house is worth and/or what you think they will accept as an offer. For example, I would hate for someone to reply to your question with 10% so you offer $77400 and the seller accepts because it was really worth 69k. You could always offer a dollar and go from there. ;)
Also, protect yourself by making the purchase contract contingent on the appraisal meeting your agreedable price and that there is no damage in excess of X amount of dollars from a home inspection. Read some books or online information about pitfalls in buying a home and the different ways where you can get your deposit money back if a certain event happens, for example, your financing falls through or you lost your job during escrow.
Good luck and I wish you the best.
Regards
2006-07-19 05:01:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on the location and how hot the market is. In a cool market, you can bid up to 10% lower.In a hot market, like some parts of California, you need to bid higher than the asking price in order to be taken seriously.
2006-07-18 14:30:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yeah a_sexualasia is right, start at just 5% of the asking price and then you can work your way up
2006-07-18 14:28:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should bid what you can afford...and what the house has been appraised at...or somewhere in between.
2006-07-18 14:27:47 · answer #5 · answered by G-Bear 4 · 0⤊ 0⤋
More than 10% is a total insult unless it is waaaay over priced. You don't want them to reject you totally, you want them to accept or counter offer.
2006-07-18 14:27:45 · answer #6 · answered by therego2 5 · 0⤊ 0⤋
Rule of thumb is 5%.
2006-07-18 14:27:08 · answer #7 · answered by AsianPersuasion :) 7 · 0⤊ 0⤋
if you were using a realtor, you'd know what to offer!
get a realtor, they don't cost the buyer a penny!!!
good luck with your offer!
2006-07-18 15:01:35 · answer #8 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋