My house was on the market for $330K, and I recently reduced the price to $320K.... I have received an offer of $290K.
That's pretty low, but how would you Play out the negotiations? Would you just not accept the offer, counter half way, counter a little…
I just want to know what my best tactic would be to maximize the result.
Thanks :)
2006-07-21 06:49:32 · 14 answers · asked by Sir Greggath 3 in Business & Finance ➔ Renting & Real Estate
I am using an agent to sell the home. I'm not too desperate to sell, but I don't want to wait past September (ie winter coming)... I'd like to settle at $310K if possible
2006-07-21 07:09:20 · update #1
The offer is less than 10% below your asking price. They probably expect you to accept it, or be pretty close, taking into consideration the length of time the house has been on the market, the rising interest rates, and the general direction that real estate is (not) going in after such a huge long run-up in values.
So you don't/won't like my answer but I wouldn't counter at much over 300K and would expect to settle probably right around there, at best. If I were the one buying and you didn't counter real close to my offer, I'd think long and hard before countering your counter....unless we were totally in love with your place.
You need more information about the buyers and their level of motivation.
2006-07-22 18:02:10 · answer #1 · answered by Jess Wundring 4 · 1⤊ 0⤋
Have you done everything that you need to do to make the house marketable? If you have, then check and see what like houses in your neighborhood are selling for. Also, check the statistics on the realtor you are using as to how successful their sales methods are. Are you selling the house yourself, without the benefit of the realtor? If so, there is a difference in how you may perceive things as opposed to a licensed realtor. Now if you are desperate to sell the house right now, then you should ask for $301,000 for the house. If you are not desperate, then make sure that you have at least three good open houses that are not too far apart. Then, if all goes well, you may very well get the price that you are seeking. Remember this, "If God be for us, who can be against us?" Peace and God Bless.
2006-07-21 06:58:35 · answer #2 · answered by In God We Trust 7 · 0⤊ 0⤋
315k, the lower you drop the worse off you'll end up. Suppose you say $310k they will counter with 300 "meet in the middle" and you'll be stuck unless you tell them $310 or you walk.
At the same time if you say 319 or 320k and no less they may not contact you with a counter offer.
I'd say 315k. If you go to 310k tell the agent you won't take one cent less not 309k.
2006-07-21 07:40:40 · answer #3 · answered by kcaug 2 · 0⤊ 0⤋
If you come back with 310k - you will settle for lower. A resonable comprimise would be 300k - if you are okay with that price than go for a counter of 310 - 315k
With the market like it is, you might be doing good to settle with a purchase price of 300k
Good luck!
2006-07-21 07:35:44 · answer #4 · answered by dukeblueforlife 3 · 0⤊ 0⤋
Have you asked your real estate agent what an acceptable counteroffer might be? If you have a good agent, they are Also working closely with the buyer's agent to close the deal. Neither agent really wants to walk from a deal and loose their potential commission.
Be aware that if the buyer refuses your counter offer, it may be months before you get another offer on your house. With mortgage interest rates rising, there will be fewer people looking to buy houses.
Good luck
2006-07-22 03:58:24 · answer #5 · answered by ps2754 5 · 0⤊ 0⤋
You said you can accept $310K. Assuming this is the least you'd consider, I recommend you counter-offer $310K and stay there. The buyer can either accept your counter-offer or not. If the buyer accepts, you sell the house. If not, go to the next buyer.
2006-07-21 16:17:59 · answer #6 · answered by Superman P 2 · 0⤊ 0⤋
If they are asking for anything like closing costs or whatnot, I would counter back to 310K....
If not and you can afford to lower it to 305K or so, I would do that because you don't want to lose the deal. Its a buyers market right now.
2006-07-21 06:54:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It really depend on were you want to end up. If I were starting with my original price and someone made a bid I would split the difference into thirds and drop 1/3 and see if they came up 1/3
and continue until someone agrees with the others price.
2006-07-21 07:10:55 · answer #8 · answered by always a friend 3 · 0⤊ 0⤋
For me, it would depend on how much money I wanted to make off of it. As long as it is about 10 to 15K over appraisal and the appraisal was not skewed, I would counter one more time and then accept.
I would counter at $316
2006-07-21 06:56:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
305 K
2006-07-21 08:28:47 · answer #10 · answered by abcd 2 · 0⤊ 0⤋