2007-01-31 05:47:17 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There are too many factors involved to get a fari answer, what housing market are you in? How long has the house been on the market? I just bought a house in my area as an investment that they were asking 165 for and they took 95k so its all situational, if its been on the market for 3+ months start low as they probably arent seeing much action and will take all offers seriously, if its just recently on the market start at like 215k or so, with no conditions. Hope this helps
2007-01-31 05:53:10 · answer #1 · answered by Scott K 2 · 1⤊ 0⤋
Not enough information here to truly help you out. Here are some things for you to research though before making an offer:
1. What are the homes in that area selling for? Go to the local newspaper (on-line if possible) and look at recent sales. They might even have a section that helps you determine value.
2. Check the tax records for the assessed value. That is not an indication of the house value, but they "run" together.
3. What kind of condition is it in? Will it take repair or is it "turn-key?"
4. Is the Seller motivated (often says that right on the listing)? If so, then they are very willing to negotiate price.
5. What kind of a down payment do you intend to make? More shows sincerity.
Those are just a few tips. Best of luck.
2007-01-31 05:55:54 · answer #2 · answered by David 3 · 0⤊ 0⤋
I think it depends on your situation. First, go to www.zwillow.com to check out the assessed market value of the property. Find out how long it's been on the market. The longer it's been on the market, the lower you can go on your first offer.
The other folks have given you pretty good advice about where to start, but without knowing your situation it's difficult to tell you what to offer. There are questions: How badly do you want this house? Would you have trouble paying the asking price? How is the market where you are? Are you likely to get out-bid? Can you wait for the next house to come along if you have to? What is your timeline? When I sold my houses I took any offer seriously as a starting point at least.
2007-01-31 07:30:46 · answer #3 · answered by Vlad0401 2 · 0⤊ 0⤋
If you do not have a Realtor, get one. Law varies by state, but ask people you trust who they used, etc. Don't judge by ads, etc. What you are looking for is a buyer's agent. In my state, the buyer's agent is paid by the sellers agents company, so it does not cost you to have a buyer's agent. Ask your agent about agency, dual agency etc. and listen carefully. They will not be offended.
THEN, ask your buyer's agent to do a basic market analysis on the property, (THIS IS QUICK AND EASY, no matter what they say) to see what percentage of the list price properties in that area have sold for. Then compare this property to those that have sold, are currently on the mkt., etc. (how long listed, condition, etc.) and make an offer 10 or 20% below that.
The other way to get a good price is not to attach contingencies. For example, close quicker than most, don't ask for any repairs or allowances, (you can still reserve the right to an inspection, just don't ask the buyer to fix anything) and don't ask them to pay any of your closing costs.
Hope this novel helps!
2007-01-31 07:38:12 · answer #4 · answered by Lovejunk 3 · 0⤊ 0⤋
There are people who list house not really planing on moving unless someone were to off the way inflated listing price> Some aReas right now have had prices drop a lot others havent>>its all really a case by case from city to city and house to house>>>offer the amount you think its worth.
2007-01-31 06:00:07 · answer #5 · answered by sea 2 · 0⤊ 0⤋
It depends on the market and the desperation of the seller. First see how long it's been on the market, and how many, if any, price reductions they have had.
You don't want to low ball them too much if you really want the house.
If it's been up a short time with no reductions, offer $220,000
It it's been up a long while with 1-3 reductions, offer $210,000
If it's been up a long time with MORE than 3 reductions, the seller is getting desparate to offer $195,000
2007-01-31 05:56:31 · answer #6 · answered by Nevermore 4 · 1⤊ 0⤋
Say for instance you are interested in buying this property and the asking price is 250,000 the seller is not going to be willing to sell that property for less than 239,000 simply because if they sell you they house that is worth 250,000 and they sell it for 199,999 that mean they will not be making what they paid for it they will be losing 50,000 and that's a lot of money so I will be surprised if a offer less than 237,000 is excepted.
2007-01-31 08:57:30 · answer #7 · answered by Anonymous · 1⤊ 0⤋
$225,000, that's a 10% or $25,000 decrease. It keeps you in the ball park but allows the owner to counter offer and still save yourself money. If you offer too low they may just blow you off and stick firmly to $250,000
2007-01-31 06:37:23 · answer #8 · answered by Sunny_1_ 3 · 1⤊ 0⤋
$195,000 - $190,000 is reasonable.. Depends on the aprasal..
2007-01-31 05:53:57 · answer #9 · answered by Mason 1 · 0⤊ 1⤋
i think $200,000.00 would be serious, that is $50,000.00 less then your asking price
2007-01-31 06:01:46 · answer #10 · answered by gomez 1 · 0⤊ 0⤋