This question is for home owners with experience, not apartment renters (which is what I am currently). Typically when purchasing a house, what percentage of the original asking price should you offer the seller. For example, for a $200,000 asking price, what would you ask?
2007-02-13 09:20:00 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A lot would depend upon what recent sales in the area were. If the housing market is very competetive, and Sellers are getting asking price and above, you may have to bite the bullet and make a full price offer. If the house you're looking at has been on the market a while (more than two, three months), I'd offer $10k less than asking price. The home I purchased six months ago had been on the market for a year; it had been in escrow twice before but fell out each time. I offered $20k under asking and got it for $10k under. It helped that I had an actual written approval from my bank, complete with loan terms, and was in a position to close in less than three weeks.
Again, a lot will depend upon your particular situation. Having your financing ducks in a row will put you in a better position to negotiate. Make sure your agent has done a market analysis of the are that goes back at least three months. Good luck!
2007-02-13 09:37:17 · answer #1 · answered by Le_Roche 6 · 1⤊ 0⤋
it depends on what houses are selling for in the area, and if you really want that house.
Other factors include sales activity in the area. If there is a high sales volume, that means the market is hot, and the seller is willing to wait for the best offer. However, if sales volume is low, the seller will probably entertain an offer below the selling price.
Another factor is whether the seller is working with a listing agent, which means part of the sales proceeds will go to the agent.
2007-02-13 09:32:25 · answer #2 · answered by Jack Chedeville 6 · 1⤊ 0⤋
Difficult question to answer without knowing how much the seller owes on the home. I will tell you that you can offend a seller with an offer that is too low, and they may not bother to counter. many people do not care if they offend the seller, you are not getting married to them after all.
I sold a house 2 years ago. It listed at $174,900. I sold it for $170,000 and would not have gone any lower. I could not afford to take any less.
Offer what you are comfortable paying for the home. Your offer will either be accepted, rejected, or countered.
2007-02-13 10:34:21 · answer #3 · answered by Sharingan 6 · 1⤊ 0⤋
It all depends on the area and what the other homes sold for in that neighborhood. Is it a brand new home? You can usually see what other homes like it are going for if you go to the home builder's website. Or if its an older home you should be able to go to the website of the county the home is located and look up what the appraisal value may be or something like that. That's the only way you'll know about how much to ask unless you are using a realtor, then they would know what to ask for it. BUT then you have to pay the realtor and that in turn makes the price of your home go up too...
2007-02-13 09:30:49 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It all depends on how much you want the house. You need to leave room for negotiation. Currently, sellers are willing to negotiate big time because the RE market is so depressed and there are a glut of homes available. The best thing is to let a real estate agent guide you through this process, because you are very inexperienced in it at this point. The first poster posted nonsensical gibberish by the way.
2007-02-13 09:46:10 · answer #5 · answered by Anonymous · 1⤊ 1⤋
It depends on the house value and market conditions. Some people may want a house bad enough that they are willing to pay the asking price. If more than one buyer is interested, the buyers may bid up the offers beyond the asking price.
If you have a house you want to buy, the best thing to do is hire your own appraiser. You are more likely to get an honest opinion.
2007-02-13 09:28:34 · answer #6 · answered by regerugged 7 · 1⤊ 0⤋
Many foreclosures are sold "as is" which means that no matter what is wrong with the property, you agree to take responsibility. So just make sure you check your contract and didn't agree to buy the property "as is". Usually because banks are already selling the property at a deeply discounted price (and they are taking a loss), they are not willing to put any other money into the property. So again definitely consult someone who is an expert with this kind of stuff to see what your options are by law.
2016-05-24 06:39:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
well if there like me most sellers wont budge too much in price but id say 10-15% worth a shot gl.
2007-02-13 09:28:20 · answer #8 · answered by Anonymous · 1⤊ 1⤋