When buying a used home, how much should you usually offer below the selling price?

Question

I know each case is different, but an estimated average would help!
For example, if they ask for 800,000.00 how much should I offer the first time????

Answer 1

First, find out what the market value of the home is... that may or may not be different than the asking price. With market value includes its location, features/ammenities, condition, etc.

Next... offer what you are comfortable in offering! And, assume that you may have to go back & forth a couple times to come to terms.

Bottom line, offer what you want to offer. You will see the Seller's motivation in the form of a counter offer, so play it like a poker game and remain vested.

Also bear in mind that the final negotiated purchase price needs to appraise for that value, otherwise you will have to make up that difference if you look to mortgage it.

Good luck, and if you need a referral let me know!

Answer 2

A great deal depends on the market in your area and in the price range of the home you are considering. If it is a hot market and homes are moving quickly, you may want to offer full price if you really want the home. If, on the other hand, the market is slow or the home has been on the market for an extended time, you may want to offer 10 -20% below the asking price.

The best resource for assistance in this area is a Realtor representing you. Since Realtor fees are paid out of the selling price by the seller, it should cost you nothing to secure the services of an expert in the field.

Answer 3

It really depends on the local market. If it's a hot market, offer at least asking, if not more. Up until the last year or two, this was common in some markets.

If the market is cooler, you can offer maybe 10% less. Maybe more.

What you need to know is: in this market, how much below market have houses, of this type and price range, been going?

For example, it may be that, in the neighborhood, houses in the $500K range are going for asking, on a consistent basis. However, houses in the $800K range are sitting on the market for 3 months, before being lowered or before a lower offer is accepted.

Answer 4

I'd try between 10% and 20%. As a Realtor, I would caution you not to bid so low that you insult the seller. In that case they might not want to negotiate with you at all. Try, if you can, to learn something of the seller's motivation, and definitely know what comparable properties have sold for, and what those still for sale are asking. Knowing this can possibly give you a little edge in your negotiation. Using a Realtor with not cost you anything, and make it much easier for you to obtain this valuable information and negotiate an acceptable buying price.

Answer 5

the different answer presented for that reason a good distance are the appropriate option. without understanding the rest approximately you, curiously such as you may properly be greater advantageous served to lease for yet another year or 2, shop up some greater money, and purchase a house or condominium which you will certainly take excitement in residing in. there is not any reason to hurry into paying for a house - that's a lesson we've found out the stressful excess of the previous few years.

Answer 6

It depends on the market. I'm assuming it's currently in your favor and the house doesn't have competing buyers. In that case, I would low-ball it at say, 750,000 and see what happens.