Im in Buffalo, NY area and looking at a house for $199,000. The price was dropped by the seller from $213,000. I am thinking of putting in a offer. Whats the usual % for the offer. Should I offer $185K or is that a lowball? I have heard offer 10% less than asking? Not to sure what would be fair.
2007-03-27 02:37:46 · 10 answers · asked by billyg33176 1 in Business & Finance ➔ Renting & Real Estate
Get some info before making the offer. Check comparable home sales in the area. Make sure you are comparing similar homes in style, amenities and square footage.
Find out how long the home has been on the market. This will tell you how flexible (desperate) the seller may be.
It would seem that if the price has dropped, the market for that particular house might not be too hot right now. So a lowball figure might not be a dealbreaker.... Good Luck :-)
2007-03-27 02:51:03 · answer #1 · answered by lexy 5 · 0⤊ 0⤋
Trust me It's not a fair world out there and guess what these people can still sleep at nights. Sometimes I wonder how they do it. And it's all fair from your point of view. Put in an offer as low as you think. I have heard the market over there is not flowing so you may get lucky. How does the house compare with others you have seen.? If you are so serious it's good. It is a decision you are making for the future so give it some thought. Leave yourself funds for unforeseen expenses. The only person it has to be fair for is you. Do not borrow too much. These days it is easy to do. Resist the temptation. It's better to be well on the side of safe. Just in case there may be other needs in the future. I am over cautious and have been reading on depressions. This is probably going too far but just take it with a pinch of salt so after all that good luck and go to it.........
2007-03-27 03:01:17 · answer #2 · answered by njss 6 · 0⤊ 0⤋
I would think 185k would be close enough to where they want to be to get a deal worked out. Going much lower will probably offend them and they may not want to deal with you. Have your Realtor pull up comps for that area to see what market value is. For all we know here on yahoo, 185k could be way too high for the area. Tough to pick a number on line because we have no idea of several factors involved. (area, condition,market value.)
I would Strongly recommend you or your Realtor pull comps and go from there. All else being equal, I would think that 185k is a great starting point. You are only 15k apart. If you meet in the middle at 192,500 They, ans d you should be happy.
RE Agent,
Remax.
2007-03-27 04:31:53 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
You should contact a realtor or an attorney. They know that stuff, and they will be able to help you. You will have to have an attorney at the very least to close in Buffalo, since I'm not too far in Rochester and their closing requirements are fairly close. If you put in any offer, they can counteroffer, and then you have the choice, counter back or accept. If you do not know a real estate attorney, call your local bar association. Good Luck!!
2007-03-27 02:42:54 · answer #4 · answered by Tammy C 4 · 0⤊ 0⤋
Are you going through a real estate agent, if not contact the listing real estate agent and amke a deal with him to represent you as well. Most of the time if the agent is the buyer+sellers agent (ideally he will make 3%+3%=6%), he can negotiate with seller more. One other thinkg they can do is offer the seller some discount on buyer side of the commision (rather than 6% take 4% from seller), actually making your offer more attractive to seller as he will need to pay less commision. The real estate agent will still make more money to go with you than any third part bringing their own real estate agent. Another trick is that the agent add 1-2% of his commision on top of your offer and hence making your offer more or less what hte buyer is asking. There are many ways to do this and trust me it works. We are in the process of buying a house in CA and are in the process of acquiring a house for 30k less than asking price even though the seller had just reduced the price. ;-) Its a BUYERS market, make your best offer and let the real estate agent work for you.
Also, checkout http://www.zillow.com for comps and recent sales in the area and evaluate the value of the property. Good luck !
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2007-03-30 06:55:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Fair offering would be it's market value, but as fate would have it, YOU set the market value!
Offer what you feel comfortable in offering! Just be prepared to go back & forth - You're probably going to meet somewhere in the middle!
Good luck!
2007-03-27 03:10:59 · answer #6 · answered by Art 4 · 0⤊ 0⤋
do not go to low or they will not even consider the offer - 185 should be good but be prepared for a counter offer from them and be ready with your own counter offer
2007-03-27 02:43:19 · answer #7 · answered by T F 4 · 0⤊ 0⤋
It relies upon, they might desire to provide you a counter grant quickly. they might enable some days for the open residing house to herald promises or no longer carry promises, yet your grant ought to be the 1st runner on the table. i could prefer my realator to get in touch and ask what the priority is with the grant and what they are proceeding to do, i could be arranged to furnish the 269k asking fee on condition that they have decreased it ; ) sturdy success!
2016-12-08 12:20:29 · answer #8 · answered by Anonymous · 0⤊ 0⤋
JUST PUT THE OFFER IN SEE WHAT HAPPEN GOOD TO FOLLOW YA HEART MAKE AN OFFER THAT LOW YOU MIGHT GET IT UNLESS YOU DO NOTHING GOOD LUCK
2007-03-27 02:41:29 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I think it's low considering he just lowered it. Look at some comps and go from there.
2007-03-27 03:47:44 · answer #10 · answered by KathyS 7 · 0⤊ 0⤋