Please keep in mind, that just recently the price was increased $5,000 when after being on the market for a year on Isoldmyhouse.com, they just hired a realtor to list it.
This is our time buying a home, so I want to know what is a reasonable starting point for the first offer.
2007-04-04 02:29:27 · 13 answers · asked by Michael D 1 in Business & Finance ➔ Renting & Real Estate
Check the sale prices of other condos in the same development. I would make the first offer 10 % (at least) less than the other sales.
2007-04-04 02:41:42 · answer #1 · answered by professorc 7 · 0⤊ 0⤋
Might consider contacting a local real estate office for "comp" (comparable type condos) sales in that area. I would guess the seller (and their Realtor) has already done that, but do your own research. You don't want to pay too much. After getting that information (keep trying different ones if you run into 1 or 2 that won't give it to you because there's no money in it for them, you'll find that that will. I've done it before and had success), consider the housing market, in general, is in a slump (although that varies by location and I don't know where your market stands) and make a counter offer you are comfortable with. How bad the seller wants to get rid of it is a factor you won't know until you start negotiations. The fact they just raised the price might be partly due to bringing a Realtor in and the commissions they will earn. Use your best judgment after armed with the facts and start at some point lower than the listing. Good Luck.
2007-04-04 02:48:26 · answer #2 · answered by Just be you. Go for the stars! 2 · 0⤊ 0⤋
Many factors, first where is the condo, if you are talking about Florida I would stay far away from a condo
then before you make an offer on the condo, read the by laws, they will tell you what you can and can not do with the condo very important
then what is the age of the condo? if the condo is old be ready for assessments to come your way
after all that then compare the condo to others in the area, IE location, age of condo, etc
But it sounds like if the place has been for sale for a year and did not sell, and the they increase the price by 5K in this market then it sounds like the seller has an unrealistic idea on what the place should sell for, you may want to look else where
2007-04-04 03:02:24 · answer #3 · answered by goz1111 7 · 0⤊ 0⤋
Talk to a local REALTOR. Don't call the listing agent because they are looking to get the most amount possible for their sellers. Your REALTOR will tell you what things are selling for in that area and give you an idea of what you should offer. It is always left up to you for the final offer price but remember if you offer too low they could just reject your offer and not even respond to it. Getting a realtor shouldn't cost you anything. Not sure where you live or the laws or real estate rules but normally realtor commission are paid from the seller, but you can ask your REALTOR that.
2007-04-04 05:44:40 · answer #4 · answered by rwbassistant 2 · 0⤊ 0⤋
Depends on many factors.
Generally, with condos, there are lots of comparable recent sales in the development. Ask you agent to find out what they sold for.
Secondly, in most markets today, houses sell for between 92% and 98% of asking, if they are priced correctly.
Sounds like your seller has decided he needs to get a certain number, and isnt paying attention to the market. (Otherwise he wouldnt have raised the price to cover realtor fees).
I'd offer 210,000 to start.
2007-04-04 02:37:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Offer $200,000,00.
The seller can always counter offer, but one never knows. They might accept.
Do not let the realtor tell you that the offer is rediculous and they will laugh at you. This is commonnly used by agents.
A year on the market may indicate that it's over priced anyway.
2007-04-04 02:39:57 · answer #6 · answered by ed 7 · 1⤊ 0⤋
the fee is desperate by ability of the customer, no longer the seller. So, as unusual it sounds, what they are asking has little relation to what you will possibly desire to furnish. you will possibly desire to check out comparable properties contained domestically that have offered interior the previous 6 months (your real belongings agent supplies you with this archives). Then, bearing in recommendations that many markets are falling marvelous now, make an furnish it is interior the ballpark of what comparable properties have been advertising for. no count if it truly is a top rate belongings and you certainly need it, make an furnish it is bigger than the conventional of the comparables to be certain you get it. in case you're no longer in a hurry to purchase, then make an furnish it is favourite or perhaps decrease. you need to might desire to accomplish a little negotiating lower back and forth, yet you need to get a deal. sturdy luck!
2016-11-26 01:25:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I would offer 95% of price (which should include 5% seller concessions built in to cover closing costs), yielding gross to seller of 90% of price........the property has been on the market for one-year which means that you can be a little agressive with your offer. They can always counter.
2007-04-04 04:12:10 · answer #8 · answered by boston857 5 · 0⤊ 0⤋
..just go in low.. the worst they can say is no. Maybe they'll counter offer at a reasonable price. The odds are good since the property has been sitting so long.
2007-04-04 03:47:49 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I would go with 203k. Anything less then 200k they may just ingore completly.
but you have to determine how well priced the condo is, how much bidding is going on, and how well other condos in the area have sold and for how much.
2007-04-04 02:52:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋