Should the opening bid be a certain percentage off of the asking price? Are counteroffers common or uncommon? The assumption is that it is a buyer's market for a single family home between 300,000 and 600,000.
2007-04-13 10:20:21 · 5 answers · asked by Bar 2 in Business & Finance ➔ Renting & Real Estate
There is no formula or set % set for an opening low bid when making an offer on real estate.
Counteroffers are almost always given unless you are paying the asking price.
Your offer can be low but it should be resonable and not insulting to the seller. the agent that presents your offer will advise you if your offer will be considered. The best way to decide on your offer is to see what other homes in the area were asking and what the final selling price was. if the home was listed for $600k and others in the area sold for around the $560K range then make your opening offer $520K you can always come up.. you can't go down.
2007-04-20 20:35:01 · answer #1 · answered by ? 6 · 0⤊ 0⤋
There's no standard offer/counter-offer percentage. In most of the home transactions I've had there were counteroffers. How low you go is really dependent upon the market where you are and how long that property has been on the market at that price. The worst thing that can happen is that the seller says no. If they do, you can always just up your offer.
2007-04-21 12:18:07 · answer #2 · answered by ellekasey 2 · 0⤊ 0⤋
In my experience sellers are often willing to give between 5 and 10 percent from their original starting price. If it's been on the market a while and they've already lowered thier asking price their probably expecting to get the full price or really close to it. Sellers are all different. Everyone is selling for a different reason and are motivated at different levels. If you think that the seller is eager to get rid of the property then they may be willing to take less. If they are in no hurry at all and are willing to wait until they get their full offer then so be it.
Come up with a number up to the asking price that you are willing to pay subtract like $5000 and make an offer. They might accept it. If not they will probably counter offer unless they have other offers on the table.
2007-04-13 17:38:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In a buyers market, you might have some leverage. Check out comparable houses on the market in that area, and offer not more than 95% of the asking price of the lowest-price comp, and not more than 85% of the asking price of the house you're making the offer on.
Yes, counter-offers are common, but aren't usually given if the offer is far from what the seller might accept.
And if you don't get that house, in a buyers market there should be plenty of others around.
2007-04-13 17:39:31 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
I would substract 5k to 10k from the asking price
2007-04-21 10:30:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋