My roomate and have been debating whether to purchase a house or a condo in NYC, in one of the boroughs to be specific. So we are gonna see the house today. So hopefully it won't be a run down shack.
We wanted to go with a condo b/c we wanted something that was move in ready. But a house might be more practical in the long run. We have agreed that if the house needs some TLC then we are willing to work with it and as long as its livable.
How much should we initiate the offer at 10% below asking or lower? I was actually thinking to start real low at 15% and work our way up if necessary. Would we be taking a risk?
Also, if our offer is rejected and there is no counter could we still make another offer at the asking or would it be too late at that point?
2007-06-22 08:44:44 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I'm not sure purchasing a house or condo with a roomate would be advisable. Are you going to live with this person for the rest of your life? What happens when you two don't get along or want to start a family? If TWO of you can purchase a house than I'm sure each of you can afford a condo on your own.
As for the asking price. That depends on the house. The crappier it is, the lower you can bargain at. If the house is in great condition and a good price then it'll be harder to negotiate a lower price.
2007-06-22 08:51:21 · answer #1 · answered by Sasorisa 2 · 0⤊ 0⤋
There is always a risk of irritating a seller so badly with a lowball offer that they will not respond to any counter offers. I just dealt with exactly that last month on an offer. While I was the successful selling agent, the listing agent (a friend of mine) informed me that the previous offer on the home was a lowball and the sellers became so offended and irate that they informed the listing agent that they would entertain NOTHING more from those buyers, and instructed her to continue working for a different buyer.
Remember, you are dealing with human personalities here. Some folks just don't like dealing with that. NOW, if you are offering to purchase from an entity other than an individual seller, such as a bank (foreclosure), those folks have NO emotions.
Edward I is wrong on the requirement to tender all offers. If the seller specifically instructs the listing agent to not entertain offers from a specific buyer, the requirement to tender the offer is negated.
2007-06-22 08:54:54 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
How much should we initiate the offer at 10% below asking or lower? I was actually thinking to start real low at 15% and work our way up if necessary.
No harm in trying. A Realtor MUST tender all offers to the seller. No exceptions.
Would we be taking a risk? NO! Only if another higher offer is tendered at the same time.
Also, if our offer is rejected and there is no counter could we still make another offer YES!
at the asking.... (OR somewhere between).
or would it be too late at that point? NO!
Unless another offer has been accepted.
2007-06-22 08:54:54 · answer #3 · answered by ed 7 · 0⤊ 0⤋
It really depends on the condition of the house, the asking price and how badly you want it. Just be careful you are not getting into something you will regret later.
2007-06-22 08:53:54 · answer #4 · answered by rec girl 4 · 0⤊ 0⤋
If u really want this You will do what it takes to get it. They r always negotiable
2007-06-22 08:48:24 · answer #5 · answered by Icey 5 · 0⤊ 0⤋