we are first time home buyers and have found a home that we want. It's listed at 199,999 and has been been on the market since june of 2006. We dont want to pay any more than 170,000 for a home......and i was wondering if 159,000 was a reasonable first offer?
2007-07-29 15:41:19 · 14 answers · asked by luvsfashion 1 in Business & Finance ➔ Renting & Real Estate
godged/Deborah-You are so new your website isn't complete. Who are you to give advice? You spend all your time on yahoo answers not selling homes!
2007-07-29 17:34:10 · answer #1 · answered by ? 5 · 0⤊ 1⤋
Well I hope you are working with a good realtor! If people are not serious about selling then the house can sit on the market for 5 years. The market is not determined by the price a seller wants nor is it determined by what a realtor prices a house. It is simply determined by what a buyer is willing to pay for that house. Nothing more, nothing less, nothing else.
If you feel comfortable with that price than go for it. Tell your realtor that you want them to present your offer to the seller in person and let the seller know that this is your starting point and that you are open to negotiations so they don't just shut you down.
You will never know until you try! The down side is that if you are already emotionally attached to that house you could loose it.
2007-07-29 15:59:11 · answer #2 · answered by Free Thinker 6 · 0⤊ 0⤋
If its been on the market for that long the Sellers have priced it too high. Do your homework and get comparables, check and see what the property is assessed at, find out if they are wanting a quick sale now or see if the house is being foreclosed on. These actions will tell you how to make a reasonable offer for your first time.
Is your agent aware of you not wanting to go over $170,000?
Have you told your agent what you want to offer for that property? Does that amount include closing costs, home inspection (upfront fee) and all other fees?
2007-07-29 16:54:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends, but in this market, why not. Generally houses go for 10% below market, which in this case would be slightly more than you want to play. The main thing to look for is what similar houses are actually selling for, and if they are all selling around 200k you might be out of luck. Every house we have looked at in the last month have all dropped their list price at least twice.
2007-07-29 16:12:04 · answer #4 · answered by blibityblabity 7 · 0⤊ 0⤋
This is very low, but what they hey - go for it. Worst case the sellers will get insulted a bit and just say no, but even if this happens you really haven't lost anything. You can just come back with a higher offer or move on. Personally I think its always a good idea in a slow market to offer a pretty low offer. Maybe it'll get taken and it really can't hurt much.
So, go for it; but it is low so don't get your hopes up.
2007-07-29 15:49:37 · answer #5 · answered by Slumlord 7 · 0⤊ 0⤋
It's fine. Considering the market, and how long this house has been on the block, I would have started even lower, around 149-150,000. Check the sales comps (not the listed or appraised comps) in the area to support your offer.
2007-07-29 15:59:29 · answer #6 · answered by Morgan M 5 · 0⤊ 0⤋
It's always good to offer less than what you really want to pay so they can dicker up. I may have offered a bit more, but if you aren't asking for any major repairs or asking the seller to pay closing costs, it is pretty decent, they will probably counter for more money, which is OK because you are willing to pay more.
2007-07-29 15:58:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If it has been on the market that long, the sellers are not motivated to sell and will most likely be holding out for their price.
I always say to place your offer, but in your case, expect it to be shot down.
2007-07-29 16:31:16 · answer #8 · answered by godged 7 · 0⤊ 0⤋
You will probably just p*** them off & they will not even respond to the offer. That is a low-ball. You are offering them only 80% of their asking. I offered 99% & 95 % respectively on 2 houses recently. Both refused to even respond. Mind you, these are houses that have been on the market 1+ yrs.
2007-07-29 15:46:27 · answer #9 · answered by Tom's Mom 4 · 0⤊ 1⤋
It's a ridiculous offer. Were I the sellers, I'd refuse to accept the offer as well as any other counter offers. If you don't want to pay more than $170K for a house, why are you LOOKING at houses which list for $200K ?
2007-07-29 15:57:11 · answer #10 · answered by acermill 7 · 0⤊ 1⤋
159 is fine the market is slow right now. 170 should be plenty to get the house try and have your realtor negotiate closing costs into it the deal as well.
2007-07-29 15:54:34 · answer #11 · answered by Sky Walker 1 · 0⤊ 0⤋