buying a home....?

Question

I am looking into buying a home that is listed at 76,000 my boss tells me i should offer 60,000 so that they will counter offer is this a good idea or is that too much lower?

Answer 1

It depends, is the seller offering any incentives like money towards closing costs etc? If so, you may want to offer higher.

Does the house need any work? If so, you may want to offer less.

If none of the above, generally the rule is to offer 10% less than the asking price. It also depends on the market in your area and what other homes in that neighborhood have recently sold for. Usually the seller will come back with a counter offer and you can give them that price or see if it's a bit lower.

Answer 2

I highly doubt they will get anywhere near 60K but if it is listed at 76K then you should definitely be able to get it below 70K. either make a lower offer and see what the counter offer is or just say you will pay like 68K and don't take any counter offers and they can take it or leave it.

Answer 3

Not everyone counter offers and I personally think $60,000 would be seen as an insult.

Answer 4

Rarely will a seller throw out an offer without countering first. It is definitely a buyer's market right now so who knows? You might get a fabulous deal. :)

Answer 5

I don't think its too much lower. they will counter back anyway and if its too low their counter will be much closer to their asking price. its going to come down to how long the home has been on the market and the seller's motivation.

Answer 6

true but a better suggestion depending on what houses are selling for now in that nieboorhood not to mention a biggie
seller consessions to help you pay your closing costs!!!
read this article also you can ask them on contact us to give you an idea of what the homes sold near it for to see if your offer is close!

http://www.directlendingplanet.com/article6.html

Answer 7

go with the sixty you may get lucky