My husband and I want to buy a house that is listed at $99,900 and it is not worth that much. It needs a tad bit of work. We want to offer $85,000. Is that too low. How low could we go and not be rude??
2007-09-05 08:18:03 · 12 answers · asked by ? 2 in Business & Finance ➔ Renting & Real Estate
That would be very rude. Your purchasing a house that is (hopefully) appraised at about $100,000 and you cut it by almost $15 grand. There will always be a counter offer so you could do what you want I guess. But go a bit higher or the buyers won't be crazy about dealing with you too longer.
2007-09-05 08:25:28 · answer #1 · answered by Springs 2 · 0⤊ 0⤋
Are you workjing with a Realtor? If so, let him/her go for it. He will go as low as he thinks he can. A good Realtor isn't afraid to lowball, will negotiate, and get you the property at a price you will be happy with. He can also find how long the home has been on the market, how much is owed on it, and other factors that would give him some indication of just how low he could go on your behalf. If you're not represented, put in the offer; a smart seller will not turn it down or feel insulted. In this market, everything is negotiable, being rude would be not responding to an offer. (don't stress about being rude, everyone looks at the bottom line/dollar) Hope this helps :)
2007-09-05 08:42:18 · answer #2 · answered by J k 3 · 0⤊ 0⤋
The issue isn't one of rudeness, but of how the seller will feel upon receiving the offer. That will depend on the particular seller. If you have a good reason to support your offer, you should consider stating it as part of your offer. Maybe something about the neighborhood has changed since it was listed, or you have discovered some issue that isn't necessarily obvious.
Right now, you have cut 15% from their asking price. As a general rule, I don't think you should offer below 75% assuming that you can justify the offer.
Ultimately, the answer to your question depends on the specific circumstances.
2007-09-05 08:27:35 · answer #3 · answered by ? 6 · 0⤊ 0⤋
First, this transaction shouldn't be personal, but unfortunately, buyers and sellers do get their feelings involved.
The danger of "lowballing" is offending the seller to the point that they wouldn't sell to you even if you brought a full price offer. It happens. Perhaps the seller feels they have priced the home to allow for repairs.
You can offer whatever you want, but if you really want the house, lowballing may put you in a precarious situation. Your Realtor should be completing a CMA to see how this home price compares with other properties to help determine a fair offer.
2007-09-05 09:37:03 · answer #4 · answered by godged 7 · 0⤊ 0⤋
And why do you care about being "rude"? If you have gotten an assessment that tells you what comparable prices run in that neighborhood (hopefully your realtor got you that data) and have a decent idea what it is "worth," do a split-the-difference calculation and make that offer. That is, if you judge the "real worth" to be 92K, then you make an offer of $84K and as long as the seller is interested at all, you might settle on the $92K price.
2007-09-05 08:26:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You definately don't want to pay more than what it is worth. I would be honest with the seller and let them know that you need to put x amount of money into it, and you only think it's worth x amount. They might have listed it higher just to see if they could get that much. More than likely they will counter offer.
2007-09-05 08:28:40 · answer #6 · answered by D4_Life 2 · 0⤊ 0⤋
That would be OK to offer, and wouldn't be rude. Expect the seller to come back with a counter offer somewhere in the middle - then you can decide whether or not to accept it. But who knows - if they are desperate enough to sell, they might even accept your offer.
2007-09-05 08:23:14 · answer #7 · answered by Judy 7 · 1⤊ 0⤋
No, they will counter offer regaurdless. If you like I can pull a title profile and show you how much they owe on the property. I'm in the mortgage business and would love to earn your business, as you can tell I'm pretty slow right now. T.J. (916) 239-7204
2007-09-05 08:26:30 · answer #8 · answered by T.J. C 1 · 0⤊ 0⤋
make an furnish then, the worst that could ensue they could say no. maximum banks if sitting on a house long adequate and does not circulate they'll take a low fee. purely ensure you get an inspection earlier going each and each of how by with the acquisition.
2016-10-04 01:10:15 · answer #9 · answered by shenk 4 · 0⤊ 0⤋
Just go offer that- they can come up with a counter if they don't like it.
2007-09-05 08:23:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋