i've seen a couple of apartments i want to buy, but how do I go making an offer? The asking price is within budget but i want to try and go below it...obviously. if asking price is £250k, whats a good starting price for negotiations?
2007-10-08 05:00:26 · 4 answers · asked by itsmeee 3 in Business & Finance ➔ Renting & Real Estate
Each seller's situation is different. You really need to look at comparable houses in the area - see what they've sold for.
You have to remember that if you offer too low, they're probably not going to accept it. If their situation is bad & they do, you're probably shooting yourself in the foot because you've just lowered your home's value to whatever you've paid. That also lowers the value of all the homes in your neighborhood - not the nest way to make friends, huh?
I'd say they'll be willing to come down in price between 5% and 10%.
2007-10-08 05:22:11 · answer #1 · answered by Roland'sMommy 6 · 0⤊ 0⤋
Hello Itsmeee,
I would definitely contact a local Realtor to help you write up an offer. Not only will they know whats been selling in the area and how to go about making a "good" offer for you...they will also be able to explain the contract to you to make sure you are protected. They know what type of contingencies to include in the contracts in case the deal does not work out. A Realtor works for FREE for you because the Seller pays the commission. So why not leave it to someone who does this on a full-time basis? There's no cost to you and you will feel better knowing your rights are protected under a legal contract.
2007-10-08 05:23:47 · answer #2 · answered by snowtosunshine 2 · 0⤊ 0⤋
I would seriously consider contacting a realtor in your area. When you are buying, there really is no disadvantage since the seller pays commissions. A realtor will know the area and give you input on fair pricing. They will also know how to feel out the seller and get you the best deal possible.
2007-10-08 05:17:31 · answer #3 · answered by Jay P 7 · 1⤊ 0⤋
As we know the market is a buyers...in the past few months the value has been reported to go down approximately 3 to 4.3% monthly, it seems it will continue to do so for another few quarters. I would offer 190K and have room to go up a little. Remember there are many appartments available and many becoming available, take your time and seek a good purchase. Good Luck....
2007-10-08 05:08:03 · answer #4 · answered by Jovesash 4 · 0⤊ 1⤋