The property is on Long Island, NY. In this market is it fair to offer 10% off the asking price? I am very interested in the house and want to make a low offer that's still taken seriously.
2007-11-04 01:20:33 · 6 answers · asked by purelygeneric 1 in Business & Finance ➔ Renting & Real Estate
No such thing as too low of an offer when you're the buyer. Only the Seller can determine what "too low" is. Here's my reply to a similar question...
Why are you worried about it being "... a laughable insult..."? Are the owners friends of yours? You know the owner is motivated, use that to your advantage. This is business, it isn't personal. If your offer isn't at least slightly insulting, IT'S TOO HIGH!
BTW, asking price is irrelevant, SELLING price is the only info that has any value to you. Get a Realtor to run some comps for you.
So, to answer your question, I'd offer 'em 70% of asking price and see if they counter. They probably will, but if they don't you just negotiated yourself some huge equity. Remember, the Realtor is obligated to present ALL offers.
2007-11-04 03:27:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A good offer is a fair price. What have comparable houses sold for recently. How long has this house been on the market? Depending on how the house has been priced, a good offer may be the asking price or it could be 5, 10 or 15% lower.
2007-11-04 01:27:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Before you tender an offer, engage the services of a qualified buyer real estate agent to guide you. Such an agent will provide evidence of recent comparable sales in the area to assist in making a decision.
If the asking price is fair, then offer the asking price or close to it. The asking price MAY be very fair, or it may be too high. You will only know if you can compare it to other similar property sales.
As an example of what might happen, I recently assisted a client with a home purchase, with an asking price of $130,000. That price was a steal, and the seller came up with FOUR offers ABOVE asking price. My client eventually purchased the property for $6,000 over asking price. (And he still got a good deal.)
2007-11-04 01:36:13 · answer #3 · answered by acermill 7 · 0⤊ 1⤋
Almost everything everyone has said is valid. However, there are other salient points to be raised.
If you are so keen does any of the following apply to you?
a) Are you 'pre-approved' for a mortgage?
b) Are you a cash-buyer?
c) No home to sell?
Obviously 'c & b' are tops but if any or all of the above applies, you are in a VERY strong position. This kind of information should be pressed upon the seller when your offer is made. If they are ultra-keen to sell, they're more than likely to be advised to sign by their agent.
And, YES, do get yourself a reliable Realtor to look after your best interests and manage the negotiations on your behalf. Check they have more than say, 7 years experience as a Realtor behind them. You can find this information on the local Dept of Business & Professional Regulation website - DBPR for short.
Whatever you offer, wish you a successful outcome...
2007-11-04 03:31:10 · answer #4 · answered by PI 3 · 0⤊ 0⤋
get a real estate person (pay them)who knows the area to evaluate the house and get you a realistic price..the seller does not have a realistic price ever...........they are .governed by emotion.............
2007-11-04 02:27:44 · answer #5 · answered by richard t 7 · 0⤊ 0⤋
It's a buyer's market. Give it a whirl. All they can do is counter or ignore you
2007-11-04 01:28:56 · answer #6 · answered by Clueless 5 · 0⤊ 0⤋