I found a house that I would like to purchase. The asking price is 157,500 (about average for the area). I was wondering if anyone could give me some input on how low of an offer I could make. I don't want them to think that I'm making too low of an offer because I'm not serious. However, I don't want to come across as being too eager. Any information will be appreciated!
2007-12-11 15:44:30 · 9 answers · asked by Melissa L 1 in Business & Finance ➔ Renting & Real Estate
10% below if still desirable area, people are still in house, you have to sell your own house to buy it.
20% below if house is empty, lots of other houses out there, and you have no house you have to sell first.
Good luck!
2007-12-11 17:17:10 · answer #1 · answered by starrystarrynight 4 · 0⤊ 0⤋
Make sure you are working with a Realtor who works the market in which you want to buy property.
Just the fact you ask that question, is proof that you need a professional to help you with the process. Your Realtor will be able to help you as this is their profession and their business. Best to find a full time agent who is on top of their game.
Each market is different and it can vary from town to town, school district to school district, what's a happening popping market, what is lower, what is stable, etc. in determining what is the appropriate offer to make and what gives you the best shot at obtaining the property at a good price and helps you acheive your goal of getting the property you really want.
It's an individual basis, there is not a blanket answer.
Do you have knowledge of all the steps that are taken in getting you to settlement and actually having settlement take place?
If not, you cannot appreciate the work that is done by your Realtor. If you don't have a Realtor currently, contact one as soon as possible so that you can have a buyer's agent looking out for your best interests in the transaction and guiding you through.
Congrats on finding a property you want to purchase!
Good luck and make sure you obtain a professionals help.
Just think, you could pull your own teeth out, but it would be better if you went to the dentist and let a professional help you. You would be foolish to do otherwise.
2007-12-11 16:55:45 · answer #2 · answered by Ray 2 · 0⤊ 1⤋
Times suck for home sellers right now.
One question would be is there a real estate agent involved because that adds 6% to the price of the house.
Make an offer that is about 15% below asking price and let them make a counter offer. If they won't make a counter offer then they are probably selling the house close to their existing mortgage.
Once the price is settled on the finance company requires an appraisal on the property. If the house's price is higher than the appraisal then back out of the deal, you should be able to get your good faith money back.
2007-12-11 15:55:54 · answer #3 · answered by RomeoMike 5 · 0⤊ 0⤋
I just wrote a contract on my home. The way the market is right now you can offer 10% less than the asking price and not look crazy. However, you need to consider how bad you want the house, is the particular area real desirable and how many homes available int he area? If so, you may have to offer asking price or slightly lower. Good luck
2007-12-11 15:51:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends. If the house has been on the market for a while then the owner most likely wants to sell as soon as possible so will accept a lower offer then usual. It's best to offer lower and then if they say no then you can work your way up but still have control.
2007-12-11 15:47:32 · answer #5 · answered by Madison 6 · 0⤊ 0⤋
Got to Love how buyers think houses are going down the drain. At today's interest homes will now stabilize in price. People need a place to live. If they rent there money goes down the drain. If you buy you need to stay in your price range where you are comfortable with the payment. homes are still the best long term investment. Even if they lose some value today. If you are buying for short term stay as a renter. If you are buying for the long term investment of over 5 years. Buy it. The offer will be entertained or not entertained. Make your best priced offer. The counter will be about 155k or 150k. is my guess. If your not serious then why bother?
2007-12-11 16:06:18 · answer #6 · answered by Big Deal Maker 7 · 0⤊ 2⤋
with the way the market is going you can probably offer below the asking price.. try 20k lower and work your way from there, it depends how bad they want to sell the house.. found some great real estate information that I think will help.. good luck
http://www.timmdelaney.com/PageManager/Default.aspx/PageID=2041211
http://www.timmdelaney.com/
2007-12-11 18:11:28 · answer #7 · answered by Pure Genius 3 · 0⤊ 0⤋
just ask your relator. they should be able to tell you what to offer. i actually offered more for my house, so the seller would pay the closing costs. and he agreed. he was asking 87,900 i offered 90 and him pay closing. offer 150,000, and see what comes back. a counter offer.
2007-12-11 15:52:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
go low its a buyers market, offer them 20K less than their asking price.
2007-12-11 15:47:27 · answer #9 · answered by me 4 · 0⤊ 1⤋