Should I low bid on a house?????

Question

I have been looking at some homes in my area that have been on the market for 4 or more months. They are older homes and need some work (updates bath,kitchen). I live in a area where the market is pretty stable. However, I am wondering should I put in an bid 10,000 below the asking offers of 129,900 and 125,900. I would think the sellers would be motivated to get off the homes. The homes are in very desireable areas of the city so I know that with a little elbow grease within a couple years I could see a good return. Do you think the method of looking at older homes that have been on the market longer is a good way to get a better deal as oppoesed to fighting for new listing or maybe there's a reason these homes are still there?

Answer 1

4 months isn't long but make offers on any house you want. If they say no you can counter offer or keep looking. Ten thousand low is less than 10% for a true low ball offer you should offer much less. I offered 29K on a 39K house once, they said no but it never hurts to ask.

Answer 2

I think your thinking is right on. Don't be afraid to offer 10% under the asking price.