Profile picture for blancoaag

Amount on offer below the list price?

What amount below the list price should I offer on a purchase of a home? Please advise. Thanks.
  • November 19 2013 - US
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Answers (7)

There is no magic formula for how low is too low when you write an offer.  I suggest that you work with your buyer agent, who can produce a comparative market analysis for you, prior to making an offer.  There is always going to be a relationship between the condition of the property and what your offer should be.  It is difficult to make a lot of allowances for a discount if the property is priced right and in good condition.
  • November 20 2013
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That is a great question; however, there is no set amount or rule of thumb.  The best way to determine what to offer on a home is to have a comparable market analysis done to determine the recent sales in the area. Each market is unique; therefore, it was wise to seek the advice of a real estate professional.
  • November 20 2013
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It depends on how long the property been sitting in the market. the easy way to find out look at the listing ticket "DOM" days on market then you can find out if you can give offer below asking price 
  • November 20 2013
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I agree with the other agents.  Each market is different.  The comps around the home is truly the best way to decide where to come in.  Talk with a buyer's agent.  Different things can impact the homeowners eagerness to sell, and an agent can talk through those with you.
  • November 20 2013
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Profile picture for CallTheSisters
There is no formula.  That decision should be based on the comps.  It the home is priced close to the comps you do not want to offer too low.  If it is over the comps you would submit a lower offer.

We don't know the market, the home you are looking at or the comps.  We can't give you an intelligent answer.

Your buyers agent should be helping you structure an offer.
  • November 20 2013
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Profile picture for Nickitipton1
Hi there and thanks for your question.  Every market is different so there is really no set amt or percentage that you can use to base your offer on. The best thing to do is to ask your "buyers" agent to run the numbers for you, and pull the comparable properties that have sold.  Hope that helps and good luck :)
  • November 19 2013
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Profile picture for wetdawgs
There is no standard rule of thumb.   Work with your buyer's agent to get an idea of fair market value and identify your offer price from there.
  • November 19 2013
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