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How do i know what is the best offer on a house I am looking to buy?

  • November 15 2012 - Rosedale
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (17)

As others have mentioned, you need two important tools.....a good Realtor and the current comp (successful sales of like properties in the immediate area).  All the best....Donna
  • November 04 2013
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An offer that is uncomfortable for you to make is the best one!

3-D Realty
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  • November 04 2013
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It very much depend on if it is on the market, how long the house been in a market, condition of the house, up grads,did you or your broker talked to the listing agent, if it is not in the market for sell; the market analyses will compare the value of the house to the one that sold in the neigborhood. It has to be studied with a Real Estate professional.

  • June 17 2013
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Profile picture for elliehyde
Absolutely find a buyers agent, ask friends and coworkers for a referral, they will find comps and help you with an appropriate price.
  • May 06 2013
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You really don't know what the best offer is. The best thing I can recommend is to have an area agent run recent comps and explain how the comps he pulled up compare to the property you are interested in, than it's up to you as far as how  aggressive you want your offer to be. Thanks!
  • May 06 2013
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Profile picture for rsmithrealty
There are so many variables!  Are you going to rent the property?  Flip it? Live in it and rent out guest quarters? Every scenario requires different comparables and plenty of number crunching. A good real estate can help you define your goals, area of interest, and cap rate if need be, then help you negotiate the price to increase your profit.

Good luck! 
  • May 06 2013
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Profile picture for elliehyde
For an investor it is all about the numbers..Make sure you have correct expenses and know your income or potential rental market. If its between 6-10% cap rate. Your in good shape.
  • December 23 2012
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I wuld like to prefer you to contact your local area real estate agents. They will let you know everthing
  • December 17 2012
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Other people's offer's are confidential in a multiple offer situation. If you are trying to figure you what your best offer would be, then it depends on your business model...and sticking to it...even if it means losing out on the purchase.

When I invest in a property, I have a certain % of equity margin that I will not go under. Period.  The equity margin considers repairs/maintenance and time it takes before I can place a tenant or put it back on the market...if I have to make mortgage payments without a tenant's rent. All of this is considered before I make an offer.

Further, my margin of equity also allows for immediate discounted resale if things go bad...so I can still make a small profit.

Jason
  • December 17 2012
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Your best offer is the highest price you are willing to pay, that doesn't cause regret if you were to lose the property and later find out you'd have paid more to get it.
  • December 17 2012
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The Best Offer is the amount you are willing to pay contrary to the listing price  Make sure your Realtor has looked at as many comps as possible. YYou want to know what research was done for the seller to arrive at the listing price  You do not want to buy based upon emotions rather than facts. A good Realtor will guide you.  No Offer is an insult!  Look at it as strickly business and investment whether it is Primary or Investment you must think long term and reserves.  I hope this is the information  you are seeking.  I am available if you would like to pick my brains.
SW Ellis, Realtor, GREEN,
[Contact information removed by Zillow moderator]

  • December 13 2012
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The best offer is based on solid facts.  A CMA will tell you what the house is worth based on the sales of similar homes in the area.  If you are buying the property as an investment, to be rented or flipped, there are very specific numbers that should be run on that home to determine its value, and what price you need to get it at to make it a good investment.  With a flip, I use a calculator I designed to plug in cost of repairs, holding costs, final sales price, etc to determine what price I need to pay for the property.  I have a different program designed to run the numbers on a rental property.  I shoot for a cap rate of around 10%.

I hope that was helpful.  Email me if you have questions.

Tammi Knapp
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  • December 13 2012
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Profile picture for Dave Kaushagen
First you need to know what your goal is going into the deal.

What are you looking to get out of this transaction?
Are you buying as a personal residence?
Are you going to rehab and flip the house?
Are you going to turn it into a rental property? If so, how much cash flow are you looking for? A 6% return? 8%?

Once you define your goal you can then build a model to achieve that goal. Your model will tell you how much to offer and will take the emotion out of it. If the deal does not fit your model then move on and don't think about it anymore. There are plenty of deals out there and the moment you stop following your plan or investment model is usually when you start to lose money or buy something you don't really want.

I've been representing traditional buyers and investors and I have been investing myself personally for years so if you have a specific goal in mind and want to run that by me don't hesitate to ask.

Dave Kaushagen
Realtor
San Diego, CA
Scottsdale, AZ
  • December 12 2012
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  • December 07 2012
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Before making an offer on a home, you should have your Realtor provide you with comparable sales in the area.  Comparable sales are made of recent sales of similar properties in the area and are used to help determine the market value of a property.  The assumption is that the subject property will sell at a similar price as the comparable properties.

Here is a link to a Zillow article on comparable sales.

Best of luck to you!

Chad Gray PA, Realtor
Luxury Living Fort Lauderdale
Coldwell Banker Residential Real Estate


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  • November 16 2012
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Texas is a on disclosure state so sales prices are not public records.

Your best route is to have your Realtor (hopefully a buyer's agent) do a market analysis.  This entails looking at the most recent sales in the immediate area with similar homes.  Then together you can determine an offer amount.

Naima
  • November 15 2012
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You can go to the auditor's website and see what the seller paid for it.  You ccan look and see how long ago they bought it.  I hope this helps you.
  • November 15 2012
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