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Answers (4)
- Joseph San Angelo, "inrealestate"
- Contributions:53
Have your agent run the comps for the neighborhood for you, this will be where you should end up. By all means don't overpay for any house, that's why there are so many foreclosures today.
Start your offer about 6%-10% below what your agent (depending on your area) thinks the property is worth but remember an offer is only a starting point so think about what its worth to you and don't pay anymore then that.
GOOD LUCK,
JOE
Start your offer about 6%-10% below what your agent (depending on your area) thinks the property is worth but remember an offer is only a starting point so think about what its worth to you and don't pay anymore then that.
GOOD LUCK,
JOE
- wetdawgs
- Contributions:26756
How does this house compare to the average house? Is it larger? Does it have a larger lot? Is it spiffy? Does it have a view? A lake? Turrets?
The appropriate comparisons are the other houses that have sold in the last three months or so in the neighborhood, not the price they purchased it for 10 years ago. (Nor is the amount they owe on their mortgage relevant).
How do the recent sold equivalents compare in price per square foot? Equivalents don't just mean anything that has sold, but equivalent view, level of upgrades, access to school and other things that add value to the house.
The appropriate comparisons are the other houses that have sold in the last three months or so in the neighborhood, not the price they purchased it for 10 years ago. (Nor is the amount they owe on their mortgage relevant).
How do the recent sold equivalents compare in price per square foot? Equivalents don't just mean anything that has sold, but equivalent view, level of upgrades, access to school and other things that add value to the house.
- Theresa Lussier, "Theresa Lussier"
- Contributions:191
You can offer whatever you want. However, if you'd like to get your offer accepted, then you need to understand what is motivating the seller and craft an offer that meets the seller's needs as well as your own.
Find out as much about the seller that you possibly can. You are working towards a meeting of the minds. Back up an offer with facts- apples to apples comps of other homes in the area and why your offer is fair. Then be prepared to move along to the next home if the seller is offended.
Find out as much about the seller that you possibly can. You are working towards a meeting of the minds. Back up an offer with facts- apples to apples comps of other homes in the area and why your offer is fair. Then be prepared to move along to the next home if the seller is offended.
- real estate mike
- Contributions:2001
You haven't mentioned a relevant number yet. What is that properties current market value? Your buyers agent can prepare you a cma(comps) and then you have a starting point. You already know it's better than the $340k houses or you wouldn't be interested in buying it. Also assuming you will be asking for seller concessions factor that in. best of luck.
How much can I offer for a house that the listing price is much higher than it should be?
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