Profile picture for braddieo

How much should I offer with out insulting the seller?

The house is 269k I want to offer 239. The surrounding houses in the area are in the price range and it seems they are over charging for the house. They paid 300k for the house and are selling for 269k. I dont want to insult them by making them a low offer. , but i cant afford anything over 245k. The house has been on the market for about a month. Should i even bother.  
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February 07 2009 - Fall River
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Profile picture for shapiroamg
Worst that could happen is the seller says no. Best is a counter offer. Go for it as you will never know unless you ask.
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February 12 2010
Hi, every market is a little different. Every offer was made to counter. Never feel as though any offer is an insult. You'll never know how low you can go until you try.

If that market is currently moving well, you'll probably get shot down. But you'll never know until you make the offer! Go for it!

Best of Luck! -Pat
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February 12 2010
Fall River Buyer:

Offer what you want to offer and don't worry about it.  The last thing you want to do is go home and be thinking what if.  How would you feel if you read in the local paper that the home sold for $250 and the sellers had to get out of there.  There is not such thing as insulting people when money is on the table.  Best
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February 12 2010

Hi,
Agents who are answering bellow located not in MA I can tell.
Market is different everywhere, in every state and every town. So nobody here will be able to answer your question unless they are working in your area and know the market. In my area (in MA as well) houses selling for average of 98% of asking price, I notice agents from CA say that -30% is good - thats no possible in here.
So It could be overpriced, it could underprices or priced to sell.
Stop guessing and ask your Buyers agent to prepare CMA for you - that will answer all your pricing questiong and give you pretty clear picture what that home worth. (if you dont have agent just get one - buyers agency are free most of the time and very beneficial for buyer in this time and market situation) 
Good luck!

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February 11 2010
I think you should go for it. It is just about an 11% discount which for a lot of areas in the last 6 months is about the average discount from listing price ... point is that is not a crazy low offer, and should, at the very least get you a response, not a flat out rejection from the seller (they would be ill-advised if they did so). The truth about real estate is that it is only worth what someone wants to pay and therefore perhaps your offer is what the market (you) says its worth at this time.

Good luck!
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March 31 2009
That sounds like a great offer for this market! However, I think you have the 9 price psycology backwards. It is priced at 269 to make it sound sooo much less. Your offer of 239 should actully be 240k b/c you are coming in on the opposite side of the 9 psycology. Does that make any sense.

I think the sellers would be a fool to turn you away in this market.
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February 07 2009
Yes! you should bother, this seller may need to sell and its possible he could be overpriced. If you are making an offer to a homeowner you can include the following with the offer.

1.The offer

2.Your pre-approval letter showing an amount of $239K - show him/her this is what you are able to finance.

3.Copy of your agency disclosure - when you meet with a buyer agent - he/she will disclose who they work for. ( maybe you already talked to a selling agent? Please say you didnt! )

4.Copy of Home Inspection disclosure - again, your buyer agent will get to you. It shows you understand the home inspection process.

5.Letter to home owner - this doesnt have to be elaborate but, sometimes this helps break the barrier with someone you usually do not get to meet. Tell the homeowner something positive about the home and what you plan to do when you move in. ( plant a garden, redo the floors, or how you will enjoy the neighborhood.) Then tell how you arrived at value and mention that you are ready to purchase but your bank will require an appraisal on the property.

Show your home work and support your reason for the offer. Sellers have needs when they sell. If you can meet his/her needs it will work.

Lastly, let me know if this was helpful   :)
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February 07 2009
If similar homes are selling for less than this asking price, then back up your offer with the comparable sales. You can also explain to the sellers that when a person buys their home at their asking price and has to finance it, then there will be an appraisal, and if the appraisal comes in less than the selling price, then there will be no sale. Good luck.
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February 07 2009
Profile picture for Mr Caveat
remember 3 things

1) its business-- they wont be "insulted" no matter what you do(they may not jomp on the offer or find themselves unhappy with it. its still buisness)
2) if the asset is depreciating and they want to sell it for a loss, that is a business decision too. so don't be so eager to cover their losses on a bad investment.
3) 5 minutes of planning is worth 2 hours of work, so play with the figures now, feel comfortable about the money now, because next week you dont want to be worrying anymore.
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February 07 2009
sound like it may be a short sale... in that case the bank will have to agree to the price... if it is not a short sale... go for it anyways... -30 is not insulting in this market...and 30 days in any market is too long... a well priced home still sells in the first 30... good luck
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February 07 2009
 
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