Profile picture for jedlindsey

I would like to make an offer on a home that is overpriced and been on the market >100 days, HELP!!

  • October 21 2011 - Deridder
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Answers (11)

First, contact a Realtor, explain that you know the house has been on the market for over 100 days. There is a good chance that the homeowner wants to lower price but has not for whatever reason. Make sure your pre-qualified or have cash on hand. Make the offer and you may be pleased by the result.
  • October 22 2011
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A 100 days on the market is not usual in today's market; especially, if the home is not priced appropriately. I suspect a price reduction is in the near future. Homes are only worth what someone is willing to pay, that person may not be you. I recommend talking to a local realtor.

Garreth

  • October 22 2011
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Profile picture for ExpectFirstClass
jedlindsey - My first question would be, "How do you know the home is overpriced?"  You need accurate data and a list of comparables to understand that.  Keep in mind that online services like Zillow, Trulia, etc are great sources of information...and you can't rely on the Zestimate to understand price.  Those services are a good baseline and don't take into account interior finishes, upgrades, etc. 

@sunnyview offers some very good advice.  If you want to work on your own, that's your choice.  Reach out to the list agent and have a list of questions to ask.  It's not the time to be shy or subtle.  If you feel the property is overpriced, ask that agent for the comps they used (I do this often as a Buyers Agent and I'm surprised how often the list agent can't provide a list of the comps they used on the property).

If you're not getting answers you feel confident in, then seek out a Realtor.  While @wetdawgs claims a Realtor isn't free, the reality is that a Buyers Agent is getting paid, though in 99.9% of cases not by you.  It's all a matter of perspective.  As agents, we are in sales and we get paid commission based on sales.  If the agent is good, he/she will realize that providing you thorough advice, even if it's advice to move on to the next property, is the right thing to do because a good reputation is better than a closed deal.

Best of luck.  If you need more advice/insight, be sure to post to the online message boards and a plethora of folks will chime in.  As you can see below, some good and some not so good.  Be sure to have your own filters on to understand if you're getting good advice or not.

Ryan
  • October 22 2011
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If the house is overpriced and is listed by agent, I would call the listing agent and ask why the house is overpriced before I hired my own agent. It is possible that the owner has to sell for a set amount or the house will go to a short sale or foreclosure. If you don't ask, you won't know.

Do NOT let the listing agent show you the house or send you other listings. If you want to make an offer, you will benefit from using another agent as leverage and a source of market information that the listing agent may not give you.

Before you make a an offer ask your agent for a CMA and for all listings currently on the market like that one. You also need to see if the days on market for that house is above average so you know how much you can cut the listing price by in your first offer.
  • October 21 2011
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Working with a Realtor is the best first step. A good Realtor can guide you through the home buying process, and it does not cost you anything as sellers usually pay commissions to the Realtors
  • October 21 2011
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Profile picture for wetdawgs
Avoid agents who say a buyer's agent is free (even in capital letters).   The buyers' agents are getting a paycheck from bringing a deal to closing, so most certainly not free.

Be aware, when someone offers a referral they are also expecting approximately 25% of the total commission.
  • October 21 2011
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FIRST! Work with a Realtor! This is a FREE service to you and his commission will be paid by the Seller, why not take advantage. On the other hand, this market is priced driven, so find the real market value and write an offer  5 to 10% under market value. If the seller is real and you are a good contender He or She would probably respond to your offer if not!!! move on and get another property. In this market NEVER make an offer over market value, you would expose yourself to a loss of equity.
Good luck.
XN
  • October 21 2011
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Profile picture for kittenonkeys
Find a REALTOR to help you.  If you will contact me, I will refer you to someone who works that area.
  • October 21 2011
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I believe you should make your offer. Many sellers will list their home at a higher price in order to give themselves some negotiating room. If you have looked at the home, and comparable homes in the area, and you believe you are making a sound offer, then by all means, contact your agent and try it. 

The worst thing they can say is no, but it can not hurt to try. If you need any assistance, I would be happy to help. I can be contacted at [phone removed by Zillow moderator]
  • October 21 2011
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Make the offer!  But think about these couple things:
1 - You can make an offer that is under the listing price.  The Seller has two options - accept it or reject it.
2 - To make your offer stronger, use recently sold homes that can give market value (a.k.a. the offer price you are offering).

A Seller that has had a home on the market for 100+ days will possibly not be motivated to get their home sold.  You will probably get some pushback.  BUT if you are backed my current market data and showing that you are a strong buyer.  That is your best advantage.

Are you using a real estate agent?  Typically a Seller will pay the buyer's agent commission.  When you choose an experienced agent, they will be able to get that data for you and be a strong negotiator on your behalf.

Good luck!
  • October 21 2011
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Profile picture for wetdawgs
What sort of help are you looking for?
  • October 21 2011
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