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Answers (4)
- Stultz Dawn, "Dawn Stultz"
- Contributions:11
Have your realtor pull information about the property such as how long it has been listed with previous price reductions noted. You can normally find out how much the property was purchased for to see if the sellers would be facing a loss at a certain price point.
Most importantly look at the neighborhood and the current (within the last 6 months) sold homes. Ask for a detailed list of those homes features to make sure you are comparing apples to apples. Do not be mislead by tax value as some ares were reassessed during the height of the market and are true indicators of current market value. The market can change with each sold property setting a new standard. Some sellers are pricing their home unrealistically. If the property has been on the market for more than 6 months - pricing is usually the issue. Sometimes is takes an offer in writing to put things into perspective for the seller. Good luck with your endeavor!
Most importantly look at the neighborhood and the current (within the last 6 months) sold homes. Ask for a detailed list of those homes features to make sure you are comparing apples to apples. Do not be mislead by tax value as some ares were reassessed during the height of the market and are true indicators of current market value. The market can change with each sold property setting a new standard. Some sellers are pricing their home unrealistically. If the property has been on the market for more than 6 months - pricing is usually the issue. Sometimes is takes an offer in writing to put things into perspective for the seller. Good luck with your endeavor!
- Poperty Investor
- Contributions:1
Of course offer whatever you want. In negotiation buyers should always start low. Don't worry if seller is "offended" by your offer. You are not buying to make friends with the seller. Expect counter offers. Settle on a price that you are comfortable with and is within your financial means. Be prepared to walk away if you can't get the price you want. It's a buyers market at present.
- ZZipperhead
- Contributions:69
Exactly what wetdawgs said: either you or your agent should do a comparative market analysis to determine what similar houses in the area are selling for. They you'll know how much the house you're interested in should sell for. Keep in mind that houses rarely sell for less than market value, which means that if you offer less than market value, you probably won't be successful.
Note also that the list price might not actually be market value. The house could be deliberately overpriced (the seller is taking a flyer that someone will overpay) or it could be underpriced (the seller wants to generate a lot of offers to bid it up to market value). So whether or not you should offer 10-20% depends on whether the house is overpriced in light of the comps.
Note also that the list price might not actually be market value. The house could be deliberately overpriced (the seller is taking a flyer that someone will overpay) or it could be underpriced (the seller wants to generate a lot of offers to bid it up to market value). So whether or not you should offer 10-20% depends on whether the house is overpriced in light of the comps.
- wetdawgs
- Contributions:26833
It is okay to offer less, but the seller does not have to accept your offer. Don't be surprised if they are offended.
Do a thorough competitive market analysis before making the offer.
Do a thorough competitive market analysis before making the offer.
Is it ok to ask 10 to 20% off asking price?
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