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List price vs offering price

I'm looking at a house that 350k and has been on the market for 90 days I want to offer a lower price. What would be a good offer without offending the seller. I was thinking 315k. House was brought in jan 2010 for 335k.
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December 27 2012 - Gaithersburg
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If the seller bought the home for 335K and has listed it for 350K then offering 315K which Is 20K less than the seller paid for it.  Would be indicating a suggestion of taking a loss of 20K.  Would you feel offended by that?  Todays market is offering over the list price and perhaps it would be best to have your Realtor prepare a Comparative Market Analysis for you so that you could have a more precise estimate of the home's worth.  If you would like, contact me and I will prepare it for you.  If it is more than your current budget then I am sure I could find something to your liking.  Contact me and I will help you. 

Sincerely,

Miekeba Jones
Heymann Realty, LLC
[Contact information removed by Zillow moderator Please see our Good Neighbor Policy.]

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July 08 2013
Just this week I prepared offer. Before run CRM on last two years in same development.. My client made offer 20% more then highest closing price. And we still was biden by more higher offer... With respect
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June 12 2013
Hi user6194782, Have your Realtor prepare a Comparative Market Analysis to help you determine how much to offer according to the past sold homes in the area.
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May 07 2013
The price the sellers paid for the home 3 years ago really has no relation to what you should offer. Your agent should do what is called a "CMA" it is an analyst of what other homes have sold for in the immeadiate area in the last 3 months. Anything older than that is too dated. We have seen prices starting to increase just a little so if the home is priced right I would not expect a large reduction to be accepted.

The othe rthing to do is to find out what the seller owes on the property, to see if a low offer would put them into a short sale situation. Of course you can't know what their financial situation is, but you can find out how much there mortgage is and compare that to what they paid for the home in 2010.
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January 03 2013
Most importantly, in this era of short sales and foreclosures, the amount of the existing mortgage and the future intention of the sellers will be what gets them to move off their price. That is why you need a Buyer Agent who is successful in negotiating. A buyer needs to be out of the middle so at the end, the buyer and seller can get to a meeting of the minds. Lynn A. Stewart, [Promotion and email removed by Zillow moderator. Please see our Good Neighbor Policy.]
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January 02 2013
This does not sound like an unreasonable offer. It largely depends on the home prices in the area. If you are paying cash and offering a quick close that is also increases the likelihood of acceptance.
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December 28 2012
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The average listing for the area is 60 - 90 days. I've contacted my agent to have them do a cma. They seem to have a problem when it comes to offering a lower price then listed from our conversation. I haven't heard anything back yet.
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December 28 2012
What is the actual value of a home? It is what someone is willing to pay for it. If you think the home is worth more or less than what it is being offered for, then that is what the value is to you. Will it appraise? Don't know but the value is what you agree to pay for it. If it won't appraise for the offer price, then you will have to come up with more money than the loan will cover. If it appraises for more, then you technically made a good deal.
Doesn't matter what some other home sold for in the long run, it only matters what it is worth to you. Will they sell it for that, don't know and you won't either until you make the offer.
What difference does it make if you offend the seller unless they are a friend or relative. This is a business transaction, just like buying a car. Would you care if you offended the car salesman? Home values are always subjective. Good luck!
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December 28 2012
You can offer whatever you want, at the end of the day, there has to be a meeting of the minds in order for the transaction to close.  The seller might be over priced and you may be low balling.  If the seller thinks their home is the most beautiful house on the block with thousands in upgrades, your offer will likely be rejected no matter what the actual value is.  You can't force a seller to sell.  The best way to make your offer is to submit it with valid and substaintiated data to support your offer.  If you are offering 20% below the lowest sale in the area for a similar house, you don't have much of a chance unless the seller is desperate.

Try to understand the sellers motivations of selling.  Everyone selling has a reason.  Sometimes price is not the issue, it may be terms.  If you get to know what their hot button issues are, you can get a great deal.

Just my 2 cents.  Good luck.
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December 27 2012
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Listing agents sometimes price too high and if they do making an offer is the best way to show them the market has other ideas about price than the original listing price. I would see if you can find out what the average days on market is in that area in that price range. If the house has been on the market longer than average or even average, I would make you offer with the reasons why.

You can find trend information for your area on Zillow that might help you find recent sales or an agent in your local area can help you with that too.
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December 27 2012
As a listing agent, I trust they advised their client correctly based on comparables in the area when they first listed the property 90 days ago. If they need to adjust based on market changes, conditions of the property noted through feedback received, etc., then those changes should have been made. 90 days may or may not be a long time on the market for that particular area so it may not warrant a price reduction at this point. Again, I am simply siding with the Listing Agent expecting they are doing an excellent job for their client. If you and your Agent came to us with an offer of $315,000, we would certainly want to see reasons why.
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December 27 2012
Haha - too general of a question, what if you bought it for $315K and you find out its worth $200K, even though most homes sell for 10% under asking price !?!?

Work with your agent (thats exactly what they are getting paid for)  if you dont have one, get an appraisal - an exterior one can be done for about $250. Here is the national registry of appraisers. I do them all the time for buyers without an agent, ie foreclosure properties....
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December 27 2012
Ask your buyer agent to conduct a comparative market analysis and ask the agent to attach the comps with your offer to substantiate it.
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December 27 2012
Jim's right, your offer should be based on the realities of the market. IF your offer is close to the range of price/sqft that other homes in the area are selling for (not asking), then you are on the right track. Condition, lot, and location also have an impact on where among the comparables this homes value lies.

The offer you plan to make is exactly 10% less than they are asking. If you do have reasons for doing it (as I've described), you have support to justify your offer. If you just want to pay less, then I would tell you that your offer is likely to be rejected without a counter (not an absolute, but just based on my experience). The closer your offer is to the sellers' number (that they have in mind), the better counter you're likely to get from them.
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December 27 2012
Make an offer you can substantiate by current listings/sales in the area. Or if the home needs repairs or remodeling, you can say your offer is predicated on that. Or, you can just offer the $315k and see what happens. The worst thing that can happen is they will say no and you would get your ernest money returned. Best of luck!
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December 27 2012
 
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