Profile picture for user4860482

Need some help for making an initial offer on a house

Leaning toward a house that has been on the market for 9 months. Initially listed at $97K now down to $87.9K. They have agreed to accept a contract offer from me contigent on me selling my house, which is great. My realtor did some comps and suggests we offer 82.5K to start. I am leaning toward 79K(10% less than list). Should I tell my realtor to offer the 79K or go with what she suggests???
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November 16 2012 - US
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Answers (3)

Profile picture for Honesty Sells
My opinion would be to offer what you're comfortable paying for the house "unless" your Realtor can show you some concrete apple to apple comps why you should pay more per square foot for the house.
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November 17 2012
I've come to give the client the benefit of doubt in situations where what they want to offer and what I'm recommending are close such as what you're describing. Your agent is trying to position you for the best chance of success so definitely keep that in mind. The risk you take by going lower if it's against the recommendation of your agent is that the bank may not respond and a different may come in and get it under contract. With the property having been on the market for 9 months, you've probably got a good chance of negotiating without outside interference or competing offers though but it's a risk nonetheless.
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November 16 2012
Profile picture for wetdawgs
Rather than toss out a number, I'd suggest you sit down with your Realtor and work through the comps she used to come up with the suggested offer price.   Look at the date of the sales, drive by and look at the actual houses (exterior condition), see if she can obtain info on whether sale prices included closing costs or not.   This will give you a better idea on what market value is in your community today.  

There is no magic percentage discount formula related to starting price and days on the market.  

May all go well with your new home purchase.
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November 16 2012
 
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