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Putting in offer

What are the chances with the home market of me offering a lower amount than asking price.
  • October 14 2013 - US
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Answers (6)

You need to ask yourself how bad do you want the house and are there other people bidding for the same house.  If it has been on the market for a while with no offers, then your chances would be better than if it were just listed.

Remember you are the one making the final decision on your future home, you should not let anyone sway you in making a decision that you will regret for the rest of your life.
  • October 17 2013
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How much lower than asking price are you thinking? 
It's not unreasonable to offer less than asking price, especially considering the seller is most likely to counter rather than say NO flat out. 
Depending on your market, you will be competing with other buyers but if you have a good offer in other ways, paying all inspections and/or closing costs, or are an all cash buyer, or you want a short escrow period, have a high down payment with little financing, and the list goes on, you have a chance for your offer to be accepted.
Some agents just want the highest price you can offer because that equates to a bigger paycheck for them. If your agent is encouraging you to increase the purchase price, and pay for all inspections plus closing costs, I would reflect on how much you trust your agent. Then re-assess your financial situation and the house you are offering on (unless they are dealing with multiple offers - then you want to really stand out)! 
  • October 14 2013
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Profile picture for Erick A. Parker
It would not be unreasonable to make an offer below market. If the offer is too low the seller may not think you are a serious buyer.
  • October 14 2013
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The chances  are  maybe100% if you so choose to do so.
(unless you are hit on the head by a meteorite, kidnapped by bigfoot, turned into a toad etc.  before making the offer)

Will the offer be excepted is another question. .

  • October 14 2013
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Profile picture for daveskow
how long has property been on market ?
  • October 14 2013
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Depends how motivated the seller is. The market is a sellers market so they have the luxury of multiple offers to choose from. 
You can offer a lower purchase price but offer to pay your own closing costs. That can compensate for your less than asking price in the mind of the seller.
But again you'll be competing with other offers so keep that in mind.
Plus, depends on comps because the seller might be asking too much compared to recent sales in that area--thus you would be justified in offering less.
Hope that helps.
  • October 14 2013
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