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Answers (9)
- Best Miami Beach
- Contributions:20
We agree with the responses listed. Definitely have a trusted real estate professional in your area make a list of comparable properties and submit an offer that is in line with what has sold. Price per square foot is the indicator you would likely stick to, given the extra bedroom. Good Luck!
- Jerry Moscowitz, "Jerry Moscowitz"
- Contributions:39
I agree with most others that Mikes response is very accurate. In my market I never see the banks drop more than 10% on an offer. I have seen the banks in your type of situation drop the price on the market to $99,900. So if you go ahead with your offer and you don't hear anything back right away make sure your Realtor is watching to see if they do that. The banks feeling would be that there is another group of buyers that might be interested at that price and possibly could create multiple offers.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
Ask your Realtor to do a CMA including 3 sold comps and 3 active comps in order to make a good decision.
- Kim Melendez, "kmelendez"
- Contributions:238
Ask your Realtor to pull comps for you in the area the home is located in. Base your offer on the comparable sold properties not on the asking price.
- Wes Black
- Contributions:509
Mike's answer is a home run.
- wordsmth
- Contributions:361
Good answers, especially from Mike.
Even though your offer may be reasonable, it doesn't mean it'll be considered or accepted. Don't be tempted to overpay just to get the home. Your Realtor can help you.
Even though your offer may be reasonable, it doesn't mean it'll be considered or accepted. Don't be tempted to overpay just to get the home. Your Realtor can help you.
- David Barr, "dpbarr2000"
- Contributions:280
Nothing in the area sold over that price based on what? Zillow?
Don't rely on Zillow for home values. You should consult with a local Realtor. There is not one mortgage lender or county municipality in the US or Canada that uses Zillow values for loans or tax valuation.
Don't rely on Zillow for home values. You should consult with a local Realtor. There is not one mortgage lender or county municipality in the US or Canada that uses Zillow values for loans or tax valuation.
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
Just curious. Are you using a buyers agent to help you decide the appropriate offer price?
- Michael Emery, "MikeEmery"
- Contributions:7298
Do you think this is an offer they will consider, being that nothing sold for 109900?
They honestly don't care that there have been no homes sold for their list valuation.
Chances are if they consider your offer too low, they will counter offer at a higher price.
Fannie and Freddie homes (for the most part) take their price reductions at about every 30 days for 10-15 percent off of the current listed price. While this isn't a rule that is set in stone, it is typically what they have done in the past.
I'm guessing that they will either accept your offer or counter offer at around $99,000. Your odds are better if the home is due for a price reduction.
They honestly don't care that there have been no homes sold for their list valuation.
Chances are if they consider your offer too low, they will counter offer at a higher price.
Fannie and Freddie homes (for the most part) take their price reductions at about every 30 days for 10-15 percent off of the current listed price. While this isn't a rule that is set in stone, it is typically what they have done in the past.
I'm guessing that they will either accept your offer or counter offer at around $99,000. Your odds are better if the home is due for a price reduction.
Should I offered 15000 less than asking price
I'm intrested in a home that is listed at 109900, Its a homepath property and the highest price listed in area. Nothing in the area sold over 92000 the last year, however the home I'm putting an offer has 1 extra bedroom than the other home. I offered 95400. Do you think this is an offer they will consider, being that nothing sold for 109900?
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