Profile picture for oakgrove40

What do you think for my offer?

I know no one can tell me what to offer just by list price, but let me give a few more facts into my small town market.  

- it is a town of 12,000 people
- houses have gone up in value last 2 years
- houses usually sit on market for a month-year
- most house seem to be 5-15% overpriced on list priced based on my CMA research
- when I compare 2 homes of same style and similar year built, they sold for $150k and $170K
- the only house in this neighborhood that has sold in last year had a county appraisal value of $156k and sold for $160

Now the house I'm interested in has been on market for 8 months, and started at $249k, way overpriced and is now listed at $190k.  I believe through my CMA along with my realtor the value of the house in this slow market to be around $170-175k.

That said, do I offer $160k and go from there?  I'd like the seller to pay closing costs, and ask to have their kitchen appliances stay.  Any other thoughts from anyone?  Thanks for any info.  This is my first ever home buying purchase.  
 

 
  • April 24 - US
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Answers (4)

@oakgrove40,

Hopefully, your questions were answered.  Reading the last part of your comments - do not shy away from asking the seller to pay for your closing costs, even though it may be a sellers market you just never know how desperate they are to sell.  I have many clients conventional or FHA get their closing cost covered.  If you are financing your home also look in to lender credits. 

Best of luck!
  • April 25
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Profile picture for Outer Banks N C
What is the county assessment on the house? Since you compared one assessment to the sale price what is the assessment on this one? Assessment does not mean appraisal, but sometimes you can see patterns based on them. If it is substantially higher than $160k I think you will have a tough time with your offer. Buyers always look for ways to justify a low offer. You can't rationalize numbers to a seller very often and get them to see it your way. Good luck, I think you will be making a few counter offers.
  • April 25
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Profile picture for Dan Tabit
Realize that if you ask the seller to pay your closing costs, you are requesting discounts beyond what the price may indicate.  I have no way of knowing if your agents and your research is accurate, but when you ask for a large discount plus closing costs, you risk getting no counter offer at all. 
The goal of your offer is to either state your best price and terms, take them or leave them or to start a conversation that will find a meeting point somewhere in between.  To low gets no response or one that says, "that is below what we owe and would trigger a short sale", which your agent should already be considering. 
If you like the house and it's the best one in the area, make a sincere offer that can get you the house.  Some sellers do get offended and won't negotiate even if you come back closer.  If the offer you suggest is the real current value, then make it and live with the outcome.  
  • April 24
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Profile picture for wetdawgs
You didn't mention condition as part of your comparison of properties.

At some point when an offer is too low, a seller doesn't even bother to counter.   You are proposing to offer > 15% below asking price and in addition ask for 3 to 6% for closing costs (in other words 18 to 21% below current asking price plus kitchen appliances)?   I humbly don't think that will fly, but  you can always try.   What does your agent say about your proposed strategy?



  • April 24
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