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Answers (15)
- sunnyview
- Contributions:25139
Don't fall for Agent Shawn's zombie trap. This thread is from December 2009 and the poster has made their decision long ago in the dusty past. There are posters with questions today that would love some friendly agent replies like yours.
- John McFarland, "JohnBuyerSideRealty"
- Contributions:23
All offers should be either a cash purchase or from a buyer with solid financing approval. The offer should be as clean as possible with only the typical contingencies with a closing date that best suits the seller's needs. Determining the initial offer price must be based on comp sales information and seller circumstances and not on some arbitrary amount that's a percentage of the asking price. Occasionally homes are listed for less then what they are worth and often listed for what they are worth.
In my opinion, the chances of you buying the home for the least amount is most likely to occur when you can pick the purchase price that is equal to the least amount the seller is willing to accept on your first offer. The worst thing you can do is to make an initial offer that has no basis in reality where the seller's only response is "that's ridiculous!"
In my opinion, the chances of you buying the home for the least amount is most likely to occur when you can pick the purchase price that is equal to the least amount the seller is willing to accept on your first offer. The worst thing you can do is to make an initial offer that has no basis in reality where the seller's only response is "that's ridiculous!"
- Ofe Polack, "Ofe Polack"
- Contributions:1418
Hi guys....this question was started two years ago, read the date Dec 11, 2009, unless you have an incredible tip, move on to newer questions
- Elizbabeth Cameron, "ElizabethCameron9"
- Contributions:4
I just have a client made an offer on a $287,000 home. His offer is $200,00.
If the seller does not like it, they can counter offer.
If the seller does not like it, they can counter offer.
- Lisa Ostrander, "Lisa Ostrander"
- Contributions:7
All of the agents have commented well. As a buyer's agent I would pull comparables to check what similar properties sold for, therefore when you submit your offer you can use those to help explain why you offered so much less. If the sold comparables are much higher than your offer, you can use those instead when you come back in at a higher price during negations to support your offer then. Usually homes are priced higher than they are worth, you have to first determine what how far off the list price the home is. I always tell my agent you can always try an offer it is better than not trying. However, if the home is listed well (which is rare) than you are going to come up well above your low ball offer and potentially risk offending a seller. Make sure your buyer agent is prepared to explain to the listing agent why you are coming in so much lower (especially if you are going in at the 65-80K).
- Joe Clancy, "JoeJrCentury21"
- Contributions:2
The seller should be more more insulted by buyers who viewed the home and didn't take out their check book. After consultation with your buyer agent, offer a price your comfortable paying, I wouldn't worry about insulting the seller.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
first you need to determine if the asking price is where it should be. you cannot determine what a fair offer is unless you know if the home is priced fairly.
second, never go out of your own comfort zone. thats how you end up in trouble with home mortgages.
you can always find another house - don't overreach
second, never go out of your own comfort zone. thats how you end up in trouble with home mortgages.
you can always find another house - don't overreach
Is it 7135 Delaware St? Get a CMA done. Your REALTOR should be able to do this.
1. We know how much they will take and that is $109,000
2. You need a CMA to see how much the house is really worth.
The rest is knowing what your situation is as well as the sellers to come up with a plan to work this deal out.
1. We know how much they will take and that is $109,000
2. You need a CMA to see how much the house is really worth.
The rest is knowing what your situation is as well as the sellers to come up with a plan to work this deal out.
- Joe Colon Jr., "jcolonjr"
- Contributions:32
You Know Jayme, it sounds as if your answers are all here! I would love to give you a fandangle "new" idea, but the truth is that without the help of a good Agent, you'll only be shooting in the dark and maybe even lose the opportunity to be taken as a serious buyer. Best of luck to you ma'am!
- Bonnie Mitchell, "Prescott Bonnie"
- Contributions:141
You need to do your homework and solicit the help of a qualified Real Estate professional. A current CMA would give you a good picture, and that along with current listings of similar types of property will give you a realistic price per square foot , That would be a good starting point. Once you have negotiated an acceptable offer, then you need to be concerned as to what the appraisal will be. The current market is still declining. Depending on how long the home has been on the market, the home may not be listed at a realistic asking price.
- Amanda Alejandro, "homesforsale86"
- Contributions:480
the first thing you should do is have comparitive market analysis done. that way you know what a good offer is and or even below market offer is without the worry of the seller rejecting your offer completely.
do that first and then make your offer
do that first and then make your offer
- Mack McCoy
- Contributions:1118
Only the Seller knows.
Here in Seattle, a Seller can relist the property with a 5% price drop and have it come out as "New" - although, the market time doesn't change. I'm guessing that the listing agent might be thinking, before we accept anything under $100,000 - why not re-list it at $100,000 and see if it draws an offer or two?
Here in Seattle, a Seller can relist the property with a 5% price drop and have it come out as "New" - although, the market time doesn't change. I'm guessing that the listing agent might be thinking, before we accept anything under $100,000 - why not re-list it at $100,000 and see if it draws an offer or two?
- Ines De La Cruz, "inesd"
- Contributions:170
Hello there,
You can offer whatever you feel the property is worth. It will start some negotiation or if you do not hear from the seller in a couple days you could up a little and see if the owner responds. You do not know until you try it. If you offer too little and do not want to lose the property I will suggest to review comps and then submit a realistic offer the owner can not refuse. Good luck!
You can offer whatever you feel the property is worth. It will start some negotiation or if you do not hear from the seller in a couple days you could up a little and see if the owner responds. You do not know until you try it. If you offer too little and do not want to lose the property I will suggest to review comps and then submit a realistic offer the owner can not refuse. Good luck!
- wetdawgs
- Contributions:26854
The first thing you should do is to have a competitive market analysis run so you have good data on the prices comparable properties are selling for. If your lowball offer is within the range suggested by comps, then you may have a chance. If your offer is a ridiculously low ball offer (in the sellers' opinion), then the seller may reject your offer out right and not come back with a counter offer.
Sometimes low ball offers are accepted out right. Two months on the market is usually not sufficient to make sellers desperate. So, you have to balance how much you want the property and want to make an offer that will allow them to at least counter offer, and the willingness to go for broke. Only you can answer that question for yourself!
While some people can find houses easily that they love so don't mind the risk of the latter choice, others (like me) are picky and and when finally finding a house in a location that is perfect - aren't willing to risk getting our offer rejected with no counter.
Sometimes low ball offers are accepted out right. Two months on the market is usually not sufficient to make sellers desperate. So, you have to balance how much you want the property and want to make an offer that will allow them to at least counter offer, and the willingness to go for broke. Only you can answer that question for yourself!
While some people can find houses easily that they love so don't mind the risk of the latter choice, others (like me) are picky and and when finally finding a house in a location that is perfect - aren't willing to risk getting our offer rejected with no counter.
- Ofe Polack, "Ofe Polack"
- Contributions:1418
This is when a buyer agent can lend you assistance. A buyer agent would find out what other comparable properties have been selling for in that area therefore you will base your offer on real numbers, not necessarily on what you want to pay. I suggest you get yourself a buyer agent. If you want me to, I can put you in touch with one. Click on my photo and let me have your full name, address and tel number. The best of luck!!!
Would offering $20,000 less than listed price be an insult to the seller?
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