Profile picture for KB3569

Would you take an offer 30K less than asking price?

We have found our dream home. Unfortunately, it is priced 30K above our max budget.  With the money we have to put down and the loan approval (we have it), we are still 30K below the asking price on the home. The seller started with a price of $360K 9 months ago.  Since then, the seller has dropped the asking price to $319.  Our top offer could only reach $289.

Other than our budget, our primary concern is about resale. 
1. The house is in a poor school district. In fact, it is possibly the worst in the state. However, I teach in the state's #1 district. Therefore, our kids can go to school there. Although the district does not affect us, it will affect future buyers. We worry, should we need to, we won't sell a family home for what the current sellers are asking.
2. Although there are comps within 5 miles of the home, the immediate neighborhood is declining in appearance and upkeep - at least we feel it is for what the sellers are asking. An older house of comparable size across the street is selling for $235, and is sure to depreciate more before it sells.
3. The neighborhood has no specials (pools, park, etc.) while the comp. neighborhoods do.

We love the house. Would love to raise our two children there. We do not intend to make a disrespectful offer, but it's all we can do. 

The current owners are the original owners of the home - built in 1993.

Would you take an offer 30K lower based on this information?
  • March 05 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (4)

Best Answer

Profile picture for Dan Tabit
Since we aren't the home owners, we can't know if the owners would accept an offer that low.  I suggest you get a great agent to do some research, and provided the offer wouldn't create a short sale by the owners, give it a shot.  Only the owners can say yes, no or potentially offer a creative third option.
I don't know why we worry about "offending" sellers.  If you are offensive in how you present it, maybe but an offer to purchase a house is a compliment.  It should be presented as you have here, "this is the best we can do".  
 
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Your evaluation of the negatives as you perceive them for you is an important part your what the house is worth to you.  The seller might not agree, the appraiser might not agree, but the only thing you can do is make an offer and see.  Hopefully you have a clever agent who can guide you with a realistic CMA.

Good luck.
  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for KB3569
@wetdawgs - You are absolutely right. I've only mentioned the negative. The home is beautiful and has our ideal layout. We host family and friends often, with up to 12 people for 3+ days at a time, and the house would make having guests easier. The yard is large, flat, and well maintained.  The house sits on a large corner lot. The town is wonderful.  There are area parks and the local YMCA water-park is less than 5 minutes away.  We have pride in the area, but our concerns about the school district and its effect on resale are valid - should we need to move in the next 10 years. The school district will not affect our family directly. If the home was in a different school district, I could see it selling for much more. Do our concerns, no matter our love of the house itself, justify a lower offer?
  • March 05 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
This is your dream home... but why?   Lousy schools,  no park or playgrounds, the neighborhood is declining?  You have little nice to say about it.

No, I don't think a 15% lowball offer would fly, but it might, I've been wrong many times before.   If it doesn't, I'd redirect my energies to looking at homes in areas that you can support with pride (rather than telling us everything wrong with it) and look within your budget.     Buying at the absolute maximum penny of your pre-approval amount tends to stretch many people.

Good luck



  • March 05 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.