Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for siebenthaler56

how much should I offer for a house selling for $142,000

the home as built in 1957 has hard wood floors, 3 bedrooms 2 1/2 bath out date
dated kitchen basement
  • October 20 2013 - Indianapolis
  • 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 (7)

There are many factors to consider when making an offer on a house:

1.  First, have your Realtor run a market analysis for you to determine the value of the home.

2.  How long has the house been on the market?  If it has been on for a long time, there is likely more room for negotiation, as the seller may be more desperate to sell.  On the other hand, if it is new on the market and it is well priced to begin with, you may want to go in with a very strong offer.

3.  Is the house vacant?  A vacant house is just sucking money out of the seller - they may be more
motivated to consider a lower offer.

4.  Besides some out of date components, are there obvious repairs that need to be made?  The more work that needs to be done, the smaller a market there is for it.  So, if you are one of those buyers willing to take on some projects, you may have more negotiating room.

5.  How does this house compare with other nearby homes on the market?

Your agent will help you determine these and other factors.  Sometimes, it is appropriate to "lowball". Sometimes, it is appropriate to go in full-price.  I've even been in bidding wars with my clients where we've gone above the asking price.  There is not a "one-size fits all" answer.
  • November 30 2013
  • 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.

Have an agent run the comparable sales for you to see how good of deal it is.  If it's worth more then asking then pay near or at asking to try to get home before another buyer outbids you. If you feel that it's overpriced offer what you think it is worth!   I typically recommend to clients to offer up to 10% off of the asking price as a rule of thumb.  Good luck!
  • November 30 2013
  • 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 siebenthaler56
Thanks,
I need to  discuss this and more with my agent.  I think to house is worth
the offer of 130,000 considering the age the area and the updates need to the kitchen and appliances needed.  Thanks for the input..
  • October 21 2013
  • 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 mlradka
My rule of thumb 5-10k less in this price range if the home is in excellent condition.  Remember to adjust your offer based on home inspection. Look at the time on market and who owns the property.  Base it on comps in the area and don't forget to ask for closing costs.  If you love it and want to live there go in at full asking price.
  • October 21 2013
  • 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 TiffAtkinson
Your agent will share comps with you. If you do not have an agent, I would be happy to assist. Good luck! Tiff Atkinson Real Estate Broker Carpenter [Contact information removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
  • October 21 2013
  • 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.

Your agent should be able to give you comps and give you direction on the home. If you do not have an agent get one that will look out for your best interest. The selling agent has to look out for the sellers best interest. 
  • October 20 2013
  • 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.

Greetings!  Unfortunately their is no "one right answer" for your question.  It depends on your current real estate market.  I assume the $142,000 is the "Asking" price which is generally set by the listing agent based on comps.  If this is the case look at the "Days on the market" and if it has been on for a long time don't hesitate to low-ball, especially if it is a bank owned.

Thank you, Randy
  • October 20 2013
  • 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.