- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- Call The Sisters, "Call The Sisters"
- Contributions:372
There is no "%" in general.
Everyone has given you good answers.
When I work with buyers as their agent, and they ask me this question, I do tell them that going too low can insult the seller and they very well not even counter.
Your agent should do their homework on what homes have sold in the area that are similar to the one that you are considering. Your agent will look at this information through the MLS.
Your agent will also look to see what they paid and when. They should also look at the courthouse records to see if there are any home equity loans taken out recently. This way you will know what their financial position is in relation to the asking price.
All this a good buyers agent will explain to you.
However, the bottom line is what the bank will loan for this property.
You still have to take into account your property inspection of the home. There may be items that come up on this that could reduce the price even more. Most time a buyer will want money off the price for items that need to be fixed.
As was said in one of the other answers, you need to locate an excellent Buyers Agent to guide you through the process.
Best wishes and success in your house hunting.
- Diane Thurber-Wamsley, "thurberwamsley"
- Contributions:45
How low is too low? In a sluggish market the seller should be excited about all offers that are presented in writing. Circumstances such as appraised value and the seller's personal finances will dictate the outcome of the offer. Always bid with your own finances in mind. As the old saying goes "A property is only worth what a qualified buyer is willing to pay!" Find a good realtor(R) to work with and get pre-qualified for a loan...and then make an offer they can't refuse! Best wishes!
- Heath Paulat, "Heath Paulat"
- Contributions:53
There are lots of factors that would determine how low you would want to go on an offer. If it's an REO property and it's been on the market for 30 plus days you can definitely start playing games with the bank and battling the price down as far as you can. I'm working on negotiating out an offer right now on a bank owned property that has been on market for over 100 days now. The bank was asking $680,000 which is way over market since it's an incompleted new construction. We came in at $500k and the bank countered at $640k. We then went to $520k and again the bank countered us down to $608k. We went up another $5000 and now the bank is at $600k. I'm going to keep playing the game until we can get them down to where we want to be. There are plenty of properties currently on the market that you can do this type of negotiating with. Don't be afraid to offend a seller in a buyer's market. I'm seeing a trend of over priced listings when it comes to non-distressed sales. Just because a seller wants what they want doesn't mean they are going to get it. I would just make sure that you align yourself with a real estate professional with a firm grasp of the local market and can tell whether or not a property is overpriced. It all comes down to you getting the best deal possible so don't worry if you have to offend a seller to do it.
You should offer what you feel comfortable with. I had clients that offered 975,000. on a property that was listed for 1,395,000. It was worth a shot. They didn't get it but we made several offers similar to that one. You call the shots. some realtors don't feel it's a good idea, but you can never be sure.
It might be a good idea for your Realtor to find out when the sellers bought the home and for how much.
In the end my buyers found the right home at the right price at the right time.
It might be a good idea for your Realtor to find out when the sellers bought the home and for how much.
In the end my buyers found the right home at the right price at the right time.
- AtlantaHomesForSale
- Contributions:40
It all dependes who is the seller and what area of town is the property in. Is it Investor, Builder, Bank or Individual Seller ? I would send offer to the bank usualy 20% under asking price. Investors may sell even cheaper if they are in trouble and builder also. If you are sending offer to the individual seller then it depends how much they own on the house.
Hope it helps
Hope it helps
what % can i chop someone on a house offer without offending them?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.