Zillow Advice: Buying Process - Purchasing a 1988 home. Listed price was $220k. My Realtor asked me to offer $222k. Should I? http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ Zillow Advice | Zillow Real Estate Hi,The first question I have ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ Hi,<br/><br/>The first question I have is "do you trust your agent"? Normally when a buyer asks me what they think they should offer, it's because they trust me to know the value and market. They know that we've run comps and have gotten whatever information we can from the agent and listing....have you done that?<br/><br/>Some homes have been seriously under-priced to move quickly, such as short sales and REOs, and your agent might be correct that the best chance you have to get the home is to offer over asking price.<br/><br/>I'm assuming this decision has already been made...since you asked awhile ago, but for others that might read this stream....make sure you are working with a Realtor&reg; whom you trust. Run comps and research the situation...then you will be in a position to offer with confidence.<br/><br/>Karen Sun, 09 Jan 2011 02:11:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2011-01-09T02:11:00Z If the home is still on the ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ <p class="MsoNormal">If the home is still on the market since this comment was posted back in the later part of October, I would say comfortably that you may be able to come in few thousand dollars below the current list price or more. Obviously if it is still listed as active, there isn't much activity and there may be a good reason for it.</p> Sat, 08 Jan 2011 23:59:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2011-01-08T23:59:00Z I would first ask yourself ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ I would first ask yourself if the 2k is really a deal breaker for yourself . Then I would ask your agent the following. 1. Is there multiple offers? 2. How is the home price compared to recents sales? ( past 90 days) 3. What's the known BPO ( Broker Price Opinion)? Then based on the info make a decision. 2k is nothing when amortized ove your loan term ( 30 years?) Sat, 08 Jan 2011 16:35:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2011-01-08T16:35:00Z It is up to you, but did ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ It is up to you, but did he/she give you any reason why you should offer more. It might be a great deal for the extra $2,000 and he/she thinks you will lose it without the little extra $$. In the big scheme of things it is a very small amount compared to the house price. Ask you agent why, and what are the comps. Perhaps this is better than the other homes for sale or that recently sold. Be careful not to stress over very small amounts of money compared to the overal price. Fri, 07 Jan 2011 21:09:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2011-01-07T21:09:00Z You really have to ask your ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ You really have to ask your realtor a number of questions: 1) what are the comps? 2) are there any other offers in? 3) How long has this home been on the market? 4) what is the net to the seller-are you asking for closing costs?&nbsp;<br/><br/><br/><br/>It may very well be that you realtor is spot on. -Just be sure that they have solid reasons that support why you are submitting your offer at that price. Talk to them and be sure you are making an informed decision. Tue, 14 Dec 2010 06:20:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2010-12-14T06:20:00Z It's completely up to you ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ It's completely up to you if you think it is worth it. Have your Realtor provide you with some comparables, sit down together, and make a decision based on the facts. As Jane said, banks are looking closely at market value on short sales so 222K still may not be enough if the bank doesn't agree with it. 2K is almost nothing in the scheme of things unless it's all cash.<br/><br/><br/>Good luck and let us know how it turns out! Thu, 21 Oct 2010 18:41:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2010-10-21T18:41:00Z First of all, congrats on ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ First of all, congrats on getting ready to write an offer. &nbsp;This is always an exciting time. &nbsp;<br/><br/>There are many great answers here. &nbsp;Do you know if there are multiple offers on the home? &nbsp;How badly do you want this house? &nbsp;If the comparable sales support the higher value and you're comfortable with the offer, then put the ink on the paper. &nbsp;I always give me clients the facts and figures and let them decide based on those numbers.<br/><br/>Best of luck to you!<br/><br/>Ryan Smith Thu, 21 Oct 2010 05:39:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2010-10-21T05:39:00Z WHat do YOU think it is worth? ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ WHat do YOU think it is worth? if you think it is worth that offer it. If you think it is worth $125k offer that. Just be aware that we are still in the middle of a housing (price) crisis and prices are still likely to drop for another couple of years. What you offer today could be very high tomorrow. Just as offering a reasonable price in 2008 after the drop from 2006 put people underwater today it could happen to people buying today also. Thu, 21 Oct 2010 04:01:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2010-10-21T04:01:00Z This really depends...How ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ This really depends...How many offers are currently on this home? Is it new on the market? Is it in an area you want and does it have what you are looking&nbsp;for? If you are not asking for closing costs and it will appraise, follow the advise of your Realtor! Thats why you are working with a professional.<br/>Have your Realtor do a market analysis on this house for you before you right the offer. This will give you peace of mind.<br/>Good Luck! Thu, 21 Oct 2010 03:52:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2010-10-21T03:52:00Z Have your agent show you ... http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ <p class="MsoNormal">Have your agent show you recent sales of similar homes in the neighborhood. This information will help you determine if the offer price of $222,000 is within the range for this area.</p> Thu, 21 Oct 2010 03:24:00 GMT http://www.zillow.com/advice-thread/Purchasing-a-1988-home-Listed-price-was-220k-My-Realtor-asked-me-to-offer-222k-Should-I/372068/ 2010-10-21T03:24:00Z