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just wondering, my house is appraised at 793,000 and my price to sell is 699,000 my house does need updating (kitchens and baths) but ALL the other houses in my town are for sale usually 80,000-100,00 over appraised value some of the others are not updated but are in my area and are 20,000 over mine. BUT they are 100,000 over their appraised value...i just don't understand this....
Wrong criteria. What do houses in your community sell for?
"Appraised Value" (whatever that is) has no bearing on what a house will sell for. An appraisal is a legal valuation of a property to a set of rules acceptable to the court system. It has little to do with the sold price.
So figure out what has sold and how they compare to your price. Make sure they are reasonably current or that you have some idea how prices have behaved since they were current. Then figure you will do about as well...a little better if the market is rising....a little worse if it is following.
Location: Moved to town. Miss 'my' woods and critters.
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As has been said before here, all offers must be presented. I have yet to work with a seller that was insulted by a low ball offer. They have laughed at it, almost shed tears over it, pretended to tear up the offer, threaten to never allow the offerer in the home again, you name it. But insulted, nope. Most home owners/sellers were once buyers also, so this is an experience that they should remember. We all seem to want something for next to nothing and will try our best to get it and then turn around and expect the highest price for said item when we are decide to sell. S
So having said this, I say go ahead and make your offer for what you truly and firmly believe the property is worth to you and for what you can afford. You never know without trying.
You can offer anything you'd like. I am an agent and in my years of experience I have seen offers all over the board. It's interesting though, when you get in to big money offers, (600K + ) you'll see offers all over the place. The "low-ball" offers are usually set in place when people want to meet in the middle. If you're dealing with homes that are maybe 200-400K, you'll find that those prices are set because they are certainly market value. Sellers will be less inclined to negotiate. If you're going to really "low-ball" those different homes just to see what you can get, you probably will insult the seller.
i have a question, you can you give a lower price for a new condo? will that work with developers who finished the building and are desperate to sell?
if the units arent selling, could be more bargaining oppotunities for the buyer.
however, as a general rule, until the market has been tested, new construction is tough to negotiate with,,,on many fronts,, first and foremost, the developers, have to be "fair" , concessions are great, as long as they apply to you, but what if you find out someone got a much much better deal than you?? (doesnt feel so good)
within 6 months, most new construction ive dealt with wont budge at all,,,i've been on both sides of this fence,
also,,,say the developer is "desperate" , and accepts a low ball offer by you,
what if the whole development goes bankrupt??
or your association/maintenance fees double,,in the next 3 months
I've made several real estate transactions and from experience, low ball offers seldom work. Then again, I'm in a desirable, resonably priced real estate market (Raleigh NC). If you find a house that you like in a similar market, make a low offer but a reasonable offer. It will save everyone involved a lot of time. If I were in Florida, Las Vegas, or So Cal, I'd be low balling all day long. Buying in these overpriced markets is a terrible idea unless prices come down significantly. Don't worry about insulting anyone. All they can say is no. Let your realtor do the dirty work. One of the biggest advantages of working with a realtor is that you never have to make contact with the seller during negotiations. It's not even necessary to meet the seller. The closing can be set up so that both parties can sign at different times.
I've made several real estate transactions and from experience, low ball offers seldom work. Then again, I'm in a desirable, resonably priced real estate market (Raleigh NC). If you find a house that you like in a similar market, make a low offer but a reasonable offer. It will save everyone involved a lot of time. If I were in Florida, Las Vegas, or So Cal, I'd be low balling all day long. Buying in these overpriced markets is a terrible idea unless prices come down significantly. Don't worry about insulting anyone. All they can say is no. Let your realtor do the dirty work. One of the biggest advantages of working with a realtor is that you never have to make contact with the seller during negotiations. It's not even necessary to meet the seller. The closing can be set up so that both parties can sign at different times.
I don't know Florida well but if you offer low ball in Las Vegas and So. CA you are simply wasting your time.
People have silly views of what is overpriced. In actual fact values go up in Los Angeles and are pretty much stable in Las Vegas.
If you want to make money on low balls you work the collapsing markets..Like Raleigh Durham and such.
I don't know Florida well but if you offer low ball in Las Vegas and So. CA you are simply wasting your time.
People have silly views of what is overpriced. In actual fact values go up in Los Angeles and are pretty much stable in Las Vegas.
If you want to make money on low balls you work the collapsing markets..Like Raleigh Durham and such.
You may be wasting your time low balling in Vegas or LA. I'm just giving my two cents on what I would do if I were living in those areas. Of course this is based on information I've seen in the news and not from personal experience. Bottom line, it's all a question of supply and demand. If the demand for homes in your area is high, low balling probably will not work. If demand is low, go for it. Either way, don't feel bad about hurting anyones feelings.
if the area is a Buyer's market, then 'No', it should not be insulting to a Seller to receive a low end offer. Frankly, I wouldn't try to sell my home in a down market. That would be a very bad time to try to sell and expect to take a hit if you do. And expect to take a big hit if your home has defects and problems.
Last edited by Southside Shrek; 07-21-2007 at 06:40 AM..
This may not be the best place to ask, but I am wondering if it is better to put in a low offer or no offer at all on a house I am interested in, but priced above my budget. My realtor has mentioned that it has already been reduced recently and I don't want to be insulting since she has been quite accomodating, even showing an FSBO that I found online. If you think it is better to put in a low offer, is there usually a certain range of flexibility to work with? Thanks for anyone's advice on this.
I'm a Realtor from Wisconsin. What I tell my buyers is to put in an offer that you feel comfortable with - the seller can either accept, reject, or counter. It also helps if you have a pre-approval for financing that can be sent along with the Offer To Purchase.
Hope that helps!
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Bottom line, it's all a question of supply and demand. If the demand for homes in your area is high, low balling probably will not work. If demand is low, go for it. Either way, don't feel bad about hurting anyones feelings.
