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I'd argue 10%. 10% below asking isn't a low ball offer, it may be lower than I'll sell for, but it isn't a low ball offer.
20% is a low ball offer. anything in between 10% and 20% below asking is somewhere in the middle.
now that doesn't mean that the house is worth it, it may be worth half that. but as a seller, If I think my asking price is fair, 20% below it, I think you're robbing me.
I'd argue 10%. 10% below asking isn't a low ball offer, it may be lower than I'll sell for, but it isn't a low ball offer.
20% is a low ball offer. anything in between 10% and 20% below asking is somewhere in the middle.
now that doesn't mean that the house is worth it, it may be worth half that. but as a seller, If I think my asking price is fair, 20% below it, I think you're robbing me.
I fall into the 5-10% camp. That's not an insult unless someone already has a house that's listed way below comps and is in similar condition to the comps in question.
If we decide to pursue this house, that's a possibility. This one really does confuse me. It's the first house we've seen and seriously considered that's made me wonder.
Ask sellers realtor how they determined asking price.
And if broker is also an appraiser,because the broker should either be an appraiser or pay for the preliminary appraisal themselves if they can't get seller to buy one.
Why on earth should a person that has not yet determined to make an offer supply the seller (owner/broker)with info they should be paying for?
I have an appointment tomorrow to view a home. At first they wanted mortgage lender qualification before I could view it. They relented when I told I am paying cash.
From the comps in the area, it seems (to me) to be about $25k high. And the homes on the market are not selling and those prices are hitting a downward spiral.
I'll keep the pointers I read here in mind and quiz the realtor about how that price was determined.
The he!! you can't. If you can't you are not an appraiser. Period.
Oh I missed this! No need to apologize... it's OK.
In the context of this thread I still stand behind what I wrote. A buyer shouldn't be making offers based on stale "comps" and/or some voodoo math. Did you read the post right above mine? Nothing like that works when based off an asking price that is subjective, not quantitative.
An appraisal is supposed to ignore the noise like asking price - whether it does or not is probably worthy of a thread unto itself. However, for this particular thread to your average buyer, I don't agree with you.
........... A buyer shouldn't be making offers based on stale "comps" ...........
And we have a winner for the award of worst real estate advice of the past 36 months............quite obviously you not only don't know real estate very well, but you know absolutely nothing about appraising.
Oh I missed this! No need to apologize... it's OK.
In the context of this thread I still stand behind what I wrote. A buyer shouldn't be making offers based on stale "comps" and/or some voodoo math. Did you read the post right above mine? Nothing like that works when based off an asking price that is subjective, not quantitative.
An appraisal is supposed to ignore the noise like asking price - whether it does or not is probably worthy of a thread unto itself. However, for this particular thread to your average buyer, I don't agree with you.
I do agree re: stale comps, actually.
For the house I'm talking about here, the comps are all within the past 3-6 months.
Nobody is talking about using stale sales. We are saying it is fine to use older sales and do a time adjustment.
Gotcha. I did read that awhile back... I forgot you were talking about time adjustment. I'm sure that a good appraiser should be able to do such a thing... but, I'll bet that not all appraisers are good appraisers, so having actual comps is a relief, really.
Just make sure what you are calling actual comps are SOLD prices, not listing prices. When you say you have been in the homes, it sounds like these are active listings....have they all sold and now you have the actual sold prices?
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