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Old 11-10-2011, 12:59 PM
 
Location: NJ
1,495 posts, read 5,034,820 times
Reputation: 957

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Do you think it's possible a seller would take a bid of 100k less than listed? My husband and I only qualify for like 125K, but the house is 220k. It's been on the market for a few months now and the owner is a widower who has moved in with her children so the house is empty. Do you think there is a chance that in these economic times they might take an offer so low? I've never bought a house before so I don't know if I am allowed to even offer such a low bid.
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Old 11-10-2011, 01:05 PM
 
Location: St Thomas, US Virgin Islands
24,665 posts, read 69,500,314 times
Reputation: 26727
You can offer whatever you want but whether or not your offer will be accepted is a whole 'nother matter. That's about 50% of the asking price so I wouldn't hold your breath - but it's worth a try as one never knows!
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Old 11-10-2011, 01:24 PM
 
Location: NJ
17,574 posts, read 46,018,222 times
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Did you do any kind of research at all to try and figure out what the market value of the house actually is?

And a few months is most likely not a very long time. Have you researched what the average days on market is for this area?
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Old 11-10-2011, 01:29 PM
 
Location: Salem, OR
15,513 posts, read 40,244,030 times
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In that price range I'd say you have a 1% chance of your offering being accepted. I mean think about it...why in the world would they come down 50% right now. Wouldn't it be smarter to drop it by 10% to see if they get a better offer?

You can write it up and I would expect that your offer will be ignored. Don't be surprised if the seller doesn't respond.
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Old 11-10-2011, 01:31 PM
 
1,680 posts, read 1,785,094 times
Reputation: 1342
I have seen worse, I've once lost a realtor because I wanted to under bid by 42k. Maybe she felt it would make her look bad;who KNOWS!
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Old 11-10-2011, 01:37 PM
 
Location: NJ
1,495 posts, read 5,034,820 times
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Quote:
Originally Posted by manderly6 View Post
Did you do any kind of research at all to try and figure out what the market value of the house actually is?

And a few months is most likely not a very long time. Have you researched what the average days on market is for this area?
How do I find out what the market value of the house actually is?

The house has been on the market for 142 days
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Old 11-10-2011, 01:51 PM
 
Location: Austin
7,244 posts, read 21,725,933 times
Reputation: 10013
If you can only "afford" $125k, then what makes you think you can "afford" the taxes on a house with a value $100k more? If doesn't matter what you buy it for, but the county/city/school/every taxing entity is going to charge you on the actual value of the house.

I see a foreclosure in your future for not affording the taxes...
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Old 11-10-2011, 01:53 PM
 
Location: Baltimore, MD
3,879 posts, read 8,362,045 times
Reputation: 5179
Quote:
Originally Posted by Raven1976 View Post
How do I find out what the market value of the house actually is?

The house has been on the market for 142 days

Go to Zillow.com and look up the address. Then also look up houses just like it on that street and the surrouding area. That should give you an idea of value.

If you really like it, I'd suggest you bookmark it (on Redfin, Zillow or Realtor) and see where it goes in the next few months. It may come down some but probably not as low as $125k. But you never know. I have seen it happen.
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Old 11-10-2011, 01:55 PM
 
Location: NJ
1,495 posts, read 5,034,820 times
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Quote:
Originally Posted by FalconheadWest View Post
If you can only "afford" $125k, then what makes you think you can "afford" the taxes on a house with a value $100k more? If doesn't matter what you buy it for, but the county/city/school/every taxing entity is going to charge you on the actual value of the house.

I see a foreclosure in your future for not affording the taxes...
the taxes are 4k a year so it's not too bad
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Old 11-10-2011, 02:21 PM
 
Location: NJ
17,574 posts, read 46,018,222 times
Reputation: 16271
Quote:
Originally Posted by Raven1976 View Post
How do I find out what the market value of the house actually is?

The house has been on the market for 142 days
So I take you aren't using a realtor to help you buy your house? Why not?
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