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What percentage less, is a reasonable offer for a house that has been on the market for 18 months?! House is in New York state, owners put on the market in March 2007, for $369,000 (very over priced). Current asking price is $299,000. Also, if I put in an offer it would be contingent on me selling my current house.
Well..is $299K still overpriced ? That's the first thing you need to figure out.
You should know the market you're dealing in.
This forum can't help you decide on a price. That is local to your town. Your RE Agent can give you much more accurate information on how property is selling in your area.
Well..is $299K still overpriced ? That's the first thing you need to figure out.
You should know the market you're dealing in.
This forum can't help you decide on a price. That is local to your town. Your RE Agent can give you much more accurate information on how property is selling in your area.
Hey, you stole my line! Good advice, I agree with you.
Thanks for all the advice (sarcastic)... just looking for others input since how has been vacant 18 months due to previous owners transferred (after only owning 7 months)
Well JSW, do you have an agent?? Have they pulled up the very very recent comps for the area? Has there been any offers made on the property or any deals that fell thru? what is the scoop on the house...do you know if they are trying to avoid foreclosure, are they needin gto relocate out of the area, or is there illness or an impending divorce??
Find out as much as you can beforehand, IMO.
I do have to say a lot of folks I talk to are not too keen on doing a contingengcy.
Thanks for all the advice (sarcastic)... just looking for others input since how has been vacant 18 months due to previous owners transferred (after only owning 7 months)
Well how would we know (sarcastic)??
What is the market value of the house? Do the owners have any reason to sell for less or is the company paying the mortgage and they can hang on for a while without lowering the price? What did they pay for the house 2 years ago?
These are all things your agent should know, questions she/he is paid to answer and help you decide what a reasonable offer should be. If not then you need a new agent!!
You lose negotiating power with a home sale contingency. You are pushing the risk of selling your home on their back. Why should they lose opportunity for something as uncertain as your ability to get sold.
If you are willing to pay them a premium, they might listen. Is your home home on the market?
Thanks for all the advice (sarcastic)... just looking for others input since how has been vacant 18 months due to previous owners transferred (after only owning 7 months)
Fine, here's some input for you. We don't know your market, the seller situation, the comps, or any other relevant info other than DOM. You do lose neg. ability with a contingent offer. The best advice you can get is from your buyers agent therefore I refer back to your buyer agent. If you don't have an agent my next advice is to get one. But since you so desperately want others to suggest a price I'll say you should offer
What percentage less, is a reasonable offer for a house that has been on the market for 18 months?! House is in New York state, owners put on the market in March 2007, for $369,000 (very over priced). Current asking price is $299,000. Also, if I put in an offer it would be contingent on me selling my current house.
My first question would be... "Why is this house been on the market for 18 months?" Granted things are slow in NY, but not that slow. What part of NY are you talking about? NYC/LI, Hudson Valley, Capital District, centeral NY, Southern Tier? What are the comps in your area? How many other comps have sold in the immediate area and at what price. If you were in the NYC area at $299 I say you at or below the median price... in Buffalo... well above.
As advised above... selling with a contingency to sell yours is really offering nothing to bargin with in this market. As you can see you could be sitting for a year or longer to close. No incentive for the seller to price low.
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