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We are about ready to place a bid on a house and I have a few questions. We are looking at a house that is a little over $600k.
1) Given current market conditions how much below the asking price would you place a bid for?
2) How much would you expect a house at this asking price to go for? I know there are a ton of variables that would affect this. All I know is that the couple is retiring and the house is only on the market for 3 weeks.
3) How long does the whole process of accepting a bid and rejecting a bid take? If I place a bid today how long until I get some type of response?
I have done several inspectionsin Syosset with the lowest price at $505,000 for a nice sized split with little work. I would not offer less than that unless its a small house or on a busy street/RR tracks etc. Good luck!
When placing an initial bid on a home, the idea is to get the seller to make a counter-offer. Be careful of placing a bid that is so low that the seller does not take you seriously, because then you may never be able to strike a deal even if you later come back with a higher number.
If the house is priced well to begin with, $100K lower is probably too low. Ask your agent to run some comps for you of similar homes in the same neighborhood that have recently sold. This will give you a good idea of a realistic price to shoot for.
I think 100 under is just way to low to be taken seriously.
When I make an offer, the seller usually gets back within 48 hours with a counter offer. Then at least you know where the ballpark of what they want is. Or what they expect to get.
Dropping $100k is WAY too much, it won't be taken seriously. The market is down a bit, but its not as bad here as other parts of the country. Also an asking price of a little over $600,000 in Syosset seems quite reasonable. I would say you shouldn't really go much below $570-$575k (if below that at all) with your inital offer. Now if you know the seller is looking for a real quick sale you might have a little more room to work with, but from the sound of it the house seems to be pretty decently priced for the area and the market. One other thing you can do to help you with the offer is go to mynassauproperty.com see what the county deems the property to be worth (fair market value) and make an offer based on that.
IT IS A BUYERS MARKET!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!
I would at least make an offer 100K less if not more. Houses all over are not selling---it is very hard just to get a mortgage..Sellers are very aware of this horrible economy and if they choose to put their house on the market in THIS downward only getting much worse market--they will expect a low offer. Keep in mind whatever you pay now for your house in 6 months it will be worth at least 10% less... besides, they can always counter offer you--they will be happy just to get an offer as people cannot sell their houses now for anything! Good luck.
100k on a 600k house is less then 20% discount. If you feel the house is worth less make the offer. The worst thing they could do is say no. But if they need to sell they could go for it.
Also who cares if it won't be taken seriously, buying a house is a financial decision. You're not trying to make friends with the home owners you're buying a house.
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