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Very interested in a house on the market, asking price is $479,000. Good area, probably worth the value. However we can only afford $450,000-Max! Any suggestions on starting offer........
Don't know any details, so I'll keep this general.
If you believe the value is there and the house is fairly priced, don't make too low an offer and insult the Seller. However, keep in mind that it is your Realtor's job to present all offers to the Seller (assuming you're working with a Realtor). Leave a little wiggle room for the Seller to make a counter offer...
We were thinking to start at $440,000. Whether or not the sellers would feel insulted is irrevelant to us. It's about what we can afford. I think that might leave a little wiigle room-no?
i thought when u make an offer on a home the seller will always comes back with a counter offer? i would start with a smaller offer and see what they come back with
Don't know any details, so I'll keep this general.
If you believe the value is there and the house is fairly priced, don't make too low an offer and insult the Seller. However, keep in mind that it is your Realtor's job to present all offers to the Seller (assuming you're working with a Realtor). Leave a little wiggle room for the Seller to make a counter offer...
Insult THE SELLER? Please, do yourself a favor and do some serious research on the house before you offer too high (i.e.: when was it previously sold and for how much, what are the best comps in the area, what condition/improvements are needed, did current owner do any upgrades etc etc etc). Then, check forclosure websites to see if the current owner may be in a financial predicament (pre-foreclosure). The more you are informed, the less chance there is of peeing away tens of thousands of dollars. You can do all of this research in two days or less from the comfort of your home.
Then give an appropriate offer based on fundamentals and the fact that you are in a buyers market big-time.
It seems that for all you know now about the house, the Seller and their Realtor may very well be INSULTING YOU with their current list price
My house, in 2006, was asking $789K, I first offered $700K. We met in the middle at $743K. Nobody was offended, it's part of the game. And the market was much better then.
Apparently you've had some bad experiences with Realtors...
This is definitely a Buyers Market! However, believe it or not, there actually are houses out there that are realistically priced, i.e. priced to sell!
Which is not to say you shouldn't do your homework, of course. Kind of like the old Syms' ad "An informed customer is our best customer"...
And yes, there are buyers out there that do insult Sellers... for instance, offering a seller who is asking $749K (overpriced maybe by $70-$90K) a purchase price of $510K is insulting and resulted in NO counter because the land itself is worth around $500 and the house is definitely not a tear-down...
Quote:
Originally Posted by hurrahs80
Insult THE SELLER? Please, do yourself a favor and do some serious research on the house before you offer too high (i.e.: when was it previously sold and for how much, what are the best comps in the area, what condition/improvements are needed, did current owner do any upgrades etc etc etc). Then, check forclosure websites to see if the current owner may be in a financial predicament (pre-foreclosure). The more you are informed, the less chance there is of peeing away tens of thousands of dollars. You can do all of this research in two days or less from the comfort of your home.
Then give an appropriate offer based on fundamentals and the fact that you are in a buyers market big-time.
It seems that for all you know now about the house, the Seller and their Realtor may very well be INSULTING YOU with their current list price
Nothing wrong with that offer at all!! You could probably start a little lower, and, as was previously vociferously suggested, do some homework with regard to recent sales, etc.
Quote:
Originally Posted by lawoman4368
We were thinking to start at $440,000. Whether or not the sellers would feel insulted is irrevelant to us. It's about what we can afford. I think that might leave a little wiigle room-no?
No such thing as an insulting offer in this market. If they dont counter...move to the next one on the list. I know someone who was shopping in Lindenhurst for a few months, his price range was 250-310K. The only houses he looked at were priced from 375-450K. Guess what? He kept putting in lowball offers, and got rejected alot. His final price? 279,500 on a house listed at 385K. Bottom line is some will be insulted, but others are just happy to get an offer.
Apparently you've had some bad experiences with Realtors...
This is definitely a Buyers Market! However, believe it or not, there actually are houses out there that are realistically priced, i.e. priced to sell!
Which is not to say you shouldn't do your homework, of course. Kind of like the old Syms' ad "An informed customer is our best customer"...
And yes, there are buyers out there that do insult Sellers... for instance, offering a seller who is asking $749K (overpriced maybe by $70-$90K) a purchase price of $510K is insulting and resulted in NO counter because the land itself is worth around $500 and the house is definitely not a tear-down...
I wouldnt say I have had a bad experience at all....I would just say (as a house-hunter for the past year) I am absolutely FLABERGHASTED at the out-and-out ridiculousness of their lies....over and over and over.....Im never insulted because it is absolutely SURREAL TO WATCH when they try to paint a great picture of houses that wouldnt even be allowed to be sanctioned as temporary housing in hurricane areas......... And Mr. Moser suggests the industry I work in has likely pre-conditioned me to being "unethical"???????......please........
Last edited by hurrahs80; 07-23-2008 at 05:37 AM..
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