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Old 05-01-2009, 01:27 PM
 
341 posts, read 1,533,151 times
Reputation: 256

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I've been debating this too. If it's a house that's been on the market quite a while - there's an issue. it's priced high, has some issue (condition/paperwork) etc. If I wanted to make a real bid, I'd base in on something concrete - look at comps, look at repairs etc and justify your bid. Never insult the house if you can avoid it, I'd blame the market for your lower offer. Whatever your number is, be prepaired to back it up. If it sounds like you pulled it out of your rear end... it will make you less credible.

If it's a house just on the market, you have to look at the comps. I've seen more houses listed recently that are priced well - almost ready to start a bidding war that might get the seller more money than if they'd postured themselves with a high selling price to begin with. Sellers talk about looking for "real buyers" - I prefer to look for "real sellers" - people who've looked at the market and priced their house attractively because they want me buying that house instead of another comparable one - in that case, if it's priced right I migh pay close to what they're asking - even exactly what they're asking if it makes sense with the market comps.

I don't care what they're asking for it... I care what it's worth and offer accordingly. At least the market has picked up enough that we can actually get some comps!
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Old 05-01-2009, 01:43 PM
 
183 posts, read 617,886 times
Reputation: 52
I find looking the house up on mynassauproperty.com helps. It gives you an idea if that extension in the back has a CO, what the county thinks it is worth, etc, etc

Once I mentioned how the house I was looking at was listed at $50k more than Mynassauproperty.com said, the REA said "oh that is just for taxes, it isn't accurate!" haha I stopped dealing with her!
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Old 05-01-2009, 02:03 PM
 
1,917 posts, read 5,335,332 times
Reputation: 829
Quote:
Originally Posted by superfly10 View Post
I've been debating this too. If it's a house that's been on the market quite a while - there's an issue. it's priced high, has some issue (condition/paperwork) etc. If I wanted to make a real bid, I'd base in on something concrete - look at comps, look at repairs etc and justify your bid. Never insult the house if you can avoid it, I'd blame the market for your lower offer. Whatever your number is, be prepaired to back it up. If it sounds like you pulled it out of your rear end... it will make you less credible.

If it's a house just on the market, you have to look at the comps. I've seen more houses listed recently that are priced well - almost ready to start a bidding war that might get the seller more money than if they'd postured themselves with a high selling price to begin with. Sellers talk about looking for "real buyers" - I prefer to look for "real sellers" - people who've looked at the market and priced their house attractively because they want me buying that house instead of another comparable one - in that case, if it's priced right I migh pay close to what they're asking - even exactly what they're asking if it makes sense with the market comps.

I don't care what they're asking for it... I care what it's worth and offer accordingly. At least the market has picked up enough that we can actually get some comps!


+1 Good post.
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Old 05-01-2009, 02:21 PM
 
Location: Orlando
105 posts, read 213,877 times
Reputation: 31
By 'fixer upper' do you mean a foreclosure? Is there a lean on the house or is that the yearly tax on the property? If it is the yearly tax burden then I suppose it is in a pretty urban area and I would instruct your agent to have other properties lined up to show you if your offer gets countered and you don't get the property. If you like the property don't waste a lot of time negotiating tell your agent to offer 4 to 6 percent lower than the asking price. They will get the message. Unless there are loads of houses just sitting on the market in that area. Not a good sign of a neighborhood. Not everyone is willing to move if they don't get their asking price even in this market. People are staying put. Of course get an expert inspection done FIRST because most sellers are pretty bad at disclosure.
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Old 05-01-2009, 02:59 PM
 
782 posts, read 1,416,336 times
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A fix-upper on the market for almost a year, I would offer $260,000.
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Old 05-01-2009, 06:01 PM
 
138 posts, read 270,202 times
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What town is the house in? The taxes are really high!
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Old 05-01-2009, 06:27 PM
 
414 posts, read 909,396 times
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On "another" forum that has tips for first-time home buyers it's recommended to start at 15% below asking...$250K in this case. And for a fixer-upper that's been on the market for a year I think that's certainly a reasonable offer! Might even be a little too high; I might make that my top offer, so maybe start at $235K and work up to $250K.
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Old 05-01-2009, 06:57 PM
 
167 posts, read 382,580 times
Reputation: 67
Depends on what fixer upper means in your case. Why is a home that is assesd for 12k in takes listed for 285k? Just make sure the house doens't need more work than you can handle or even structural problems. I came across a few of those while I was looking.
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Old 05-01-2009, 08:21 PM
 
Location: Long Island
9,926 posts, read 23,090,299 times
Reputation: 5902
Quote:
Originally Posted by anthonylongisland View Post
Lets just say...

I am looking at a home listed on MLS for about $289,999 with taxes of $12,000ish per year. (A fixer-upper). It has been on the market for a little under a year.

My question is, what price should i offer? I know i am speaking very generally, and when i am ready i know to also ask my realestae rep...

But, generally speaking is 5-10% off list price about right? Has anyone seen any less?

Important question: What was the original asking price?
There are many homes on the market now that started at so-called "market prices" but because the owners have to move forward and sell, and they are behind in payments, the houses are now priced aggressively and are often "subject to third party approval" (i.e. short sale).

IMHO (personal and professional ) there is no cookie cutter percentage!
Some houses are overpriced, others reasonably priced, and others aggressively and those have been known to occasionally get slightly more than the aggressive asking price.
Homework is required and a good RE agent (preferably a Buyer Agent and also someone YOU trust) can make a big difference.
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Old 05-01-2009, 08:23 PM
 
Location: Long Island
9,926 posts, read 23,090,299 times
Reputation: 5902
Quote:
Originally Posted by superfly10 View Post
I've been debating this too. If it's a house that's been on the market quite a while - there's an issue. it's priced high, has some issue (condition/paperwork) etc. If I wanted to make a real bid, I'd base in on something concrete - look at comps, look at repairs etc and justify your bid. Never insult the house if you can avoid it, I'd blame the market for your lower offer. Whatever your number is, be prepaired to back it up. If it sounds like you pulled it out of your rear end... it will make you less credible.



I don't care what they're asking for it... I care what it's worth and offer accordingly.
Sounds like a smart buyer to me
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