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Old 04-13-2008, 08:41 AM
 
Location: Cream Ridge, NJ
445 posts, read 1,892,108 times
Reputation: 279

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A good practice is to always have your first offer rejected.You can always counter-offer.
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Old 04-13-2008, 09:08 AM
 
Location: High Bridge
2,736 posts, read 9,180,278 times
Reputation: 670
Quote:
Originally Posted by HobokenGuy View Post
If you weren't embarrassed to make the offer, you didn't come in low enough
If that rule were for me, I would have offered a quarter.

No.... probably wouldn't have been embarrassed by that either. I would have been bragging about it lol
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Old 04-13-2008, 10:05 AM
 
Location: South Orange, New Jersey
12 posts, read 25,310 times
Reputation: 11
Your bid depnds on the community you're in. Real estate is very local now. Some are selling much quicker and closer to list (some still selling over) than others. I would suggest bidding near what you're comfortable paying, but not quite there. This way you don't insult anyone and you don't stretch yourself too far.
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Old 04-13-2008, 04:03 PM
 
Location: New Jersey/Florida
5,755 posts, read 11,699,544 times
Reputation: 4182
Quote:
Originally Posted by ahomefinder View Post
Your bid depnds on the community you're in. Real estate is very local now. Some are selling much quicker and closer to list (some still selling over) than others. I would suggest bidding near what you're comfortable paying, but not quite there. This way you don't insult anyone and you don't stretch yourself too far.
Where are houses selling for over there asking prices? The only way someone would bid over the asking price is if 2 or more people have the offers in and they want that specific house. With the inventory on the market someone would be extremely foolish to make a bid over a listed price. Please tell me where in this market are people paying over the cost of the asking price. Maybe 3 years ago not now.
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Old 04-14-2008, 07:09 AM
 
Location: Martinsville, NJ
604 posts, read 2,765,474 times
Reputation: 267
Quote:
Originally Posted by JERSEY MAN View Post
Where are houses selling for over there asking prices? The only way someone would bid over the asking price is if 2 or more people have the offers in and they want that specific house. With the inventory on the market someone would be extremely foolish to make a bid over a listed price. Please tell me where in this market are people paying over the cost of the asking price. Maybe 3 years ago not now.

A home in our town, Martinsville Bridgewater Twp. was listed at $620k and sold in three weeks for $650K. Certain homes are just located better than others and smart buyers buy location rather than "staging" in poor locations.

You can alway find a better house cheaper in a poor location but you can't move that house to a good location.

E
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Old 04-14-2008, 07:18 AM
 
Location: South Orange, New Jersey
12 posts, read 25,310 times
Reputation: 11
Actually, Ive been involved in three bidding situations recently in South Orange. It's a town that's being discovered by many New Yorkers after the NY TImes reviewed it in the Sunday real estate section as "homey.....but hip". Great community, schools, parks, Performing Arts Center with 5plex movies, new restaurants and boutiques, an amazing housing stock and.....a half hour Direct train commute to Midtown. In this market, as in any market, when a house is in great condition, nicely staged and, most importantly, well priced it will draw alot of attention and usually multiple bids.
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Old 04-14-2008, 07:24 AM
 
Location: Stewartsville, NJ
7,577 posts, read 21,469,513 times
Reputation: 1254
I originally had my home on the market at 625K - dropped to 599K to be under the 600 mark and we got an offer of 545K. I wasn't insulted but I did feel it was low plus the buyers wanted us out in 3 weeks! Because the number was so low and given the fact that we just dropped 25K - I went back with 589K to let them know that I am willing to work with them but that they need to come up a bit. The buyers vanished! Never re-countered??? It was a very strange! So make an offer and see what comes back - worst that can happen is they say no thank you. Have a number in your head, your highest price you will be willing to pay and present that as your final offer if they do indeed counter. No harm in trying : )
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Old 04-21-2009, 12:54 PM
 
3 posts, read 5,308 times
Reputation: 10
Default Bet07

Did you mean if a house is selling for 325 you would offer 225 in this market. Has this worked for you?
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