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Actually, I was about to start a thread about this very question. I'm looking for a non-insulting bid myself. I am interested in buying a place that's priced at $348000. House has been on the market for 154 days and most recent sales vary from $279-$330k. I also understand that if I were to bid on this place, I may get rejected if the seller is stuck on selling it at that price.
Actually, I was about to start a thread about this very question. I'm looking for a non-insulting bid myself. I am interested in buying a place that's priced at $348000. House has been on the market for 154 days and most recent sales vary from $279-$330k. I also understand that if I were to bid on this place, I may get rejected if the seller is stuck on selling it at that price.
Any suggestions?
Kay
One should never look for a template, or a standard percentage below list price. Look at the house. Offer what yuo feel the place is worth to you. If it's insulting, so be it. Some sellers have their homes priced pretty darned close to where they should sell, while others are 10, 12, 15 % or more too high. So forget the standard amounts. Figure out what it's worth to YOU, and offer that.
I would say a 90% offer is fair and expect to pay around 95% of the asking price on the lower end homes...350K range or less home sale prices. If you like the house but feel it should be worth X, offer X and see what happens.
I recently listed a townhouse for sale around 370K.
The next day i got an offer for 320K which I found it a little insulting. So I counter offer him with something a lot closer to my list price.
If a house is sitting on the market for 150 days and still not sold, it is logically to give it a low offer. If the seller wants to sell, the seller will counter offer you.
I guess like many other has said, do your research and offer what you think the property is worth and start from there.
I know there is no 'standard' or 'template' but given that this is my 1st home, I am asking lots of questions.
Have a great weekend everyone.
Kay
Sorry, iso. I didn't mean to suggest thatt you had a template in mind, or that you were only going to go with one. It was more of a warning against listening to someone who tells you to "always offer x% below list." x% can be wrong, in either direction, on a particular house, for any number of reasons.
And you should ask lots of questions. I hope you have a Realtor working for you to, as (s)he should have answers to most of those questions.
If you weren't embarrassed to make the offer, you didn't come in low enough
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