How low can you bid without insulting the seller?

If you bid $30k less than the asking price, is that an insult?

Re: How low can you bid without insulting the seller?

No I dont think so. Ask your realtor (if you have one). $30k less is OK I think - you know they probably wont agree to that but it gives you a jumping off point to meet in the middle.

Re: How low can you bid without insulting the seller?

Why are you worried about insulting the seller, do you know them? I would offer what's fair and within your means.

Re: How low can you bid without insulting the seller?

whats the worst thing that could happen- they say no.

Re: How low can you bid without insulting the seller?

I know but what if we are in love with the house and the seller gets insulted and doesnt want to deal with us at all?

Re: How low can you bid without insulting the seller?

Re: How low can you bid without insulting the seller?

I am so confused with all of this.
This is SO much harder than planning a wedding

Thank you for your help everyone.

Re: How low can you bid without insulting the seller?

Recently my realtor sent us all fo the houses on multiple listings that have sold in our area in the past 6 months. It showed the asking price and the selling price. In our area at least, in the last six months, almost all of the houses sold for no less than 4% of the asking price.

Try to find out how long the house has been on the market. Condition? Old kitchen? old baths? Also try to find out what comparable houses (compare # of kitchens and baths they have, not condition) have sold for in the area. That will give you a better idea.

More than one RE agent told me they arrive at the asking price by number of kitchens and baths compared to the comps that have sold within a 1/2 mile radius.

Re: How low can you bid without insulting the seller?

depends on the price of the house - if it's $300,000 then $30,000 lower is probably too much - its more of a ratio thing - and how much work needs to be done in the house.

Re: How low can you bid without insulting the seller?

We bid 30K on our house and they accepted!

Re: How low can you bid without insulting the seller?

I would try it because when we were looking, we noticed some houses that were originally out of our league actually came down by 50k or so when they weren't selling. Some sellers are just seeing what they can get away with instead of being realistic.

Re: How low can you bid without insulting the seller?

We offered 250 on a house that they were asking 300 (the house was a rip-down, really we were just buying the land, a really big peice) But the sellers rather try to rent it than sell at that price - they countered the offer at 290- we laughed and walked away!

Re: How low can you bid without insulting the seller?

We know a couple that bought their house for $50K less than asking. The house was a fixer upper. I'm sure their situation is rare but possible.

Re: How low can you bid without insulting the seller?

we offered 55k lower on our house in contract, she said no, and we finally agreed on 25k below asking price..... money talks dont worry...also need to say, that after DH and i offered 55k less and she said no i cant give away the house for free, we said ok how low are you willing to go? the rest is history
and now look we'll have the keys in a month or less....

Re: How low can you bid without insulting the seller?

I've heard you're supposed to offer 20% less than the asking price and see if you can work from there.

Re: How low can you bid without insulting the seller?

I would think 20% less than asking would put a bidder out of the running. We just paid 46K less than the asking price and that's not even 10%.