we saw a house today... looking for BTDT advice

So DH and I saw a today that we loved. Its at the top of our range and are hoping if we decide to put in an offer we can meet somewhere lower. anyway, the house has been on the market for about a week. DH and I are nervous that they will not even entertain our offer bc its so new to the market, but the house is great and we dont want anyone else to get it.

Should we wait and see if they come down on their own, or put in an offer and hope they think we are serious.

Re: we saw a house today... looking for BTDT advice

I'd make the offer, you never know.

Re: we saw a house today... looking for BTDT advice

I would make the offer, but make it reasonable. If it's only been a week I wouldn't come in at a silly price ie: asking 500,000 offer of 400,00. Maybe something like 480,000. IMHO as the seller I would say no way I want more, but that is a resonable offer to start countering with. If it was the really low one I would just say no and walk away. Also consider maybe asking for closing costs or something else like that.

Re: we saw a house today... looking for BTDT advice

homes that are priced well are selling FAST

so I would not wait- but I wouldn't expect them to take a low ball offer after a week

most sellers don't expect asking - but they want close

Re: we saw a house today... looking for BTDT advice

There is a comparable house that just sold for 30k less than what they are asking and it was updated a bit more. (the one we are looking at is extremely well kept, but will need renovations).

So we want to bid about 30k less than what that house sold for. But its 60k less than their asking...

We're not really in a rush so I guess if they turned it down or the price was not something we were totally comfortable with we'd just walk away. But its pretty good. The best we have seen without a doubt.

Re: we saw a house today... looking for BTDT advice

As you said, you really have nothing to lose by making the offer. It all comes down to the seller's motivation. Maybe they really need to move asap and will take any reasonable offer, or maybe they can hold out until they get their price, whatever that may be. If they turn down your offer, you're really no worse off than if you never made it at all. I wouldn't wait for them to come down in price because some sellers NEVER reduce their list price during the entire period of their listing.

I think you will have a better chance of success if you have some rationale for the number you are offering (such as the comparable, but more updated house you mentioned), so they know you didn't pull your number out of the sky. I would just make sure that is a "true" comp (same style house, same school district, etc.). Also, you say the house is well-maintained but will need renovations. If the renovations are objective things -- such as the house needs new windows, the appliances are ancient, etc. -- those are valid points. But if the renovations are more subjective, taste-specific things, such as the house is covered in wallpaper that you hate, then those are less valid points and harder to use as negotiating points. Another buyer might think the wallpaper is awesome (and therefore not discount their offer because of it), but old or broken or whatever is hard to argue with.

It also helps if you are financially soliid and can close within the timeframe the sellers are looking to close within. I also think it never hurts to make a personal appeal and share a bit about who you are and why you want the house. Some people can be very sentimental in their house and want to make sure that the buyers will enjoy it the way they did.

Lots of luck!