What percent less than asking is appropriate?

Is offering $385K for a house where they are asking $419K appropriate. The house doesn't need a lot of work. It's an older kitchen and bathroom but not discusting.

Thoughts?

Re: What percent less than asking is appropriate?

you have nothing to loose. I've been told 10% is the average depending on the house and the condition

Re: What percent less than asking is appropriate?

5-10% is good nowadays. I had an owner balk at an offer of 5% asking and he wouldn't negotiate with us.

ETA: It's really just dependent on the seller and if they have an attitude of what they want and won't budge or someone who is willing to negotiate.

Message edited 1/4/2007 11:36:04 AM.

Re: What percent less than asking is appropriate?

My condo was on the market for 265. I bid 240 and we settled on 255. It gave both of us some room.

Re: What percent less than asking is appropriate?

Go for it. Seller is probably going to counter anyway so may as well start at a desirable point. Good Luck!

Re: What percent less than asking is appropriate?

I think its fine. they will probably meet you somewhere half way.

Re: What percent less than asking is appropriate?

we offered 14% less than the reduced asking price - settled on 7% less than asking.

Re: What percent less than asking is appropriate?

i think that is fine.
we at least go 10% below asking.

you can always come up!

Re: What percent less than asking is appropriate?

we offered 10% less - they countered - we offered again - they countered - we made our final offer and they accepted. We ended up a whopping 3% less than asking. Better than nothing I guess!

Re: What percent less than asking is appropriate?

I think that's fine -- the worst they'll do is say no.

Everything varies a great deal by owner. Here's what happened with the four houses we bid on:

#1:
Asking: $399
Original bid: $350
Settled: $360

*we pulled out after the engineer's report*

#2
Asking: $385
Original bid: $375
Settled: $380

*First the seller put the sale on hold and then when she came up we were already in contract on another house*

#3
Asking: $400
Original bid: $375

*They never responded to us at all.*

#4 (my house!)
Asking: $399
Original bid: $385
Settled $395 (plus a $5K credit)

Re: What percent less than asking is appropriate?

we will be offering 10% less on a house that we like in hopes to get it for somewhere around 5% less.