What would you offer?

I saw a house in West Islip this weekend that I really liked. It has (or will have) almost everything I want.

The asking price is too high for us, but the RE agent said we can offer less.

The eat in kitchen is updated and the 2nd bath is brand new. There is a garage- but the door doesn't work- and a full unfinished basement. There are 4 bedrooms.

The house is listed for $429,000.

According to Zillow- the current owners bought in 2002 for $275,000. The "Zestimate" is $378,500. The REA says if we make an offer- we should start at $390. I was hoping to start lower (385-ish)- but I don't want to screw up.

I don't think we're going to get it for below asking because the owners are not in a rush to leave.

Any advice?

Message edited 5/11/2009 10:51:06 AM.

Re: What would you offer?

offer what you want - but always keep in mind the max you are willing to pay.

we bid on a house that was listed at 429,000. we offered 400K and they countered with 420K. we knew we would not spend more than 405K. so that is what we offered. they countered with 415K but we told them we could not do it. they came back a week later and accepted our offer of 405K.

unfortunately we are not getting this house for other reasons... but you can really work with the price these days, especially if they are desperate to move.

good luck!!

Re: What would you offer?

A lot of the houses we have been bidding on needed a ton of work, so we have been bidding at 10% of the asking price. Some are priced right, so we bid closer to asking, but keeping in mind that we need to put money into the house.

If you think they are priced right, and you REALLY like the house, then a higher bid may be better. It sounds like it has updates and they are priced pretty good, so going with a little more, may secure you the home. They will take you as serious, and not just someone putting in a bid just to see what will happen.

For example, we saw a house in S. Setauket over the weekend that needs a total update from top to bottom, but is priced well considering this. Another offer was on the table, which the homeowner countered and didn't hear back. We offered initially a little below 10%, and then offered higher because we really LOVE the house and think that they priced it good for the area, SD, and size of house.

Re: What would you offer?

I would say if you are sure you want it, bid a bit lower than your top price that you will pay...that way you aren't far off if they counter offer (which they will).

And then bid your last bid and that's that. See what happens.

And if they aren't in a rush, they may easily pass on the offer if it's not what they want.

Re: What would you offer?

Bid with what you are comfortable with. They always counter offer anyway. If they aren't in a rush, they might not move too much with the price, but you have to try right? Always go lower and have that max that you are willing to spend for that house. Remeber never do something you aren't comfortable with, especially when it comes to a house. GL!

Re: What would you offer?

dont listen to the agent- offer what you want & like pp said, keep in mind your max and dont get sucked into a bidding war- its happens very easily- you get excited and just keep going up- definately place a limit