too low of an offering price

Dh and I are interested in a house thats been on the market on an off for a year. The priced dropped in November to 309,000 and changed in march to 299,000. Sellers moved already, the house needs some work. Do you think 265,000 is too low of an offer? We are. Working with s realtor also

Re: too low of an offering price

Can you justify the offer by showing that similar homes in the area have recently sold for around that price, or at least show that everything selling for around 299K is bigger or in better condition? You agent, assuming he or she is your buyer's agent, should be able to help you sort that out.

But that's really the key. If the fact that it needs work is reflected in the asking price already, then that's not a good reason for coming in lower.

You have to make the sellers see why they should accept your offer. Don't just throw out a number with no rationale behind it. And make sure your other terms - aside from price - are as desirable as possible!

Good luck!

Re: too low of an offering price

Not at all... They may settle though around $275 - 279k.

Good luck and keep posted!

Re: too low of an offering price

I would definitely give it a go. You will probably compromise a bit higher but we always started out lower.

Re: too low of an offering price

I would see what the realtor thinks. It's dependent on what the home will appraise for. If it needs work and depending on what similar homes are going for it may be ok.

Re: too low of an offering price

Thanks ladies dh and I are still deciding

Re: too low of an offering price

I don't think so, especially if the house has been on the market for a while. Most likely at this point, the sellers just want to unload! This happened with our house. Was on the market for over a year. Started asking $525K, when it finally dropped to $399K, we offered $385 and they accepted - didn't even counter-offer. There were problems afterward that further reduced the price to $372. GL!!