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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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$360,000--what to offer
We are looking at a house that is 360,000. What would be a good first offer...the house def. needs updating---windows, siding, roof, kitchen...thanks!
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Posted 3/21/08 8:11 AM  |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: $360,000--what to offer
If it needs that much work, I'd say offer $300,000 and see what they come back with. You have to set a number in your head of how much you are willing to pay for the house knowing you have a ton of remodeling to do. And that's just what you know now - you haven't even had an inspection done yet!
If you know you'll only want to pay up to $330,000 for the house, I say start at $300,000 and see what happens. They can only say no.
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| Posted 3/21/08 8:26 AM |
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dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
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Re: $360,000--what to offer
most houses need a kitchen. I dont know how far u can use that to negotiate....but I would def negotiate the roof! We negotiated our basement windows because they were all kick in and broken and boarded up. If the kitchen needs updating then they prob factored it into their asking price.....I mean price what a kitchen would be windows, roof and give them a number from that.
HTH
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| Posted 3/21/08 8:27 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: $360,000--what to offer
Where is the house located? What are the comparable sales in the area?
Not every house is overpriced. Then again, some are grossly overpriced. Not every house that needs work is overpriced either.
Offer what you feel it's worth. I think any offer within 10% is a pretty good offer on a house. However, if you feel it is more overpriced than that, offer less...
I'd check out comparable sales, etc. to make an educated offer.
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| Posted 3/21/08 8:33 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: $360,000--what to offer
295 you can always come up!!!
but you cant go down!
Message edited 3/21/2008 8:59:47 AM.
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| Posted 3/21/08 8:59 AM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: $360,000--what to offer
Posted by Kara
Where is the house located? What are the comparable sales in the area?
Not every house is overpriced. Then again, some are grossly overpriced. Not every house that needs work is overpriced either.
Offer what you feel it's worth. I think any offer within 10% is a pretty good offer on a house. However, if you feel it is more overpriced than that, offer less...
I'd check out comparable sales, etc. to make an educated offer.
Well said - ITA.
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| Posted 3/21/08 9:07 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: $360,000--what to offer
Sometimes even if a house needs all that work, the seller wont budge. You have to really look at the big picture:
1) How long has the house been on the market?
2) Comparable houses in the area and what they are going for or sold for
3) Are these things that you are going to have to do the second you get into the house or will they last for a little and you can replace them over time?
4) How desperate are they to sell?
5) Are there any other offers on the table?
I would take all that into consideration and go from there. You never know also, once you get an inspection done, you might find out there is a lot more to do and you can offer less at that point as well.
Message edited 3/21/2008 9:22:48 AM.
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| Posted 3/21/08 9:12 AM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: $360,000--what to offer
Posted by angnick
295 you can always come up!!!
but you cant go down!
Wow. I think that is a little too low. IMO. If that was me selling the house, I would be insulted. I don't care how bad the market is.
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| Posted 3/21/08 9:17 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: $360,000--what to offer
Posted by Kara
Where is the house located? What are the comparable sales in the area?
Not every house is overpriced. Then again, some are grossly overpriced. Not every house that needs work is overpriced either.
Offer what you feel it's worth. I think any offer within 10% is a pretty good offer on a house. However, if you feel it is more overpriced than that, offer less...
I'd check out comparable sales, etc. to make an educated offer.
I agree. I would also figure out what you would need ($$) to put into the house and ask yourself what you feel the house is worth.
I think offering within 10-15% is a fair offer - on both ends.
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| Posted 3/21/08 9:43 AM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: $360,000--what to offer
Thanks everyone!
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| Posted 3/21/08 10:22 AM |
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firsttimer
Member since 5/07 1532 total posts
Name:
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Re: $360,000--what to offer
Posted by 5ofClubs
Posted by angnick
295 you can always come up!!!
but you cant go down!
Wow. I think that is a little too low. IMO. If that was me selling the house, I would be insulted. I don't care how bad the market is.
I don't understand why people - in general - get "insulted" at low offers.
Real estate is a business. It is not like shopping at Banana Republic where a shirt costs $50.00 and you must pay that amount.
That is why such terms in the business as "bidding" and making "offers" exist.
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| Posted 3/21/08 10:27 AM |
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JML83
LIF Adolescent
Member since 12/07 540 total posts
Name:
Lauren
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Re: $360,000--what to offer
IMO I wouldn't go any lower than 300...once you send an inspector in you can then renegotiate anything else that needs work.
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| Posted 3/21/08 10:29 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: $360,000--what to offer
Posted by Kara
Where is the house located? What are the comparable sales in the area?
Not every house is overpriced. Then again, some are grossly overpriced. Not every house that needs work is overpriced either.
Offer what you feel it's worth. I think any offer within 10% is a pretty good offer on a house. However, if you feel it is more overpriced than that, offer less...
I'd check out comparable sales, etc. to make an educated offer.
ITA. also inquire how long it has been on the market
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| Posted 3/21/08 10:37 AM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: $360,000--what to offer
Is it priced at $360,000 *because* it needs all that work and they've factored that in? I really don't get how anyone could feel comfortable offering $65,000 below asking on a house that is in the $300's. But maybe that's just me!
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| Posted 3/21/08 10:57 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: $360,000--what to offer
It really depends on so many factors. Is $360K a fair price? Is it too high? What are comps in the area?
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| Posted 3/21/08 11:01 AM |
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want2beamom
Love my boys soooo much!!!
Member since 8/06 10164 total posts
Name:
True love doesn't end with happily ever after...
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Re: $360,000--what to offer
It is a decent price for the area...but prices have been dropping here like crazy. When I talked to the agent, he said someone put a bid in yesterday(?) I was thinking of offering maybe 330. Thanks everyone!
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| Posted 3/21/08 11:13 AM |
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tabrtm
LIF Adult
Member since 10/06 1314 total posts
Name:
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Re: $360,000--what to offer
I would bid around $320,000. They will counter-offer you from there. Find your max number and go about $20K below that.
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| Posted 3/21/08 11:15 AM |
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babyfaith
Onward and Upward!
Member since 2/08 3210 total posts
Name:
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Re: $360,000--what to offer
There are so many factors to look at when making an offer. If the houses in the area are worth $500K then the house is already a bargain. DH and I made low ball offers on houses and most were rejected. We got a reputation of being low ball bidders and some agents stopped working for us. With that said, we ended up purchasing our home for $15K below asking after negotiations were all said and done.
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| Posted 3/21/08 11:36 AM |
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: $360,000--what to offer
Posted by firsttimer
Posted by 5ofClubs
Posted by angnick
295 you can always come up!!!
but you cant go down!
Wow. I think that is a little too low. IMO. If that was me selling the house, I would be insulted. I don't care how bad the market is.
I don't understand why people - in general - get "insulted" at low offers.
Real estate is a business. It is not like shopping at Banana Republic where a shirt costs $50.00 and you must pay that amount.
That is why such terms in the business as "bidding" and making "offers" exist.
I could not agree more, I "insulted" alot of homeowners. I also got a great deal on a beautiful home.
The number one rule of buying a house is the same as life, look out for number one, YOU.
What someone is asking has nothing to do with what it is worth, look at the values in the areas and what you need to spend to bring the house up to your standards.
Good luck all.
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| Posted 3/21/08 11:56 AM |
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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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Re: $360,000--what to offer
Posted by 5ofClubs
Posted by angnick
295 you can always come up!!!
but you cant go down!
Wow. I think that is a little too low. IMO. If that was me selling the house, I would be insulted. I don't care how bad the market is.
I agree, I think that is a really low offer. I guess it depends on how much you want the house. If it had most of what I waned and just needed updating, I would bid NO lower than 330,000. When the engineer comes in, if there is anything structural that needs fixing, adjust the price from there.
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| Posted 3/22/08 5:48 PM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
Name:
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Re: $360,000--what to offer
How is 295 or any exact number too low or too high? No one here knows the house, area, comps, etc.
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| Posted 3/22/08 8:24 PM |
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DUCKS2001
Then there was 2
Member since 3/06 5696 total posts
Name:
Christine
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Re: $360,000--what to offer
i am in the market for a house .. i have put bids on houses and got outbid bc
1- we were outbid
2- people said no engineer report
3-they just went with the other people.
This is my opinion-- since i have been dealing with the house search since Nov. I would go between 25-40,000 below depending on the area and what condition the home is in..
good luck
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| Posted 3/22/08 9:08 PM |
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Suzan
LIF Adolescent
Member since 5/06 754 total posts
Name:
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Re: $360,000--what to offer
Posted by laurabora
Is it priced at $360,000 *because* it needs all that work and they've factored that in? I really don't get how anyone could feel comfortable offering $65,000 below asking on a house that is in the $300's. But maybe that's just me!
I agree.
Message edited 3/22/2008 10:13:46 PM.
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| Posted 3/22/08 10:11 PM |
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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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Re: $360,000--what to offer
Posted by MrsD06
How is 295 or any exact number too low or too high? No one here knows the house, area, comps, etc.
Regardless of the area, comps etc. what someone bids can definately be too low. If someone is asking 360000, that is what they want. If you bid "too low", you risk the owners not accepting the bid and you losing the house.
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| Posted 3/22/08 10:20 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: $360,000--what to offer
Posted by JennJay41
Posted by MrsD06
How is 295 or any exact number too low or too high? No one here knows the house, area, comps, etc.
Regardless of the area, comps etc. what someone bids can definately be too low. If someone is asking 360000, that is what they want. If you bid "too low", you risk the owners not accepting the bid and you losing the house.
in most cases if a seller is serious, they will respond back to you with another number- but most likely a lower one than asking price.
to me 295 is a starting point. i dont expect the sellers to accept that price.. it is a negotiation tactic. it has worked 4 times for us.. 2 of our own houses, one for my parents, and 1 house where we had an accepted offer, and then it just fell through due to issues with the seller..
why does it matter if you 'offend' the sellers.. this is a business transaction it is nothing personal..and like i said, if they are serious, they will respond with another offer.
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| Posted 3/23/08 8:34 AM |
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