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Christina
LIF Adolescent
Member since 10/06 891 total posts
Name:
Christina
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How do you decide whether your offer is too low?
Is there any general understanding on how low you can offer without offending the seller?
I want to offer a little less than 15% of the asking price. Is that ok?
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Posted 10/31/06 1:28 PM  |
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Prudential Douglas Elliman Real Estate
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: How do you decide whether your offer is too low?
try to find out what other homes sold for in the area, we offered 20% less on our house
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| Posted 10/31/06 1:31 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: How do you decide whether your offer is too low?
in my opinion, it depends how willing the seller is to move, and sell there house.
some have always countered, others have not 'they were offended'
people can be very protective of their house.
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| Posted 10/31/06 1:33 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: How do you decide whether your offer is too low?
Posted by Christina
Is there any general understanding on how low you can offer without offending the seller?
I want to offer a little less than 15% of the asking price. Is that ok?
It really depends. On a $400K house 15% is $60K = offering $340K. Personally, I never went that low %-wise, but if they are desperate to sell, anything is possible.
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| Posted 10/31/06 1:44 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: How do you decide whether your offer is too low?
We were just offered about 15% less on our house. I am not offended at all...just hope they are willing to negotiate, or it's a dead deal.
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| Posted 10/31/06 1:44 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How do you decide whether your offer is too low?
Posted by ODonnell
Posted by Christina
Is there any general understanding on how low you can offer without offending the seller?
I want to offer a little less than 15% of the asking price. Is that ok?
It really depends. On a $400K house 15% is $60K = offering $340K. Personally, I never went that low %-wise, but if they are desperate to sell, anything is possible.
if they are willing to negioate, i think thats a fine starting point.
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| Posted 10/31/06 1:47 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: How do you decide whether your offer is too low?
Posted by Christina
Is there any general understanding on how low you can offer without offending the seller?
I want to offer a little less than 15% of the asking price. Is that ok?
you have nothing to lose! seriously... this is the biggest thing you will ever buy, bargain!!! the worst they can do is not even counter (who really gives a poop if they're offended?  JMO) it's YOUR money.
I say go for it! 
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| Posted 10/31/06 1:54 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: How do you decide whether your offer is too low?
It's a BUSINESS transaction...nothing to get offended about...we are being bargained to death, just like we will do for the next house we buy!
$$$$
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| Posted 10/31/06 1:56 PM |
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Christina
LIF Adolescent
Member since 10/06 891 total posts
Name:
Christina
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Re: How do you decide whether your offer is too low?
Well, I am willing to negotiate -- I just didn't want to start as high as I am willing to go (sorry for stating the obvious) Plus, if they take it, that would be great!
15% isn't that big a drop from what they are asking (but they've already reduced the asking price about 15% since it came on the market). The agent indicated that they are negotiable though.
The couple is older and are moving west in November. They don't need to sell the house to move, but I have a feeling they don't want to keep it for much longer either.
I guess I'll see soon enough -- I'm seeing the house again on Sunday. Wish me luck!
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| Posted 10/31/06 2:14 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: How do you decide whether your offer is too low?
Posted by Christina
The agent indicated that they are negotiable though.
ding ding ding!  there's your answer.
that being the case, I would ABSOLUTELY offer 15% less!! good luck
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| Posted 10/31/06 2:18 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: How do you decide whether your offer is too low?
definitely put an offer out there!!
Good Luck!
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| Posted 10/31/06 2:30 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How do you decide whether your offer is too low?
Posted by Christina
Well, I am willing to negotiate -- I just didn't want to start as high as I am willing to go (sorry for stating the obvious) Plus, if they take it, that would be great!
15% isn't that big a drop from what they are asking (but they've already reduced the asking price about 15% since it came on the market). The agent indicated that they are negotiable though.
The couple is older and are moving west in November. They don't need to sell the house to move, but I have a feeling they don't want to keep it for much longer either.
I guess I'll see soon enough -- I'm seeing the house again on Sunday. Wish me luck!
they sound like they are in the same situation as my Dad- he took about 15% less then his asking price- in July and was happy to take it
he already bought his place in Florida and just wanted to get rid of the house up here
so go for it!
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| Posted 10/31/06 5:28 PM |
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cat1977
LIF Infant
Member since 7/06 175 total posts
Name:
Catherine
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Re: How do you decide whether your offer is too low?
Posted by angnick
in my opinion, it depends how willing the seller is to move, and sell there house.
some have always countered, others have not 'they were offended'
people can be very protective of their house.
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| Posted 11/1/06 7:01 AM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: How do you decide whether your offer is too low?
I think 10% lower may be a better offer. It's also the average people are offering in the NY Metro area now.
But it depends--if the sellers really overpriced their home 15% may be fine, or if it needs a load of work.
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| Posted 11/1/06 8:44 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: How do you decide whether your offer is too low?
we found that a lot depended on the sellers RE agent. The sellers agent that had our house was PI$$ED off that they took our really low offer, in fact we offered 15k less at first & they countered but I'm positive it was because she told them to. They were VERY motivated sellers & that has a lot to do with it. We've all seen real estate shows on TV where the agent tells the seller to hold out for more money, which can sometimes backfire.
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| Posted 11/1/06 8:50 AM |
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Christina
LIF Adolescent
Member since 10/06 891 total posts
Name:
Christina
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Re: How do you decide whether your offer is too low?
Posted by cjik
I think 10% lower may be a better offer. It's also the average people are offering in the NY Metro area now.
But it depends--if the sellers really overpriced their home 15% may be fine, or if it needs a load of work.
Everything is original in the house, so it needs work. It's livable, but really old.
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| Posted 11/1/06 9:45 AM |
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Re: How do you decide whether your offer is too low?
Offer 15 less and if they say no you can make a new offer. In this market I have seen houses sell for 50K less than asking.
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| Posted 11/1/06 10:49 AM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: How do you decide whether your offer is too low?
I know people say that it is just a business transaction, but I'm not sure if an older couple who raised their children in the house would feel that way.
If you are not afraid to lose the house than it's fine, but it might be too low for them to even counter.
Their house is probably paid off and they are just paying taxes, so keeping it on the market could be a minimal cost for them (i.e $10K for the year or sell $60K below asking) KWIM?
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| Posted 11/1/06 2:23 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: How do you decide whether your offer is too low?
Posted by Eleanor
If you are not afraid to lose the house than it's fine, but it might be too low for them to even counter.
how can it be too low to counter? if the house is $350 - they offer $300 - i dont think its unreasonable for them to counter $325 and work from there-
if the market is a buyers market - i wouldnt take the chance of "waiting" - prices might get lower and lower.
and if they owned the house for 30 years+, they are making a killing on it regardless!
Message edited 11/1/2006 2:37:59 PM.
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| Posted 11/1/06 2:28 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How do you decide whether your offer is too low?
I think you should offer what YOU feel comfortable paying for the house
we can sit here and speculate on their situation- if they have a mortage, what it costs them to keep the house up etc
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| Posted 11/1/06 2:34 PM |
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Re: How do you decide whether your offer is too low?
Posted by Eleanor
If you are not afraid to lose the house than it's fine, but it might be too low for them to even counter.
QUOTE]
If the offer is too low and they don't counter, you can put in another higher bid. In this market there are usually not a lot of other bidders to compete with.
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| Posted 11/1/06 3:23 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: How do you decide whether your offer is too low?
Posted by Eleanor
I know people say that it is just a business transaction, but I'm not sure if an older couple who raised their children in the house would feel that way.
If you are not afraid to lose the house than it's fine, but it might be too low for them to even counter.
Their house is probably paid off and they are just paying taxes, so keeping it on the market could be a minimal cost for them (i.e $10K for the year or sell $60K below asking) KWIM?
This is waht happened to my best friend who is in the process of buying a home. The lady was "offended" and they negotiated for a while and then the lady accepted. I guess she has been a total pain in the butt during the whole process and have delayed the closing until the last day possible. She isfinally closing on Monday.
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| Posted 11/1/06 6:23 PM |
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