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KaKa2323
Got my miracle
Member since 9/11 1465 total posts
Name:
K
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Offer on house
So we found a house we really like that was in our price range but the taxes are almost double what we thought they would be and a lot more than similiar houses in the area. So we had to make an offer that was 40k less than asking price. Has anyone had good luck with offering much lower than asking price? We really like the house and it's been on the market for two years so I am hoping the owner just wants to get rid of it. Just wondering if anyone has made a low ball offer that was accepted? It's not a short sale
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Posted 9/18/12 11:02 AM  |
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Long Island Weddings
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Paramount
Sweet!
Member since 7/12 4289 total posts
Name:
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Re: Offer on house
They asked 799 for the house, we offered
749. We ended up at 760.
So yes, people do negotiate.
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| Posted 9/18/12 11:40 AM |
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MayBbaby21
Baby no. 3 coming soon!
Member since 6/09 5738 total posts
Name:
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Re: Offer on house
Yes, we currently have an accepted offer on a house that is much lower than the asking price...hopefully going to contract soon. The house has also been on the market a long time. My DH and I looked at comps in the area and felt it was priced high, so that factored into the number we offered.
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| Posted 9/18/12 2:09 PM |
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Re: Offer on house
It's so hard to generalize. Each negotiation is so different depending on the parties involved, the house, the circumstances...
Yes, sellers can and do accept offers that are significantly lower than their asking price. It really depends on the motivation of the seller, which is completely out of your control.
Also, the rationale for the low offer factors in. If you can justify your offer based on recent sold comps in the area or have other valid reasons for your number, it can go a long way toward convincing the seller to accept your offer or at least seriously negotiate. You don't want to look like you picked an arbitrary lowball number for the sale of lowballing them. Having strong terms re: financing, flexibility with timeline of sale, etc. can also help you negotiate a better price.
The market is very active right now - Homes that are priced right are selling very quickly (and, in most cases, drawing multiple offers). So if the home has been on the market for awhile, I am sure it is overpriced (as you indicated). But that can mean a couple of things -- (i) it could mean that the seller has "tested the market" and now will come to reality and will sell for a reasonable price because he wants to be done with it, or (ii) the seller doesn't really need to sell (i.e., has no motivation) and will wait for "his price." Scenario (i) is good for you, but the second one, not so much.
Hope it works out!
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| Posted 9/18/12 5:11 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Offer on house
I would think that if the house has been on the market for so long without price drops the sellers are not very motivated. I think it really depends on the motivation of the seller.
Hope it works out for you!
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| Posted 9/19/12 12:02 PM |
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Maven
LIF Infant
Member since 8/12 170 total posts
Name:
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Re: Offer on house
Posted by JandJ1224
I would think that if the house has been on the market for so long without price drops the sellers are not very motivated. I think it really depends on the motivation of the seller.
Hope it works out for you!
I agree with this. Motivation will play a lot in whether a seller will accept a "low ball" offer.
Keep in mind, taxes will only continue to increase. Sure, you can grieve them, but if they're more than double now, then they'll almost always be higher than other homes in the area (unless other homeowners decide not to grieve). And you have to factor that increase into your yearly budget.
Higher taxes could also affect resale value if you ever plan to sell in the near future.
Best of luck with whatever you decide to do! 
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| Posted 9/19/12 11:46 PM |
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