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pfoa
LIF Infant
Member since 5/12 53 total posts
Name:
Penny
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Real Estate Question
When you put your offer on your house, if you don't mind sharing, how much less was it than the asking price?
I see a house I really really like, it's about 50,000 over budget, but it's also been on the market for over a year, does this make a difference, if I low ball it and go with what I have, what are the chances that they accept it.
I know it's a huge difference, I am just curios as to what other people have done
Thanks!
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Posted 6/26/12 4:18 PM  |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Real Estate Question
There is no formula for bidding on a house. If there was a set %, then house would just be listed for that amount, and skip the haggling.
If a person has to sell asap, they may take the first offer given to them, no matter what it is, within reason. Or, they may never sell their house for less than X, even if you offer $1 less than X.
Your REA should have a good idea of what the market says the house is worth, and you should base your offer on that. If the house is already much lower than market value dictates, they may not lower it any more.
Some houses sell for more than the asking price, too.....
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| Posted 6/26/12 4:31 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Real Estate Question
It depends on the price of the house I think..
Our first offer was 65% of the asking price, our accepted offer was 95% of the asking price
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| Posted 6/26/12 4:32 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: Real Estate Question
I asked this similar question several months ago. Here is the post:
http://www.lifamilies.com/chat/topic.aspx?ID=691131&Highlight=home
You should bid what you think it is worth based on comparables. Do you have an agent? You can even find comparables yourself by looking at sold properties on mlsli.com or by going to redfin. Look for similar properties sold within the last year.
It's been on the MLS- market for a whole year then it's overpriced. But, given the fact that it's been on the market for a year, I'd say the seller isn't serious enough about selling.
I would still submit your offer.
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| Posted 6/26/12 4:36 PM |
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Re: Real Estate Question
Posted by GoldenRod
There is no formula for bidding on a house. If there was a set %, then house would just be listed for that amount, and skip the haggling.
If a person has to sell asap, they may take the first offer given to them, no matter what it is, within reason. Or, they may never sell their house for less than X, even if you offer $1 less than X.
Your REA should have a good idea of what the market says the house is worth, and you should base your offer on that. If the house is already much lower than market value dictates, they may not lower it any more.
Some houses sell for more than the asking price, too.....
I agree 100%! There's usually no way for a buyer to know a seller's situation and motivation to sell (unless the seller volunteers the info, which is rare) -- and vice versa.
As a buyer, the best approach is to determine what you want to pay for the house, and then devise your offer strategy from there. If you are working with a buyer's agent, they should be able to help you formulate your strategy by reviewing market data (including relevant comps). But when determining what a house is worth to you, market value may not be the only (or even the most important) factor. Sometimes buyers have unique needs that factor in, beyond just "market value." Most people buy homes for reasons other than just making a purely financial investment, so you shouldn't approach is the same way an appraiser would. (Although you want to be educated about the market and make informed decisions about what you are willing to pay).
And as another poster has said, if a house has been on the market for over a year, most of the time it is overpriced. Properties that are priced right are selling quickly in this market. But a house being on the market for a long time can be a double-edged sword for a buyer -- it can mean that the seller will be more reasonable since the home has been on the market for so long and they are getting desperate to sell OR it can mean that the seller really isn't that motivated because the house has been on so long and they haven't dropped the price.
Bottom line is, you never know how negotiations will go until you start negotiating. So it couldn't hurt to make an offer, especially if your offer is in line with the value of the home and you can demonstrate that it is (even if it's significantly below asking price).
Good luck!
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| Posted 6/26/12 7:40 PM |
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