Thanks everyone

Message edited 10/5/2007 12:50:58 PM.

Re: If a house was listed at $440,000...what would your first bid be?

OMG that is so hard.

hmm...does it need work? What did other houses sell for?

I totally can't answer that b/c I would need to know a lot more.

Re: If a house was listed at $440,000...what would your first bid be?

Re: If a house was listed at $440,000...what would your first bid be?

just remember u can bid whatever u want and u have a chance in this market thats so bad.....as for what has been usually accepted....in the area we've looked in it was about bw 10-30k less then asking price is what the houses were selling for....so maybe u want to start at 420 as ur first bid? how much work the house needs also gives u leverage

Re: If a house was listed at $440,000...what would your first bid be?

You have to do two things:

1. determine what the house is worth (look at comparable sales in the area -- see mynassauproperty.com) and compare this house to the recent sales

2. determine what the house is worth to YOU and what YOU are willing to spend on it -- might be less than #1

We bid 12% below the already-lowered asking price on our townhouse and our first bid was accepted... why? The house had been sitting on the market and we knew the owners were anxious to sell. (We paid $50k less than the area comps)

Determine the top price you're willing to pay for the house and bid a little below that. If it's priced as a normal asking price (a little on the high side), offer 10% less -- adjust this if you feel it's priced way high or priced low for a quick sale. In the negotiating, know your absolute highest number and don't go above that.

Good luck! It's so exciting!

Re: If a house was listed at $440,000...what would your first bid be?

I would bid 90% of the asking price.

Re: If a house was listed at $440,000...what would your first bid be?

I would go low, maybe $400K

Re: If a house was listed at $440,000...what would your first bid be?

You can attempt $400K and see how they react - from there you'll know what these owners will be like during the negotiation process. Hopefully they'll come back with a number.

Good luck, Kathleen!

If you need anything, feel free to FM me!

Re: If a house was listed at $440,000...what would your first bid be?

Re: If a house was listed at $440,000...what would your first bid be?

Posted by MrsFlatbread

Posted by PotofLuck06

Hopefully they'll come back with a number.

Good luck, Kathleen!

Hopefully the won't!

Re: If a house was listed at $440,000...what would your first bid be?

Posted by PotofLuck06

You can attempt $400K and see how they react - from there you'll know what these owners will be like during the negotiation process. Hopefully they'll come back with a number.

Good luck, Kathleen!

If you need anything, feel free to FM me!

Re: If a house was listed at $440,000...what would your first bid be?

It depends on what the comps are like... its very difficult for us tell you what to offer without seeing the house, the other houses in the area, etc. But I think offering within 10% of the asking price is a good starting point. The worst that can happen is that they don't counter-offer and then you can raise your offer, or walk away.

Re: If a house was listed at $440,000...what would your first bid be?

Re: If a house was listed at $440,000...what would your first bid be?

Starting at 400k is good.

We bid 430 on a house listed at 469 because we knew it was overpriced. The realtor basically said they wouldn't go below 450. So we thanked them and walked away.

A week later, the realtor called back and said they were willing to accept 437. But we already had an accepted offer on a house we're in contract for. So they missed out!