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Additional Details
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Charity J | How low can I go when making an offer on a home? |
The house is in Georgetown, Indiana listed by a realtor. I'm not going through the listing agent though. I've got a buyers agent I've been working with. It's a new construction listed for $169,000.00. I want to offer $152,100.00 (10% less than the asking price). Is that too low to go? What is the usual range when offering less on a home?
Additional Details
I have a buyers agent I've been working with for a while. The house has been on the market for 5 1/2 months already. |
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Leo N
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NO, IT"S NOT TOO LOW!!
As a real estate investor, I always offer at least 10% lower than I actually want to pay for a house.
Since the seller is a business and not an individual, there is no emotional attachment. They will counter any offer they recieve. The counter may or may not come down a lot from the asking price. The amount the price comes down is usually a good indication of how motivated the seller is, but is also highly influenced by your local market.
Anyway, If you are looking to actually pay ~$152K, I'd offer $135K. Likely, they will say no, but give you a counter offer. This tactic often backfires with an individual because they get offended. Businesses don't get offended. They will counter offer. If the counter is reasonable (I'd expect ~$155-160K), then you can come back with a counter only slightly below your intended purchase price, likely ~$150K. They may take it or they may recounter, or they may stand firm with their original counter. After that it's really up to you and how much you are willing to pay for the house |
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CctbOh
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All they can do is say no to your offer and maybe give you a counteroffer. What's your agent say, that's what he gets paid for. |
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growing inside
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This is a question you need to ask your agent, it depends on the housing market in the area and how long the house has been up for sale. In houston, this would be too low, but I don't know about Georgetown. |
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Baked n Blended
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I take it it's a spec home? In which case the builder has been sitting on it awhile and wants to dump it. New construction typically is priced 20% higher than existing. I would certainly make an offer. They will likely counter offer and you need to be prepared to ask your self "what's the most I want to pay for this".
The worst that can happen is they say no!
Regarding what your agent says, unless they are a buyers agent, they represent the seller. Don't ask just do it. |
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John Corey
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Some investors will offer 50% of the asking price. They rarely get accepted offers at that level but some deals do go through. A few will be countered and then they settle on a price. Many such offers are largely ignored.
You should offer what you feel the property is worth to you and no more. I would start lower than you are willing to pay. It is up to the seller to determine what it is worth to them to sell.
Note that if this is a new build the seller might want to protect the price so that you do not set a low benchmark for future sales. In that case having the seller cover closing costs, free upgrades or some seller financing are ways to get a package that is largely the same to you without the headline price needing to show a large discount.
Stick to what you feel is best and be willing to walk away. It is surprising what some sellers will take if you actually ask. Assume builders are the pretty creative as they are running a business and sometimes they can flex more so they can get on to the next project. |
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jack w
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10% isn't too low, they will most likely make a counter offer and then the negotiation begins. Your buyers agent should know these things and be telling you. Are all the agents paid based on the selling price? If yes, you agent is motivated by a higher price. If the builder is into the bank for the house, he may very well entertain your offer. After all, he is making payments each month on the house and most likely would like to have the $$$. |
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HomesByDamon.com
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In today's market, an offer on new construction 10% below asking is fine. Heck, make it 15% below. Also, ask for upgrades! Builders are looking to unload inventory and want/need to sell them.
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Upgrades are the top of the line options in the house, e.g. granite countertops in the kitchen. Builders love to build on the cheap to maximize profit margins, however, they will often offer upgrade packages. When the market was buzzing, you had to pay for them. With it more of a buyers market now, they are more willing to give them to you or at a reduced amount in order to sell the house. |
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Adoptive Father
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This is a really tricky question. Of course, you want to buy the house for as little as possible while the seller wants to sell for as much as possible. Depending on market conditions, it is common to offer 30% (or more) less than the asking price or 20% more than the asking price.
How is the market, in general, in your area? Your buyer's agent will probably be able to give you general info. Have prices fallen in the last six months or year? Are houses staying on the market longer today compared to a year ago? As the home has been on the market for 5 1/2 months, the seller might be getting a bit anxious, but it has not been all that long either.
I agree with what someone above said. If you offer too low you run the danger of offending the seller. If the seller is a construction company, they are less likely to be offended. They are businessmen after all. I also agree that virtually all new construction is overpriced.
Of course it is easy for me to say because I am not the one buying the house, if it were me I would start at 20% or 25% under the asking price. Ignore the seller when he/she pretends to be offended. The seller will probably make a counter-offer. If the seller drops to price by 5%, that is not a legitimate counter.
Be sure to get a home warranty, your agent can help you. |
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♫ frosty ♫
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If you're not dealing with dual agency (one real estate agency handles both buyer and seller), your buyer's agent will present the offer to the seller's listing agent and he/she will present the offer to the seller, and it is ultimately up to the seller to make the final decision. If the house has been on the market for nearly six months, the seller may be more amenable to a lower offer.
It depends on how much you like the house and whether you're willing to risk not getting it. You might ask your buyer's agent to do a comparative market analysis comparing that house and similar houses in that area to see if their asking price is in line with other houses that have been recently sold. If it is, 90% of the asking price is at least a good place to start. If you go too low, even though the agents should still be presenting your offer, you run the risk of making the seller think you're trying to low ball them, and it might make them angry enough to completely reject your offer and not make any counter offers.
Again, it just depends on how much the house is worth to you personally. |
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