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j1_projectz | How much do you think a seller will lower down the price of their home? |
I'm just searching homes. If they list a price, how much lower can they go down or that they might be willing to go down?
For examle:
I just want to know, because the houses that I like are listed around 199,000, but the loan I might be approved for is 185,000. Do you think they would lower down by 14,000? |
 |
 
Artman
|
In my experience, homeowners are greedy. If the house have many potential buyers they might not be willing to go down too much.
If you have a broker he will tell you to make a first offer; if your first offer is 185,000 the home owner will ask you for 194,000: Game Over for you. In other cases you allowed to make only one-time offer: that means that if your fist offer is too low is game over too.
You have nothing to lose by giving a try; just be realistic that you might not get this house if there are other people willing to pay full price. And don't forget you also need to pay for closing costs, and home inspection.
But this all speculation, first find out how much is the bank willing to give you...then worry about getting the house you want. |
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Dr.C
 |
j1_projectz,
Am a realtor and am almost positive that the sellers will accept your offer of 185000. You didn't mention the country where the subject property is located but from my experience, sellers will normally accept such offers unless there are other offers on the table. If there are no offers and the property has been on the market for sometime, that will be to your advantage.
Good luck! |
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Skywalking
 |
Make an offer at 20k less or more. You guys will go back and forth with counteroffers. And when it gets to 14k or less show them your pre approval letter and say that's all you can do. If it's not at where you want it to be, stick it to them with credits after the inspection. It also helps letting them know that you have many other options. |
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acermill
|
Much depends on the market in which you intend to buy, as well as local list price practices. In some markets, you might easily get such a price reduction. In other markets, a seller may tell you to get lost with such a reduced offer price.
Assuming you will use a qualified real estate agent, ask said agent for written evidence of recent closing prices of properties similar to those you desire. You will then be able to determine what houses such as those are bringing on the market, as well as list price vs sale price tendencies. |
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bob W
 |
that is going to depend on how much the seller owes his lender for the payoff and if he is desperate to sell. If he owes 195k, he can not sell unless he takes 10k out of his pocket which is doubtful. |
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snwbdogs
|
it depends on many things. The market your in, how eager or desperate the seller is etc. |
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innerlight
|
Yes, that is typical. Go for it!!! |
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kathieryn15
|
try to look for some inconvenience or disadvantages on the said place, like the proximity of supermarkets, police station, fire station, school, church, etc.
you may also apply other loans if ever there will be no chance of lowering the price. |
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jd
|
We were approved for the same amount and I always looked between 100,000 and 200,000. I looked at it as we could actually afford 190,000 due to the 3% down payment. But only if you want to buy at the high end of your approval. Sellers are more willing to deal when the property has been on the market awhile. Of course every seller is different. I noticed banks will jump if the property has been on the market over 60 days.
We just went into escrow on a house that was listed for 199,000 and got it for 179,000. So it is possible. Put in your offer and see what happens. We always bid 10% lower than asking. It took four times but we are getting a great house for being patient. |
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♥ Heaven ♥ Lee ♥
 |
It's possible depending on how badly they want to sell their house. It never hurts to put in an offer and see what happens. Make sure you get pre-approved FIRST. You said you "might" be so just make sure. No sense wasting anyone's time or getting yourself disappointed = )
Good Luck!! |
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Bubbles
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We are buying a house the house is listed for 179,000 we want to offer 135,000 would that be a good thing we are buying in PA |
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