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PlasticTrees | How negotiable are realtors on their list price? |
Is it ok to offer 80%, kind of like buying a car? If the house is in ok condition. |
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bull_rooster_aardvark
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Its not the realtor, its the seller. How much off you can offer really depends on the market and how long the property has been on the market. This is a pretty big drop (20% off) for many properties, but relly what harm in making the offer. its only an opening offer (you can always raise it) and the worst that can happen is the seller gets mad and says no. If this happens you can still re--offer at a higher price so yo don't lose much. Still I am an investor (and used to offering well below the asking price and just moving on if the seller said no) so I never really cared in the seller got mad and said no (I just moved on to something else). If you really want this house, an offer this low could anger the seller - but still I'd do it. |
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jdkilp
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It's not the realtors, it's the owners. And, 80% will insult the sellers. Usually, 5-7% below list is about as good as you'll get. |
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sophieb
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It's not the realtor, it's the owner of the home who decides the price. Ok, say you offer 80%, then the realtor will go talk that over with the owner and they will either say yes or no. If they say no, then your offer is rejected. You don't get the house. But it could go back and forth between the seller and prospective buyer several times. Like maybe the offered in the sale a car (just to get the house sold) but you're an easy mark so they would then remove the car from the sale, or would remove the appliances, rugs, draperies, etc. etc. or take the storage house with them or take the furniture they had originally planned to leave with the house. Just remember that you are not the only person the seller may be dealing with. Within the past six months it's said that the average $200,000 home has come down to $150,000 but that's all.
I've heard time and again people say that it's better to live in a house than an apartment but there sure is a lot of work in a house, maintenance, cost of putting on a new roof and siding or a new driveway or heater or paying for water and sewer lines to be brought to the house of you need new ones, etc. etc. always something to do and you need upfront money, and sometimes on the salaries some people make like here in this state, it's super difficult to own a home even with the tax advantages. Here we have one or two insurance companies and the insurance has increased so much that people are moving out. I heard they are planning to close ten schools next year because people are leaving the area. They just can't afford the taxes and can't get home insurance. So owning a home isn't as easy as a lot of people with good income say it is. |
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Expert Realtor
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It's not up to the Realtor. They present the offer to the sellers and make recommendations, but the seller makes the final decision. |
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rhsaunders
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Quite, but a 20% discount probably won't fly unless you are in a really depressed area. It is the seller who has to decide whether an offered price is acceptable, and the buyer who decides how much to offer. The agents are just go-betweens, and have no say in the matter other than advice. |
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Russ B
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First, it isn't the Realtor that accepts an offer it is the seller.
Now, with that said you should never deal with the same Realtor that listed the property. If you do you only have one opinion of what the property is worth.
In theory if you have a Realtor that represents you they are supposed to represent your interest...meaning getting you the property at the lowest possible price. However, in reality they get paid by a percentage of the gross sales price. So you would have to find a really good Realtor that still does it old school (represent the client's interest not their own and they will have more clients).
But, no matter which route you take you can hire an appraiser (Realtors use them) or you can do an appraisal yourself. The way a professional appraiser sets a price is by comparing recently sold comparable houses in the area. This is a matter of looking at public records.
I would suggest doing your homework first and then make an offer that you think is fair. Don't worry about offending anyone...it is a very large investment and all they can say is no. |
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sreshowtime
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depends on how hungry they are, and how much room the owner has to come down on their end |
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Lupita
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The Realtor doesn't decide the list price. The seller does. The Realtor can only do a market analysis and show the seller what houses have sold for in the past six months that compare to the subject house. Price is based on square footage and other factors. A good rule of thumb is that the seller has priced the house with 2-3% "wiggle room." Usually the seller will have a mortgage to pay off, closing costs, Realtor commissions and any tax liens that may exist. Your question was, "is it ok to offer 80%...?" Well, sure. You can offer anything, like buying a car. Just go into the deal knowing that if the seller counteroffers or flatly rejects your offer, it is because he or she has expenses to pay in order to walk away even or better. It could be, however, that the seller has lots of equity, desparately needs to sell and will take any offer to get out from under the property. Good luck. Owning a home is truly the American dream because it will quickly help you build your net worth and open up tax advantages that nothing else will. Also, get a good lender and ask about first time home buyer programs or products that will suit your specific needs. It is often cheaper to buy than to rent. |
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