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happy gilmore | I want to make an offer on a home 10% below what it is listed for? |
Given the current market do you believe that shaving 10% off the listed price is acceptable or do you think that they will laugh at me? |
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jdecorse25
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Depends on where you are. In my area, 10% is too low, however the market didn't hit us nearly as bad as everywhere else. If you're pretty normal with the rest of the country, then 10% might be fine. |
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Chodge
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Offer even less, if you want.
I am a real estate investor and often will offer less than 70% of asking price.
It probably will not get accepted, but remember it's a negotiation.
They ask higher than they think it's worth.
You offer what you think it's worth.
Say they want 200K.
You think it's only worth 170K.
The market sucks - they've been trying to sell for six months and there are just as good houses out there for 170K.
Offer them 140K. See what happens.
If you act like you really love the place, or "This is the only one for me" it will reduce your negotiation power.
BUT - if you really really really want it. You'll have to pay.
*** And by the way - if you bid too low and they don't reply to your offer, simply make another higher one if you still want the property.
*** REMEMBER Realtors get PAID depending on how much you pay for the property. There are very few who will work with you and encourage you to negotiate hard with a seller - it means more work for them AND less money in the end. |
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axaroth
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Great answer by Chodge.
I personally right now would not offer more than 80-85% of the list price of the home. I don't care what city, what market, whatever.
Sellers are in a panic, and buyers are afraid to buy because they think values might still be going down. The newspapers are running scary headlines about real estate and mortgages every day.
If you have the money and the credit rating to afford to close the deal--- YOU HOLD ALL THE CARDS!!!
This is an awesome time to be a property buyer. Invent any reason you want to justify your offer--- you hate the kitchen tile, the cabinets aren't modern enough, the cabinets are too modern, it's too close to the busy street, its too far from the busy street.... you get the idea.
Real estate agents are very hungry right now as well, so even if their client thinks your offer is offensive, they're going to talk them into dealing with you.
If they counter at 2% below their asking price, you know they're not going to budge very far, so you should go look for a cheaper deal.
Offer low! We may not get another chance to buy in a market like this for many years. |
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Real Estate Guy
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Pooty is correct.
What you agent needs to do is tell you what the home is ACTUALLY worth.
In fact, the current asking price may be under market. |
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YoMamma
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Oh my, no they will not laugh at you! In this market, I would probably go less. The worst they can say is no or counteroffer. |
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Ryan M
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It really depends on your local market. As long as it is not a complete sellers market, then 10% is totally reasonable for an initial offer. |
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gldjns
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I don't think anyone will laugh at you, and it's possible they might even accept your offer, considering the present state of the home mortgage industry. People are desperately trying to sell their homes because they can't keep up with the payments, and many are selling at a loss. I think your offer is more than reasonable. |
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devil dogs
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What is your concern and needs is the impetus for coming up with an offer. This is the negotiation process. DO offer less. I agree with the other answer that homeowners always think their property is worth more than it is. You will not be laughed at. Current market conditions dictate that home sales are in a buyers market. The sellers very well understand they may have to accept lesser offers than what they want. The buyer may have to make concessions as well.
Happy negotiating. |
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Pooty Pootwell
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Well, the one piece of advice our Realtor had for us was don't bid too low, because some sellers won't even want to continue negotiating with you. It's a tough call, but I'd say 10% is fair. |
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Laissez-Faire Guy
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Do you know how long the home has been on the market. If only briefly, they'll scoff at it. If for months, they might decide to take it, because next month may bring even lower prices. |
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bonsai
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I am in the same boat and made already 8 offers on different houses up to 2,5 years on the market. The current selling price (not fantasy) of houses is 20% lower then 2 years ago, but owners can't or won't accept the downturn and wait, until forecloure (12 Million expected this year).
I will lose 26% on my own house compared to the price I paid in 2005. |
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