 Condo being sold Overpriced... HELP? |
I am probably overracting, but let me know what you think.
My mom had a vacant (clean) condo on sale for $169,000 in Southern California. She received an offer for $177,000 and the buyer ... |
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Additional Details
The problem ... |
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august.seventeenth | Is it insulting to offer $170,000 for a home listed for $189,900? |
The seller is very motivated, and the house has been on the market since August 2007. However, it has been reduced to $189,900 from $209,000.
what would be an acceptable offer? |
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mrgoodgie
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Here is the best and biggest piece of advice that I've ever received in my Real Estate history.
If your offer doesn't embarrass you, don't make it.
The question comes down to how badly you want the house, and how much you're actually ready to move if you REALLY want it bad. You don't want to lose the house over $2000 if it's possible, but if the house has been on the market since August - and the price has dropped, there obviously wasn't much interest.
The other thing to consider is that they may be sick of holding the house, so this "new" price might be what they have come up with for a "quick sale" - which often perks the interests of those who "may" have been interested when it was listed at $209K.
If you REALLY want the house, I'd start off at $179K,
If you LIKE the house, but aren't "attached", then go in at $170K.
Good Luck!
TG |
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lepr0kan
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Go ahead and offer it, the seller will come back with a counteroffer and you both can go back and forth until you come upon an agreed price. Hopefully you're using a realtor which will make this process much easier for you. |
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Apprentice 9018
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No, the sitaution and question comes down to which PARTY (You the Buyer) or the Seller has LEVERAGE and is in the Most Favorable Position. In many cases in today's market it would be the You, the BUYER if you are financially approved and capable of handling mortgage with no contingencies, etc.
However, if the House is HOT in ideal location, then one takes chances and the probability of offering and writing a lower than asking price is less bec some other financially responsible party/parties might outbid you.
Then it might come down to (i) does the Seller have enough savings & cash in the bank to carry 2 mortgages etc or (ii) does the BUYER have patience and time to hold out and wait?
We all can't see or know the answers to the above but (iii) nothing wrong with $170K written offer as being acceptable and (iv) I would encourage you to keep looking at other homes and hopefully YOU ALL have a PLAN B Contingency Plan if someone offered higher. Likewise just looking at others and knowing CHOICE #2 might convince you to raise your price so you didn't waste time or opportunity bec truthfuly if someone outbided you at $175,000 it would make you feel sick that SELLER didn't give you 2nd Chance?
Truthfully, my wife has magic when it comes to numbers and twice we have beaten other interested parties on 2 different homes...so BRAINSTORM and Have Strategies and Milestones. Say if you don't hear back in like 3 days or 5 days...then have a plan of action seriously, bec FYI some parties have pride and refuse to budge.
In fact on one of the above 2 homes, a FSBO Seller wouldn't take our offer of $215K bec were headed out of country and if something went wrong in our absence they did not want to be locked in stale contract of not being able to offer their home to other interested buyers. So we return & home is still for sale but we drive down road another 1 1/2 mile and homes are nicer and cheaper so we had contract written at $191,370 or so <= wife's magic numbers and beat other written offers plus saved substantially while other house remained on market longer.
Bottomline, PRAY TO LORD and then BE GRATEFUL & HAPPY when HE DELIVERS! GOD BLESS! |
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Doctor Deth
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he just dropped it 20,000 and your offering 20,000 less than that -yeah - it's a poor faith offer - I wouldn't even respond to such an offer |
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mikeeyman
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It's not insulting... If the seller doesn't like it... They will counter it or ignore it. |
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Daniel
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ditto to everything that is said. it doesnt hurt to ask, and that kind of reduction is not dramatic... |
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aok2insure
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Not at all. As a buyer in this market your in the drivers seat. If they don't take your offer @170k they should be smart enough to counter offer. From their it's just a matter of negotiating a price that your willing to pay. Good Luck |
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good guy
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lots of good advice...offer what you think the house is worth TO YOU and go from there...the house not selling in a reasonable timeframe means it was overpriced...how long has the "new" price been in effect? If it STILL sits at 189,900 then it's STILL overpriced...someone said it's a buyers market (true) and it looks like we are in a recession--or about to be in one officially--so you can afford to drive a hard bargain...i'd offer 179,900 and see what happens...make sure you have a contingency clause requiring the appraisal to be at least your offer and that way, if it appraises for less, you can rescind the offer and cancel the deal, or change the offer to reflect the appraisal price. Good luck, stand firm, you hold the highest cards right now. |
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PhatCat
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It's a buyer's market, they would think you're a sucker if you don't lowball. You're only asking for a 10% discount, that's not too unreasonable. |
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Debbie V
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I would say 180k with the seller paying all closing cost.
so offer 170k and let them counter offer, if you think this is good offer go for it. |
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