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toolate | Is offering 200,000 on a 249,000 dollar home insulting? |
i asked a similiar question once but didnt really get any answers on how much is insulting. I picked that amount because we can easily afford that but 215,000 is pretty much the most we can safely afford. i know 2 things ..the owners are anxious AND they were so anxious they almost just wanted to rent it out so they could move already, the other thing is it does have MINOR work to be done. I know im lacking info but basically i just need to know if im going to waste my time even offering that low?
Additional Details
WOW good debates going on..hoenstly im not trying to make friends with them im trying to use the market to my advantage and get something i can afford and love! thats all plus im selling my home right now and i took a huge hit so i understand it..if they love their house so much why are they moving? |
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tfortiger
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Use the situation for your advantage. Since they want to move and sell it really bad, they usually sell if for less. This happens all the time, and it actually works. Make an offer and then try a counter offer. You can also make an offer over the phone and see what they say, u dont have to do it all official. If they think its a joke, theyll tell u even before u hang up the call. So try it, it mite work. But chances are you are going to end up doing some negotiation on the price.. good luck |
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catzrme
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No, it is NOT insulting. Most sellers jack up the price anyway so they can get as much money as possible (hopefully). With the market the way it is, they are probably lucky to get the $200K. |
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Serena
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Offer. The only thing they can say is no. And find another house if this seller won't accept a low bid. |
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Landlord
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Insulting? Who cares? This is not a social event, it is business.
I woul doffer and not worry about offending anyone. You are smart to offer less then you are willing to pay, that gives room for negotiation. |
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Pengy
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In todays market NO. A home is only worth how much someone is willing to pay for it, if they are ready to rent it out sounds more like they are on the fringe of losing it, they can accept, come back with a different offer, or refuse, so what if they do there are, and soon to be many more homes on the market. Insulting who cares? You are an eligible buyer and that is what you think it is worth, play it up |
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Dave
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"I Love McRednecks" answer is mind-boggling. A person would be insane to offer the asking price, especially in the current depressed real estate market. If you lower your neighbors' property value by only paying $200,000 for the house, then good for you! That means that you just lowered their property taxes as well!
You shouldn't feel badly for offering $200k. Go for it! |
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spadezgurl22
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if they counter offer it means their a motivated seller and might be willing to negotiate that low. |
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wizjp
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Only if they don't counter offer. |
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jbarelli
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Ok, lots of answers so far, and I'll try to address several of the issues.
If similar homes in the area are selling for around $200K, then the offer is simply realistic. Just because a seller has an inflated idea of their house's worth doesn't mean you should pay it.
And the answer of "you should always pay asking price" is incorrect. The house is worth what it will sell for. If the seller takes $200K, then that's the price. Just don't buy into that "instant equity" argument. Paying too much for something in order to "hold up the value" is an argument that has never held much water.
It isn't "being greedy" to refuse to pay too much for anything, including a home.
Of course, your new neighbors may not be happy that the house sold for so little, but they should be unhappy with the seller, not you.
However, if the house is properly priced, such a low offer will tell the listing agent that you are simply lowballing them, and not really serious.
It may well also insult the seller. Of course, if you're not going to go much higher anyway, this may not matter to you. But if you're serious about this house, angry sellers have been known to ignore higher offers in favor of an offer from someone that hasn't annoyed them.
Remember, the seller doesn't have to take the highest offer. They can take a lower one that they simply like better.
I would wonder why, with a maximum of $215K, you're even seriously looking at a $250K house, but assuming that the house is properly priced, your only chance is to impress the seller that you've made the absolute best offer you can, and then get them to like you enough to give you a break on the price.
And surprisingly enough, sometimes that works. |
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andrew s
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I would say that with the coming crash in house proces the guy you are offering USD200,000 to will be happy to get even that much six months from now. |
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William H
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The value of the property is determined by the seller and buyer. The true value will be determined on the date of closing. What you can afford to pay is of no matter to the seller.
Do you have comparables to support a value of $200,000? If so, then you should offer that. |
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gato_del_sol_3
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First of all, if you're dealing with a Realtor, you've passed through the face-to-face need for negotiating with the seller, so forget about insulting them. How long has it been on the market? Your Realtor can check MLS to see if it has been on the market a long time - which may mean it is "snake bit" for some reason - functional obsolescence? Design? Workmanship? Neighborhood? Water / Sewer issue? Anything can impact the price. Now, ask yourself how long the SELLER has owned it (maybe through deed records and such). If they've owned it many years, chances are they DO HAVE equity in the home even at your "insulting" price. In what some to believe could be a very soft market for a while, taking a profit versus facing foreclosure is a better option. And for you - don't bite off more than you can swallow. Good Luck. |
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Lauren B
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Talk to your realtor. They know what people are offering on similar houses and how much houses in that neighborhood are going for. That seems pretty low to me. I think I would go at least 220,000 and maybe see if they can pitch in some cash towards the closing costs. |
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rose123
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I would have to say as a seller who had this happen it was insulting but when it came down to it I had to take less than my asking price but I went with the seller who was reasonable and didn't lowball me right off the get go. I was funny because the asking price was 280k and I got 260k but one guy offered me 200k first time we talked. I took offense because I was a single woman and he was a fast talker who tired to intimidate me. I guess what I am trying to say is money is money and sometimes you have to take less than asking price. But try to put yourself in the sellers shoes . |
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godged
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You might be wasting your time, but who knows?
I try to prepare my sellers for low offers, this is business, not personal. But some sellers take offers personally, and in some rare cases, get very offended/insulted by low offers.
Submit your offer, you might get lucky if the sellers are very motivated. |
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jjonesacctony
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The question you need to be asking is whether $249,000 is already a cut price for the area due to the market.
If I had all ready lowered the price on my home $15,000 or $25,000 and someone offered nearly another $50,000 less I'd tell 'em where they could stick it... |
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sassy
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I think you would be low... but it depends on who desperate they are.... the home we purchased 18 months ago was on the market for over 2 years...
they wanted 293,000 they took our offer of 289...
I would think 15 thous less is a place to start... not really 50... they may be insulted |
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I_Love_McRedneck
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You're shooting yourself in the foot if you offer anything less than asking price BECAUSE your home just went from being worth 249k to being worth 200k in an instant. Not only that, you just devalued all the other homes in your neighborhood. Be prepared for a not-so-welcome to the neighborhood. I'd be more than irritated if you made MY house worth 50k less just because you were greedy and wanted to buy a house that was worth more than you could afford.
Sometimes you have to pay a little more to protect your investment. Don't put an offer on the house at all, find a house with an asking price of under 215k and PAY IT - you'll thank yourself later when the value increases. You'll only be kicking yourself in the head when the prices of homes in your new neighborhood spiral downward because you paid 200k on a 250k house.
And you wonder why the housing market is down...
STOP BEING GREEDY, just be happy that you can afford a house worth 215k - lots of people can't even afford half that.
Greed is going to kill us all if we're not careful. |
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