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~*Yesterdays Promises*~ | Real Estate Question? |
My husband and I are currently house hunting for our first home. A few of the houses we are looking at are out of our price range, and we are thinking of trying to talk the sellers price down. Our realtor told us that if the house has been on the market for awhile, and the sellers are really wanting to get rid of the house that they will more than likley come down on the price just to get out of the house by the end of the year. My question is what is a reasonable amount to offer? For example on a $125,000 house, what would be the lowest offer we could make?
Additional Details
What is and how do they figure the tax assessors value? I checked out www.zillow.com and I'm trying to read what it is telling me. |
 |
 
witz1960
 |
Do let any real estate agent tell you that a lowball offer is insulting to the seller.
Chances are these days that they are serious "don't wanters". They will likely welcome any offer and may or may not accept or at least counteroffer.
Without knowing your market, try offering 75 - 80% of their asking price.
In most markets, there should be dozens of good deals out there. |
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Deliah
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One thing to remember it may not be that they do not want to accept your offer but CAN'T due to how they purchased it, nothing down/no equity, and also the devaluation of homes in this market.
If they owe and want to get out from under a home they have to pay off at 135 K you will not get them down to 100K at first. People have to come to the harsh realization that their home just is not worth what they owe on it.
How long has the house been on the market? If a long time then go for 90K and see what happens. |
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acermill
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This is a question you should pose to your Realtor, since the situation varies around the nation by location. Your Realtor should be able to provide you with written evidence of recent comparable sales to guide you in your starting offer.
Some of the folks here indicate that you should offer 80%. While that work in some markets, it surely doesn't apply to all markets. Where I am, the sellers would tell you to take a long walk off of a short dock.
Be guided by the professional advice of your Realtor. (I assume the Realtor involved is YOUR buyer agent, and not a representative of sellers.) |
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countryguyhfc
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I have purchased several homes over the years and I usually start my offering at around 80% of what they are asking. So in your case $100,000. |
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src50
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80% of asking price might be a good place to start. Try to reseach "comp" sales so you know what similar properties are going for. |
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Ross
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Your Realtor should be able to help you with this. Have them get recent comps and see what the similar homes sold for. I would offer less, it is a slow time of year and probably won't pick up until spring and may not pick up after that,
There is no "formula" to determine what is correct. If they are selling their home for 125K and similar recent comps show 130K the you will probably be able to get less or no discount than if recent similar comps show 100K and they are asking 125K. It also depends on how motivated (desperate) the sellers are.
Always offer less on the asking price regardless of the comps.
Greta makes a good point. The seller may owe more than the house is worth, and without some cash coming into the deal it probably can't happen regardless of the price you agree on. |
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Jerrold J
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NEVER, EVER, use zillow, wait...OK USE zillow and buy MY house for zillow price. I bought a house in Nov that sold in Feb. 2006 for 300K and zillow has a price of 287K, I will take that TODAY because my purchase price was 170K. USE ZILLOW and give me 100K profit in 45 days. |
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Your #1 fan
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Most home prices were so inflated over the last few years. Basically, developers took a lot of the bargaining out of the home buying process. Now, where are the developers? Try a lowball offer of 80% of the asking price. If the seller balks walk away. It helps to fish and see when the seller bought the house. If they bought it recently they like likely will be taking a loss on it. If they bought it long ago no worries, they have lots of room to negotiate. |
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flamingojohn
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Never pay the asking price for a home, especially in this declining market. It is certainly a buyers market right now and I would suggest the initial offer being 15-20% under the asking price. You might also attempt to do a little research online to find out what other similar homes in the immediate area are selling for. You can try www.zillow.com for a simple value search. It is not always super accurate, but it will give you an idea.
Also, keep in mind your realtor gets paid a commission off the sales price of the home so it is in their best interest that you buy the home at the maximum price. |
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