How much below the asking price did you bid?

I am looking into buying a condo and am just wondering about how much below the asking price we should bid.

TIA

Re: How much below the asking price did you bid?

That depends on how much the property is worth, how comprable the list price is to what similar houses/condos are selling for.
Down here in VA everything is selling for thousands over asking. (We bid 10,000 over asking and weren't the highest bidder.)

Re: How much below the asking price did you bid?

I don't think there's a set formula for under-bidding. You just need to bid what you are comfortable with spending.

We have bid on 2 houses - one was a considerable amount below asking...the other was less than 2% below asking. The first house is still onthe market - and has been since November and the 2nd one went for over asking price.

There are other factors that go into a winning bid - if you're flexible on moving date, how much you're putting down, etc - these can all help (or hurt) your bid.

Good luck!

Re: How much below the asking price did you bid?

Every house/property is different. Some are under priced while others are over priced.

Like someone else mentioned, bid with what you think the home is worth and what you're comfortable spending.


I know some homes we under bid, others we over bid (and still lost) and the house we eventually bought, we offered asking price.

Re: How much below the asking price did you bid?

LOL...we just bid $32,000 less than asking price and got a call back after being told it was too low that if we come up a little higher - it's ours.

RIDICULOUS!!!!!!!!

Re: How much below the asking price did you bid?

Our co-op's list price was $179k. Our first bid was $160k. They countered with $165k and we accepted that amount.

Re: How much below the asking price did you bid?

*Below* asking price? HAHAHAHA. Seriously though, like everyone said, every listing is different - some may be listed at well below what it's worth on the market (or worth to you), and some are priced above that number.

Re: How much below the asking price did you bid?

I agree with everyone about comparing a house to market value. But, if you are interested...our first house we got for about $20k below asking (reasonably priced to begin with) and the house we are now buying we got for $5k over asking (underpriced for the area).

Re: How much below the asking price did you bid?

Just don't insult the home owners.... a woman sent her RE agent to our co-op last night with an offer of $40k below our asking price The woman was so embarassed and knew we would not accept the offer.

Re: How much below the asking price did you bid?

$15k below, and we expected the sellers to counter. They didn't.

This was also not on LI, however.

Re: How much below the asking price did you bid?

we bid 20k below and settled at 10k.