when you make an offer on a house, i know you can offer less than the asking price ... but how much less is 'ok'?
like if there's a $350k house, could we offer $325k, or is that waaaay too low?
barbtony
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Re: question about buying a house / making an offer
From what I've seen in the office....make the offer
little j
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i think thats fine!! look at comps tho, to make sure its somewhat reasonable
Clover23
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Re: question about buying a house / making an offer
oh god no that's not too low. we offered 85k below the asking price on our house.
Lsorrent
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Re: question about buying a house / making an offer
You can definitely offer $325K. If I remember correctly, we offered $75K less than asking price, and I think we met in the middle at about $50K less.
flibbertigibbet
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The worst they can say is no.
Think about what you WANT to pay... offer way less than that. They will counter-off, you will counter-offer...
back and forth until you hopefully meet in the middle where you want to be.
Future Mrs H
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Re: question about buying a house / making an offer
Unless they are fim with the price you can offer $300,000. What will happen is they will conter offer. Then you can go up some. Play with them.
But first make sure that they arent firm with the price and that there arent other people making offers on the same house. If there are other people and they offer higher it may not work
Linzee636
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Re: question about buying a house / making an offer
Posted by flibbertigibbet
The worst they can say is no.
Think about what you WANT to pay... offer way less than that. They will counter-off, you will counter-offer...
back and forth until you hopefully meet in the middle where you want to be.
THIS - and something super important to remember is that you have to be willing to walk away from a negotiation. If you continue to counter offer and they start pulling you into territory that is more than you really want to spend on a home, know when to walk away. If the people REALLY want to sell the house they may come down in price when they see that you're okay walking away and looking for something else.
ETA: also check zillow - see what the estimated home value is, if you can find when it was last purchased and for how much, how much other homes in the area are going for, that way you have a point of comparison.
AwaitingAugust
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Re: question about buying a house / making an offer
oh wow - thanks so much girls!
We're just starting to look at houses now but it's good to know what we can (try to) get away with
dfw343
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Re: question about buying a house / making an offer
also see how long the place has been on the market. If it's a while, too low is ok..they will probably counter offer!
Re: question about buying a house / making an offer
Of course! In this market that is not too low at all..it's a buyer's market!
SummerBride10
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Re: question about buying a house / making an offer
We offered 25k lower on a house. They just came back with a counter offer. You might as well!!
merryNmatt
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Re: question about buying a house / making an offer
unless its a REALLY fair asking price I would offer even lower because it will give you more space to negotiate. Maybe they really want 325 and now they can counteroffer and get more than they wanted.
merryNmatt
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Re: question about buying a house / making an offer
also i would look at who you are buying from. if it is a younger couple/family. they bought more recently, they need the higher price.
i bought my place from an old couple with no mortgage on the place. so even though they first listed the place even way higher than it was worth, they took my low ball offer because it was on the market for a while. they were getting it all in cash so it didnt matter to them
if i had really thought about this beforehand, I probably could have knocked even a few more 1000s off the price but oh well
