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advice on making an offer
hi again...... its the novice buyer again
if you see a home you like that has been on the market for under 2 weeks, and is in a good neighborhood / decent condition, with a fair asking price, what would you offer?
say the home is 400k. What would a good / competitve offer be? 385?, or should we really make an offer closer to the asking price? how much wiggle room is there in such a situation?
TIA
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Posted 8/8/07 6:47 PM  |
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Prudential Douglas Elliman Real Estate
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: advice on making an offer
I would figure out what you really want to pay for the house and make the the middle number. For example if the house is 400 and you want to pay 375 off 350.
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| Posted 8/8/07 6:51 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: advice on making an offer
its hard to say, it depends on many factors, the biggest being what are the comps...
On a side note - have you actually seen this house yet? You've been asking a lot of questions based on this house. I only ask because I don't want you to get your hopes up and then be crushed if the place doesn't meet your expactations... We searched for a long time and were disappointed so many times... but hopefully that won't be your case
Good luck!
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| Posted 8/8/07 7:22 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: advice on making an offer
I think if it's been on the market under 2 weeks and is a reasonable asking price anything over $20,000 less in this case may be laughed at. The longer it's been on the market, the more wiggle room you have.
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| Posted 8/8/07 7:29 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: advice on making an offer
If you can afford $390K I would start there and know that they may counter since they can probably get $400K if it's really a fair price. This assumes that the comps support $400K.
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| Posted 8/8/07 7:54 PM |
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Re: advice on making an offer
Posted by SweetTooth
its hard to say, it depends on many factors, the biggest being what are the comps...
On a side note - have you actually seen this house yet? You've been asking a lot of questions based on this house. I only ask because I don't want you to get your hopes up and then be crushed if the place doesn't meet your expactations... We searched for a long time and were disappointed so many times... but hopefully that won't be your case
Good luck!
Thanks for your concern... we know that disappointments are inevitable, and what's inside a home is rather unpredictable.
I'm asking lots of questions becuase I'm a planner by nature, and feel I must be completely prepared for all possible situations, including the possibility of an offer. Since I know little about the process, I decided to get a crash course today
we're seeing it tomorrow.... we've only seen pics at this point, but so far so good. Looks better than what we expected....
Basically, it's in the neighborhood we want.... one we would normally be priced out of by A LONG SHOT. It's a small home, small property, but looks solid and well maintained from the outside. We're taking for granted that we'll likely have to gut at base minimum the kitchen and bathroom. We also know we'd have TONS of yard work, and likely would have to paint everything and replace flooring. But, we're very handy.....
we'll basically make an offer as long as most of 'the bones' are good.... the roof, siding, burner, hot water heater... as long as we don't likely have to replace more than one of those items within the next couple years, we'll make an offer....
wish us luck... I hope those bones are pretty decent!!!!
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| Posted 8/8/07 8:19 PM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: advice on making an offer
good luck
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| Posted 8/8/07 8:22 PM |
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: advice on making an offer
This is what I did, I went to the assessors website (only good for Nassau)
http://www.nassaucountyny.gov/mynassauproperty/main.jsp
Lookup the house you want to buy, Fair market valu is listed Mid Page, Center Column.
In my case I had been looking for 3 years and was looking to come out ahead. I used the adjusted Market value (top Number) as my starting point, I reduced that number by 15k and made my bid, REMEMBER THE AGENT WORKS FOR THE SELLER..... ALL AGENTS WORK FOR THE SELLER...... THEY GET MORE IF YOU PAY MORE.....
The home that I purchased had just been reduced 30k and I purchased it for 15 k less than the reduced price.
My initial bid was 30k less than the reduced asking.
Good Luck
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| Posted 8/8/07 9:26 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: advice on making an offer
If the house has only been on the maket for a few weeks, then I wouldn't offer anything less than $20K from the asking price.
Good luck and don't worry about asking too many questions - we're all here to help!
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| Posted 8/8/07 9:31 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: advice on making an offer
Just want to add that not all agents work for the seller. Buyers can have agents.
For most agents (I do admit that some are slime) the goal is to get the house sold. Your offer price should not take into account the commission of the agent (unless you have a buyers agent)since a price of $20,000 less does not mean that much in the scheme of the commission.
A $400K house at 5% is $20K in commission while a $380K house is $19K in commission.
$370K house is $18,500 in commission. Your offer should be based on what you can afford and offering a fair price based on the comps.
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| Posted 8/8/07 9:51 PM |
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counselor74
LIF Adolescent
Member since 5/07 806 total posts
Name:
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Re: advice on making an offer
Being new on the market is a disadvantage for you. The longer a house sits on the market the better your chances of getting a good price. Then again, it is a buyer's market and you can always low ball and come up in price during negotiations. You can go back and forth with offer, counter offer for as long as you want.
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| Posted 8/8/07 10:32 PM |
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Re: advice on making an offer
thanks everyone.... you're the best.... I don't feel quite as vulnerable and clueless now....
I'll give you guys the report on the good bad and ugly tomorrow, and what we decided to do.........
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| Posted 8/8/07 10:32 PM |
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