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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Asking price vs. your bid
Posted by SweetestOfPeas
Posted by lululu
I told my realtor that they didnt have to tell me about any offers below X amount because i wasnt willing to negotiate below a certain level. I think that you go into thinking you will meet the person halfway so if the offer is too low and i know i wont meet halfway, i dont want to waste my time..... that was just me though.
yea, I guess that makes sense. that happened to us on a few properties that we MIGHT have made offers on.
I would do what Schnapy did and watch the properties that were of interest - that way if they lower the price you can jump on them..... I felt like people may have done that with my place because the weekend after i lowered the price i got three offers, and i only lowered it 2.4%.....
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Posted 7/11/06 2:46 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Asking price vs. your bid
Posted by SweetestOfPeas
Posted by schnapy
Posted by SweetestOfPeas
Posted by lululu
Well - mine was probably priced a tiny bit on the high side given the market. Not much, i know this because a unit almost exactly the same (a little less nice) in my building sold for my asking price a month earlier. I wasnt motivated though because we had just bought a house and we were doing rennovations and didnt want to be out too soon. Once we were ready to go, we lowered the price and it sold (i hope it sold - we are still in contract!). But everyone has their reasons and I feel like sellers are fully aware that if their house has been on the market for months and they dont lower their price they arent going to even get offers. I mean, they would have to know this right? Maybe i am giving people too much credit.
I think sellers are afraid to lower the price in some cases.
Take my ex boss for instance…
She put her house on the market for $439K (in Medford, the house is10 yrs old) in Jan ’06, very motivated, she was relocating for the company. She had zero offers fr 2 months. She then lowered it to $419K, zero offers. She had a very hard time lowering it to below $400K because now she’s thinking that people will totally low ball her. she did eventually sell it, for $369K. but in all that time she only had 2 offers.
I think that some sellers are afraid to lower the price. So offering low IMO is not a mistake (or an insult).
She bought the house 10 yrs ago for $170K brand new. How can it be insulting? She made more than double her $$ back.
THERE IS NOTING WRONG WITH LOW BALLING BUT WHEN A HOUSE IS NEW ON THE MARKET BE CAREFUL. SOME AGENTS WILL NOT ENTERTAIN THE OFFER SO THEREFORE THEY WONT EVEN SUBMITT IT.
I WENT TO SEE A HOUSE RECENTLY THATS ON THE MARKET SINCE FEB 06 THEY WANT 470 BUT THE HOUSE NEEDS TO BE GUTTED HEAD TO TOE, I OFFERED $370, MY AGENT SAID THEY ARE NOT NEGOTIATING AT ALL THEY ARE FIRM. I SAID TRACK IT FOR ME AND I WILL ALSO AND IF ANY MOVEMENT HAPPENS LET ME KNOW.
IN THAT INSTANCE I CAN SEE LOW BALLING.. I WAS HOPIJNG TO SETTLE AT $400K
WE LOW BALLED OUR CURRENT HOUSE ALSO AND THEY REFUSED I TOLD THE AGENT SAME THING TO CALL ME WHEN THEY WERE SERIOUS TO SELL THEY DID 2 MONTHS LATER AND WE SETTLED ON A PRICE. JUST BE CAREFUL
don't agents have to submit the offer regardless? 
THEY ARE BUT DOESNT MEAN IT HAPPENS
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| Posted 7/11/06 2:47 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Asking price vs. your bid
Posted by SweetTooth
Posted by Hi-Fi55
Oh Lauren, are you buying my dear???
We are thinking about it. This 20% thing was told to me by my parents and people in their generation who bought their houses many years ago, so this could be an outdated piece of advice. Its interesting to see all the responses though! Thanks for all your input!
IT IS OUTDATED.. THEIR GENERATION DOESNT GET IT. I WAS TOLD THE SAME THING.
10% OR LESS IS FAIR GAME
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| Posted 7/11/06 2:48 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Asking price vs. your bid
Posted by lululu
Posted by SweetestOfPeas
Posted by lululu
I told my realtor that they didnt have to tell me about any offers below X amount because i wasnt willing to negotiate below a certain level. I think that you go into thinking you will meet the person halfway so if the offer is too low and i know i wont meet halfway, i dont want to waste my time..... that was just me though.
yea, I guess that makes sense. that happened to us on a few properties that we MIGHT have made offers on.
I would do what Schnapy did and watch the properties that were of interest - that way if they lower the price you can jump on them..... I felt like people may have done that with my place because the weekend after i lowered the price i got three offers, and i only lowered it 2.4%.....
I keep my eyes open... my routine every morning is to check mlsli first.
to be honest, there really isn't anything out there right now. this one that we may have made an offer one sold. and the others... I feel like it wasn't meant to be. they're still for sale.
Message edited 7/11/2006 2:55:11 PM.
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| Posted 7/11/06 2:54 PM |
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AimeeE2006
Time flies!
Member since 1/06 5698 total posts
Name:
Aimee
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Re: Asking price vs. your bid
Well the house we're buying was originally on the market for $449,900. But an offer they accepted fell through and they ended up dropped the price to $434,000 and we got it for $430,000. We didn't even try to offer less then $430,000...dh made the offer, I would have tried for $425,000.
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| Posted 7/11/06 2:55 PM |
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danielle
LIF Infant
Member since 7/05 137 total posts
Name:
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Re: Asking price vs. your bid
This post has me so confused. A house DH and I have had our eyes on dropped 60k this past week, but I still feel it is overpriced. I'll continue to keep my eyes open.
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| Posted 7/11/06 8:38 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Asking price vs. your bid
our first house was in a time of bidding wars, so we offered $1K over asking to show that we were serious (with a preapproval letter)
our second house we offered 4% below asking, but it had already been reduced 7%
When we sold our first half, someone offered 11% below after we lowered once.
I wasn't personally "insulted," but I was annoyed. 1. Our original price was exactly what someone else with a similar house got a few months before (and our house was nicely updated) 2. There were MUCH smaller houses in the area that were listed $10K MORE than what he offered.
Sellers definitely know what is going on with the market. And the best part is when he finally came up to our new asking price, we sold to another couple who were nice and actually offered $1K less! so  to that guy! So if you really want the place, they may not consider other offers later.
I guess it's insulting that you don't think the seller has donet heir homework and that you don't think their house is worth market value (if they have listed it fairly)
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| Posted 7/12/06 12:46 PM |
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Re: Asking price vs. your bid
I think 10% below asking is fair. Houses just aren't moving the way they were and from what I have seen most sellers don't do their homework.
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| Posted 7/12/06 2:22 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Asking price vs. your bid
Posted by schnapy
Posted by SweetTooth
Posted by Hi-Fi55
Oh Lauren, are you buying my dear???
We are thinking about it. This 20% thing was told to me by my parents and people in their generation who bought their houses many years ago, so this could be an outdated piece of advice. Its interesting to see all the responses though! Thanks for all your input!
IT IS OUTDATED.. THEIR GENERATION DOESNT GET IT. I WAS TOLD THE SAME THING.
10% OR LESS IS FAIR GAME
I agree it is outdated. When my parents bought their house that they have lived in for 20 years they paid $160,000 brand new. If they offered 20% less than asking that would be $32,000. In todays market it is alot of money. Our house now can be sold for over 500,000. The same 20% would be 100,000 lower. When we purchased our house my agent said that 10% or less is what sellers will considered but as others said if sellers aren't serious about selling they think they can get the same price for their house that they could have gotten last year or 2 years ago--it just isn't happening. At the same time it really depends on the house if it is worth money to someone, they will buy if not then it will sit.
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| Posted 7/12/06 8:50 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Asking price vs. your bid
I think that most of the houses I have seen sold in my area have gone for as much as ask-10% below ask.
Unless the home is in serious disrepair or in a very bad location I have not seen that many 20% under ask accepted in my neighborhood or on here or within my circle of friends.
If someone offered my 20% under ask for my home I woudn't think they were serious buyers and were wasting my time.
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| Posted 7/13/06 9:47 AM |
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