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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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bidding on a house
If a home you liked was listed at $459K...what do you think a realistic bid would be??? I've never done this before!
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Posted 9/25/07 5:41 PM  |
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tabrtm
LIF Adult
Member since 10/06 1314 total posts
Name:
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Re: bidding on a house
Ours was listed at $419K, we bid $390K and settled at $410K.
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| Posted 9/25/07 5:42 PM |
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Re: bidding on a house
We asked our RE agent what we should bid our house for and the offer was accepted.
I'd say ask your RE agent since they've seen the house and have some experience in the field with what a realisitic bid would be.
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| Posted 9/25/07 5:49 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: bidding on a house
In this market, I'd offer about 10% less. However, that's not a fair blanket statement. The house could be priced to sell or really overpriced.
Have you checked out what comparable homes are selling for in the area? (Not asking price, but final sale price?) How does this compare. (Check out www.mynassauproperty.com for comps)
On the first house we made the offer on, it was listed for $415, we offered $380 and settled at $390. That deal later fell through and the house is currently listed for about $385 - STILL on the market.
Our current house we offered about 12% less than the asking price. We knew the seller had the house on the market for a while, had at least one other deal fall through, and was very motivated. They accepted our first offer.
Check out what the other comp sales prices are and see where this house falls. Usually within 10% is a fair first offer. In this market, if it's listed high, I may offer a little less than 10% less.
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| Posted 9/25/07 6:42 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: bidding on a house
I think that you should offer what you feel comfortable with. I would start prob. around $420k and see what happens..
hey btw, did you ever contact the guy at chase? just being nosey..
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| Posted 9/25/07 6:50 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: bidding on a house
Posted by njbound07
I think that you should offer what you feel comfortable with. I would start prob. around $420k and see what happens..
hey btw, did you ever contact the guy at chase? just being nosey..
Actually, we've been playing a wicked game of phone tag! I'm going to call him again tomorrow while I'm at work and hopefully we'll get to touch base. Thanks again for sending me his number.
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| Posted 9/25/07 7:23 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: bidding on a house
The RE agent is working for the seller, not the buyer...right??? So, if I ask her for her input on a bidding price, wouldn't she just highball it?
As for running comps, couldn't she just pull comps in that area that are on the higher end? I hate to be such a cynic, but let's face it...real estate can be a cut throat business. It's all about how much $$$$ they can make!
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| Posted 9/25/07 7:30 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: bidding on a house
Posted by SpiceGirl
The RE agent is working for the seller, not the buyer...right??? So, if I ask her for her input on a bidding price, wouldn't she just highball it?
As for running comps, couldn't she just pull comps in that area that are on the higher end? I hate to be such a cynic, but let's face it...real estate can be a cut throat business. It's all about how much $$$$ they can make!
you're not being cynical, you're being smart. when buyers ask me what they should offer on a house, being that i work for the seller (and say that over and over and over again so that there's never any confusion) i always say "full asking" and then give them a giggle and wink.
its unethical for me to tell them to offer lower than the asking price because then i would be working for the wrong person. but what i always advise is to offer what you feel the house is worth. take into account any work needed and what other houses on the block sold for recently. that stuff you can look up on your own. good luck!
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| Posted 9/25/07 8:22 PM |
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njbound07
LIF Adolescent
Member since 4/07 799 total posts
Name:
pimpette
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Re: bidding on a house
Posted by SpiceGirl
Posted by njbound07
I think that you should offer what you feel comfortable with. I would start prob. around $420k and see what happens..
hey btw, did you ever contact the guy at chase? just being nosey..
Actually, we've been playing a wicked game of phone tag! I'm going to call him again tomorrow while I'm at work and hopefully we'll get to touch base. Thanks again for sending me his number.
ok, I can't tell you enough how awesome his is to work with. You can also contact his assistant.. John Romanelli. When your RE pulls the comps, there is no way that she can rig the #'s. I wouldn't ask him/her about what you should bid on the house.. that's your decision. I don't think that they can tell you how much you should bid good luck.
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| Posted 9/25/07 8:22 PM |
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kmr6107
LIF Toddler
Member since 7/07 463 total posts
Name:
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Re: bidding on a house
Our house was listed at 449. We started off real low at 400. Never hurts to try. We settled at 430. I would probably start at 410,000 on a house that price. You should definitely figure out a price you don't want to go over too.
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| Posted 9/25/07 9:22 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: bidding on a house
zillow.com has great info on comps in your area. The best best is to check comps in your area to see what you should offer. we bought our house in march of 2007. Comps in the srea were equal to or slightly above asking price. the house was in good condition and in a great area, we knew that the asking price was fair and three other offers were on the table. we paid full asking price although the house had gone down considerably from original asking price. Good luck!
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| Posted 9/26/07 12:22 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: bidding on a house
Posted by SpiceGirl
The RE agent is working for the seller, not the buyer...right??? So, if I ask her for her input on a bidding price, wouldn't she just highball it?
As for running comps, couldn't she just pull comps in that area that are on the higher end? I hate to be such a cynic, but let's face it...real estate can be a cut throat business. It's all about how much $$$$ they can make!
I think the person who suggested asking the RE agent meant ask the buyer's agent if you have on.
*I* meant YOU should pull the comps -- and provided a (free) web site where you can do that.
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| Posted 9/26/07 8:03 AM |
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Belladonna219
HOT MAMA
Member since 2/07 2642 total posts
Name:
Belladonna219
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Re: bidding on a house
In this market I would start the bidding @ $400,000. But you should also take into consideration how long the house has been on the market, as another poster said "is it price to sell?".
I personally would not ask an agent buyer or seller's because they could be thinking about their commission not your best interest!
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| Posted 9/26/07 3:13 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: bidding on a house
Posted by Belladonna219
I personally would not ask an agent buyer or seller's because they could be thinking about their commission not your best interest!
I think that's a really good point!
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| Posted 9/26/07 3:18 PM |
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