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StaceyLacey
LIF Infant
Member since 4/08 240 total posts
Name:
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How do you know what to offer on a house
I feel like everyone is so wishy washy on the subject. Lets say the house is in Oyster Bay and it OBVIOUSLY needs work. Its listed at 489 but you know it is worth like 400 what do you do? I am hoping that made sense because my brain is mush with all this home buying info. Can you tell its my first :)
Furthermore what is the general % lower you offer on a house. I hear is 25% is this true?
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Posted 1/30/09 10:05 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: How do you know what to offer on a house
I'm so naive. I thought you had to offer the list price. You don't? Geez, I have a LOT to learn! 
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| Posted 1/30/09 11:35 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: How do you know what to offer on a house
I would think you should offer what you think the house is worth,
The worst thing that can happen is the seller is so insulted they refuse to give a counter offer. That i think is going to be rare because they may be desperate to sell.
If the house is 489k i would try a low ball offer at first. maybe 430k
Putting in an offer is not a big deal, worst comes to worse they counter and then you counter back.
Or they just say forget it. If the house has been on the market for a long time, they may accept close to your offer.
you will know the right house when you find it, even sometimes you think its the house and it turns out that it is not.
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| Posted 1/30/09 11:44 AM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: How do you know what to offer on a house
Posted by MrsM-6-7-08
I would think you should offer what you think the house is worth,
Agree. I don't think there is really a rule. Some people list low, in hopes of a quick sale, and they would never sell for 25% less (or even 10% less). Others just want to get out, and would sell for much less than listing.
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| Posted 1/30/09 12:34 PM |
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evnme
My little lamb
Member since 8/05 12633 total posts
Name:
aka momma2b
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Re: How do you know what to offer on a house
check out zillow.com
it gives an estimate of what the house is worth in good condition, plus a good range of what the house could be worth.
and it has other helpful info as well.
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| Posted 1/30/09 1:07 PM |
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StaceyLacey
LIF Infant
Member since 4/08 240 total posts
Name:
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Re: How do you know what to offer on a house
Thank you this is all usefull info
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| Posted 1/30/09 1:14 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: How do you know what to offer on a house
Posted by evnme
check out zillow.com
it gives an estimate of what the house is worth in good condition, plus a good range of what the house could be worth.
and it has other helpful info as well.
Be careful with zillow though. In some cases it is WAY off.
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| Posted 1/30/09 1:26 PM |
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sj-girl
Happy Family of 4
Member since 5/08 5654 total posts
Name:
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Re: How do you know what to offer on a house
Are you working with a RE agent, sometimes they can pull comps in the area to give you idea of what the houses in the neighborhood are seeling for.
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| Posted 1/30/09 1:28 PM |
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gerdee
LIF Zygote
Member since 2/08 22 total posts
Name:
G
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Re: How do you know what to offer on a house
In this market, it is not unreasonable to offer 10-20% below asking. Especially since the ny area is going to decline even more by the end of this year.
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| Posted 1/30/09 1:43 PM |
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Kris92
LIF Infant
Member since 5/08 298 total posts
Name:
Kris
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Re: How do you know what to offer on a house
Posted by SJ-GIRL
Are you working with a RE agent, sometimes they can pull comps in the area to give you idea of what the houses in the neighborhood are seeling for.
I was going to say this too. Our RE gave us comps and told us she couldn't tell us what she thought we should bid on the house. We had to bid what we felt the house was worth. We ended up settling on $10k below asking price.
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| Posted 1/30/09 1:46 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: How do you know what to offer on a house
Ask yourself
1. How long has the house been on the market?
- If it has been on a looooong time, I would think you have more potential to low-ball
2. How much work needs to be done?
- Is is cosmetic or structural? How much major work needs to be done and the cost?
3. What are the comps in the area?
- Look on mlsli.com at recently sold houses in the area, as well as asking your agent to pull comps for you.
4. What can you afford?
- really crunch your numbers, preferablly with a mortgage broker or bank to find the REAL cost of the mortage as well as your expenses. We went line by line with our broker and talked about income versus spending and having cushions, etc ... you should know your absoulter 'top' number before you get emotionally attached to anything.
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| Posted 1/30/09 3:16 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: How do you know what to offer on a house
Posted by TheLorax
Posted by evnme
check out zillow.com
it gives an estimate of what the house is worth in good condition, plus a good range of what the house could be worth.
and it has other helpful info as well.
Be careful with zillow though. In some cases it is WAY off.
I agree...zillow is not always that accurate.
As far as offering, I would always start your offers pretty low; in this market houses are not going to sell right away and you don't want to end up paying too much when you can get it for a lot less!
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| Posted 1/30/09 8:41 PM |
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