how much less than asking have people gone?

we are thinking of putting an offer in on a condo - it is a little overpriced -so we want to throw an offer in and see if they take it- the house has been on the market for 60+ days - it would be about 10% less than asking

has anyone had luck at negotiating from there or did the seller just dismiss the offer

thanks for the help

Re: how much less than asking have people gone?

depends on the seller.

we always bid under...most bit, but we also lost some to other buyers.

the way we finally got the house we did is:

1. bid 25-30K under (that is what we felt the house was "worth")
2. seller came back willing to negotiate
3. we went up to 10K under and told seller the offer was only valid for 24 hours, then it would go back to the original bid.
4. seller took it, we got the house

Re: how much less than asking have people gone?

do you mind me asking where the condo is? only reason I am asking is because DH and I also put in an offer on a condo a few months ago and then backed out for a number of reasons... and it's still listed.

for the record, we submitted an offer at 6% below asking and the seller wouldn't even counter - he said it was too low to counter we eventually agreed on a price of $3K less than asking. SO glad we backed out! it's still for sale and now it's less money.

Message edited 3/29/2006 1:22:00 PM.

Re: how much less than asking have people gone?

In our current townhouse, we paid 15,000 less than asking. But, we got our house before it went to market. We knew it would go into overbidding if it went to market and did not want to get into the "war", so we told them we would make one extremely fair offer and the house was not to go onto the market. We got the house.

Recently, we have started to look at houses and we have since been outbid on two houses. We bid asking on both. It is a crazy market where I am and great things still go into bidding wars- usually to best and highest. Ugh, it s uck$.

Re: how much less than asking have people gone?

Officially we spent 15k less than asking, but technically even less than that because we got a few things extra thrown in.

Re: how much less than asking have people gone?

Re: how much less than asking have people gone?

We paid $37K less than the original asking, $17K less than the secondary asking.

(We had an appt at the original price, but had to cancel it. they lowered the price the day after we cancelled by 20K, presumably for "lack of interest" since we had cancelled, so I feel like we got that money off too )

Re: how much less than asking have people gone?

after 30 days, I think any offer is fair game!

Re: how much less than asking have people gone?

We bid 10,000 under the asking price because we thought the price was low to begin with. They accepted.

Re: how much less than asking have people gone?

Re: how much less than asking have people gone?

Re: how much less than asking have people gone?

We got $19k off the asking price.

Re: how much less than asking have people gone?

We only bid about 1.5% under the asking price but for several reasons:

The seller wanted a quick sale, so the price was already fairly low

We were told by the realtor that our bid was how much she was looking for, so we didn't want to waste time negotiating because, as I said, it was already pretty competitively priced

It was already about $20K - $30K less than what we were prepared to spend

It was a nice round number!

Re: how much less than asking have people gone?

We bought a fixer upper but offered 40K less than asking and got the house. They were desperate to sell, we were pre-approved and the last potential buyer's mortgage did not go through. Also, since I work for a title company, I guaranteed them a fast closing and we closed less than 30 days after signing the contract. They had another offer for more $$, and we would not budge. In the end, DH & I seemed more solid to the sellers then the other couple who offered more money.