| Posted By |
Message |
Sandy55
My family ROCKS!!!
Member since 2/08 1219 total posts
Name:
Sandy
|
LOW BALLING!
so....a knowledgeable friend said "NOW is the time to LOW BALL....$100,000!"
i was like what? that's too much to low ball!
What do you think? What's a good number to low ball at?
if a house is selling for $450.....it is nuts to offer $350? or even $399?
thoughts?
|
Posted 3/20/08 11:27 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
|
Re: LOW BALLING!
I wouldn't go less than 15%
|
| Posted 3/20/08 11:28 AM |
| |
|
JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
|
Re: LOW BALLING!
I think it really depends on the house you are looking at. If it really needs a lot of work like big ticket items (roof, heating) then I would 15-20% maybe. You can ask your REA for comps in the area and maybe you can come up with a number from there. This is a crazy market and you never know what someone will except. They might need a quick sell for some reason. GL! 
|
| Posted 3/20/08 11:38 AM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: LOW BALLING!
every house is different- every situation is different
I would start the neg at 20-15% less then asking as a GENERAL rule of thumb
(but there are going to be some houses that need more work then others- there is not a one size answer)
|
| Posted 3/20/08 11:47 AM |
| |
|
CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
|
Re: LOW BALLING!
There are a lot of factors that go into it... the condition of the house, are the buyers eager to get out, etc.
I agree with the other girls... offer 15-20% lower in this market.
|
| Posted 3/20/08 11:51 AM |
| |
|
mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
|
Re: LOW BALLING!
I would totally low ball! you don't know people's circumstances. Just because you offer it doesn't mean they have to accept but it will leave you more room to negotiate.
For a house $450K I would probably offer $380. Who cares?
|
| Posted 3/20/08 12:18 PM |
| |
|
charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
|
Re: LOW BALLING!
$100K is silly, no one is going to take that seriously. Remember that most people still have a mortgage and can't accept a very low offer.
|
| Posted 3/20/08 12:24 PM |
| |
|
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: LOW BALLING!
it depends - what are the comps? If other houses in the neighborhood have sold at that price, if the house has major renovations needed (i.e all original) - go for it.
A house in my parent's neighborhood sold for 200K less than what current houses are listed for, since the original owners hadn't touched it in 40+ years. My mom went to the open house and said it needed $150-200K of work.
If the house is updated and nicely kept and on par with what other houses have sold, you might want to think about very low bidding. We sold our house in 2005, just when the market was turning and someone low balled us. When he finally came up, another couple bid the same as he just came up to and we went with them.
|
| Posted 3/20/08 2:20 PM |
| |
|
sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
|
Re: LOW BALLING!
hmm this is interesting and I will share a story with you. MY MIL low balled on a house way below asking and the seller got offended and wouldnt negotiate because she felt it was insulting. It was an older couple and yes it is a business deal but for some their house is something they want to go to "nice" people---especially the elderly where it means the world to them.
|
| Posted 3/20/08 8:18 PM |
| |
|
BaroqueMama
Chase is one!
Member since 5/05 27530 total posts
Name:
me
|
Re: LOW BALLING!
Posted by sometimesmommy
hmm this is interesting and I will share a story with you. MY MIL low balled on a house way below asking and the seller got offended and wouldnt negotiate because she felt it was insulting. It was an older couple and yes it is a business deal but for some their house is something they want to go to "nice" people---especially the elderly where it means the world to them.
I agree with this because we are buying our home from a 90 year old woman who is eager to sell, but it's bittersweet because she just absolutely loves the house. We smiled and gushed over the house and told her how we can really see our kids growing up there, etc, etc, etc. and then when it came time to offer her something, we played up the "we're young and don't have a lot of money, but really want to raise a family in your house" angle. I think we played our cards right and got a fantastic steal on our house, but all the planets lined up correctly. I could see how the same situation could go sour real fast, though. I guess it's about knowing who you're buying from and really listening to them when they talk and getting a feel for them.
|
| Posted 3/20/08 8:51 PM |
| |
|
lorich
.
Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
|
Re: LOW BALLING!
Posted by prncss
Posted by sometimesmommy
hmm this is interesting and I will share a story with you. MY MIL low balled on a house way below asking and the seller got offended and wouldnt negotiate because she felt it was insulting. It was an older couple and yes it is a business deal but for some their house is something they want to go to "nice" people---especially the elderly where it means the world to them.
I agree with this because we are buying our home from a 90 year old woman who is eager to sell, but it's bittersweet because she just absolutely loves the house. We smiled and gushed over the house and told her how we can really see our kids growing up there, etc, etc, etc. and then when it came time to offer her something, we played up the "we're young and don't have a lot of money, but really want to raise a family in your house" angle. I think we played our cards right and got a fantastic steal on our house, but all the planets lined up correctly. I could see how the same situation could go sour real fast, though. I guess it's about knowing who you're buying from and really listening to them when they talk and getting a feel for them.
We pretty much had the same situation. The woman we bought from lived in this house for 35 years, raising her children in this house, etc.
She wasn't looking for the best offer but more someone who would care for her home, etc. We were also advised being she felt so strongly about her home that we should not insult her with a low balling offer.
|
| Posted 3/20/08 9:01 PM |
| |
|
emeraldeyez
LIF Infant
Member since 10/07 351 total posts
Name:
mommy
|
Re: LOW BALLING!
I've bid on a few houses about 15-20K below asking price and was out bid. every situation is different. I would bid what you think the house is worth and what price you are comfortable paying over the next 20-30 years
|
| Posted 3/20/08 9:02 PM |
| |
|
Kris516
Love The Roo
Member since 2/08 2024 total posts
Name:
Kris
|
Re: LOW BALLING!
I think it depends...how long has the house been on the market? Although some RE will warn you against low-balling, as not to offend the seller, I say go for it. It never hurts to ask!
|
| Posted 3/21/08 12:19 AM |
| |
|
pixiedust
LIF Adolescent
Member since 8/07 553 total posts
Name:
<3
|
Re: LOW BALLING!
I also think it depends on the condition of the house, the sellers, etc. We are in the process of selling our co-op. I know it is much different than selling a house, but we just got a really "low ball" offer, $25,000 less than what we are asking for (the asking price is very reasonable for the area). We put a lot of hard work into this place and to tell you the truth it was a bit insulting ex. since the co-ops in the area that are in the buyers "offer" are nothing compared to what we put into this place. Sorry to ramble about my situation, but my advise would be to really look at the condition of the house and take it from there.
Sorry for my mini vent... 
|
| Posted 3/21/08 8:10 AM |
| |
|
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
|
Re: LOW BALLING!
I think it looks greedy and disrespectful to the seller. It does not even look like the buyer is serious. She will probably ruin her chance to have any response from the seller. When you go that low you lose your chances of bargaining. Where do you go from there? does she go from $100K to $50K?
If they wanted to sell that low they would have posted at a different list price.
I think 10-20% is reasonable and negociable depending on the work needed on the house.
|
| Posted 3/21/08 8:21 AM |
| |
|
|
|
Re: LOW BALLING!
Posted by smdl
I think it looks greedy and disrespectful to the seller. It does not even look like the buyer is serious. She will probably ruin her chance to have any response from the seller. When you go that low you lose your chances of bargaining. Where do you go from there? does she go from $100K to $50K?
If they wanted to sell that low they would have posted at a different list price.
I think 10-20% is reasonable and negociable depending on the work needed on the house.
ITA!!
|
| Posted 3/21/08 8:34 AM |
| |
|
