LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

How much below the asking price is appropriate to offer?

Forum Opinion Poll
2k 0 0.00%
5k 2 11.11%
10k 4 22.22%
15k 5 27.78%
..or more 7 38.89%
 

Making an offer?

Posted By Message

tate16t
LIF Zygote

Member since 5/06

25 total posts

Name:

Making an offer?

Is there a rule of thumb or is it based on your opinion of the property and the value of the homes in the area?

Posted 8/18/06 11:04 PM
 

LulaBell
:)

Member since 1/06

3508 total posts

Name:
J

Re: Making an offer?

I would say it depends on how fairly priced it is in comparison to other neighborhood homes, and how much you really want the house. Also, how long it has been on the market.

Posted 8/18/06 11:11 PM
 

Eva Luna
Be kind...life's hard!

Member since 8/05

4750 total posts

Name:
God, bless & heal my DH, JenG's DH Rob & DebG

Re: Making an offer?

Posted by MrsMadness

I would say it depends on how fairly priced it is in comparison to other neighborhood homes, and how much you really want the house. Also, how long it has been on the market.



I agree with all of the above. Get comps, see how long it's been on the market, see the interest in it (other offers, etc.) ultimately, it's how much you love the house. If it's been sitting long and it's overpriced...go for at least 3% below. The worse that can happen is that they can counter.
I bought in a non-competitive market, but because my house was so below market I had to bid slightly over asking to get it. It all depends.

Good luck! Chat Icon

Posted 8/18/06 11:19 PM
 

jerome8283
LIF Adolescent

Member since 5/06

633 total posts

Name:

Re: Making an offer?

I think most home owners list a price at least 10 to 15k more than the actual value hoping that the buyer would make the offer they want.

Posted 8/19/06 9:35 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Making an offer?

the comps are really important here. Similar homes in the neighborhood ar going for a certain amount of money and that should be a benchmark. Also, the condition and how long it's been for sale. If the sellers are anxious to sell, maybe they are moving or already bought another home they could be more flexible. Mostly, though if you really love the house and want it bid in your comfort zone. They could also be sellers that want their price so coming in with a reasonable bid won't exclude you and will maybe promote a counter offer.

Posted 8/19/06 12:50 PM
 

-Lisa-
---------------

Member since 5/05

6530 total posts

Name:
Lisa

Re: Making an offer?

I think its a percentage more than a dollar amount. We bid around 5% below asking.

Posted 8/19/06 7:07 PM
 

Redhead
You Live, You Learn

Member since 5/05

31871 total posts

Name:
Jennifer

Re: Making an offer?

Posted by MrsMadness

I would say it depends on how fairly priced it is in comparison to other neighborhood homes, and how much you really want the house. Also, how long it has been on the market.



i agree

Posted 8/20/06 7:42 AM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
from start (making an offer) to finish (closing) how long did it take? raken40 7/14/05 14 Home
. NASP09 3/17/06 3 Families Helping Families ™
Just making sure I am going to the right place -Pappa Razzi...1500 Jericho Turnpike ? redstar 3/4/06 5 Infertility
Making Baby Food monkeybride 3/1/06 13 Parenting
Ok Im gonna stop being chicken and start making the appts for MommyofG 1/30/06 3 Infertility
wow- I guess making a complaint to the Better Business Bureau does pay off...eventually suvenR 1/26/06 9 Families Helping Families ™
 
Quick navigation:   
Currently 270130 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows