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04bride
I'm a big sister!!!
Member since 5/05 6707 total posts
Name:
Noel
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what is a reasonable amount to bid on a house that is listed for...
375.
It was listed at 390 dropped to 380 and is now 375. It has been on the market since JUNE!
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Posted 11/22/10 9:39 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: what is a reasonable amount to bid on a house that is listed for...
It depends on comps. They could have gotten bids close to asking but are waiting for asking, even if it's crazy to want that, kwim?
I might bid 325 and see what happened but I am just guessing since I dont know comps.
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| Posted 11/22/10 9:44 AM |
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Ma-n-Pa2008
Mommy's Big Boy
Member since 3/09 2584 total posts
Name:
Melissa
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Re: what is a reasonable amount to bid on a house that is listed for...
we started offering at around $30-35K less than asking and worked our way up.
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| Posted 11/22/10 10:18 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: what is a reasonable amount to bid on a house that is listed for...
Depends on comps, and if you can get a feel from your agent on how desperate they are to sell. If it is priced right, and they aren't desperate, I'd go $350.
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| Posted 11/22/10 10:37 AM |
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babyonboard11
In love with my little man!!
Member since 8/10 1841 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
It depends on comps and how willing they are to buy
I bid 100k less on my house, cause she was asking way too much not cause the house needed a lot of work - I ended up paying 70k less than her listing price bc she wanted to get rid of the house - she was paying 2 mortgages.
Talk to the realtor if you have one and see what they think is good or fair - I know that my realtor would bring me into a house and if I wanted to bid, she would flat out say I will put in any offer that you want but the seller is not accepting less than x amount - most of the time she was right cause everytime I would bid the seller would not budge from their number
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| Posted 11/22/10 10:47 AM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: what is a reasonable amount to bid on a house that is listed for...
I think I'm in the minority here, but for a house that's been on the market for quite some time and has already dropped twice I'd start low...I'd probably start at 300k
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| Posted 11/22/10 11:10 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
I always based it on comps and how badly we wanted the house. if it had EVERYTHING we wanted including a great location we started near the list price
can you list the mls # here and we can take a look?
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| Posted 11/22/10 2:13 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
I would go for $350,000.
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| Posted 11/22/10 2:25 PM |
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HillandRon
LIF Adult
Member since 5/05 2922 total posts
Name:
Hillary
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Re: what is a reasonable amount to bid on a house that is listed for...
Well lets see. Our house has been on the market for 7 months. We are now almosyt 80,000 less than where we started at...
The offers we are getting now are at least another 50-75 lower which is absolutely ridiculous. We would not even think of countering.... If though there is only a 20-30,000 difference we would definately counter.
I would say 350, nothing lower the sellers should counter...
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| Posted 11/22/10 3:17 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
If you think the house is priced at or around its current value, I would bid 30k less than asking and go up 5k as a final offer.
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| Posted 11/22/10 3:34 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: what is a reasonable amount to bid on a house that is listed for...
345
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| Posted 11/22/10 4:16 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: what is a reasonable amount to bid on a house that is listed for...
Posted by HillandRon
Well lets see. Our house has been on the market for 7 months. We are now almosyt 80,000 less than where we started at...
The offers we are getting now are at least another 50-75 lower which is absolutely ridiculous. We would not even think of countering.... If though there is only a 20-30,000 difference we would definately counter.
I would say 350, nothing lower the sellers should counter...
I never can understand the point of not countering? Especially if they are low balling you in an attempt to leave room to counter.
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| Posted 11/22/10 4:45 PM |
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Sweetlax22
LIF Adult
Member since 5/10 1904 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
It all depends on the comps and how bad you want the house. We bid asking price, they were asking a fair price based on the comps and we really really really wanted this house. Good thing we did or else we would have been outbid.
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| Posted 11/22/10 10:48 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: what is a reasonable amount to bid on a house that is listed for...
Posted by LDrinkh20
Posted by HillandRon
Well lets see. Our house has been on the market for 7 months. We are now almosyt 80,000 less than where we started at...
The offers we are getting now are at least another 50-75 lower which is absolutely ridiculous. We would not even think of countering.... If though there is only a 20-30,000 difference we would definately counter.
I would say 350, nothing lower the sellers should counter...
I never can understand the point of not countering? Especially if they are low balling you in an attempt to leave room to counter.
ITA...
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| Posted 11/23/10 8:02 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: what is a reasonable amount to bid on a house that is listed for...
Posted by pickles16
Posted by LDrinkh20
Posted by HillandRon
Well lets see. Our house has been on the market for 7 months. We are now almosyt 80,000 less than where we started at...
The offers we are getting now are at least another 50-75 lower which is absolutely ridiculous. We would not even think of countering.... If though there is only a 20-30,000 difference we would definately counter.
I would say 350, nothing lower the sellers should counter...
I never can understand the point of not countering? Especially if they are low balling you in an attempt to leave room to counter.
ITA...
When our condo was sold last spring, we had one low-ball offer that was so ridiculous that we didn't even take the couple seriously. We had other offers on the table, and their agent was trying to get us to go down by saying that they couldn't afford anywhere near asking. Well, then they couldn't afford our condo. We weren't so desperate to sell that we would bother negotiating with a couple who couldn't afford the lowest we would consider.
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| Posted 11/23/10 9:07 AM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
I don't think I would offer less than 340.
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| Posted 11/23/10 10:08 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: what is a reasonable amount to bid on a house that is listed for...
Posted by pickles16
I think I'm in the minority here, but for a house that's been on the market for quite some time and has already dropped twice I'd start low...I'd probably start at 300k
I agree. Maybe $320 (15% under) depending on the area. It gives room to go up from there and my end price would likely not be more than $340. BUT this is generic and all completely depends on the comps and how well you know what's out there in that particular town.
I dont get the not countering thing at all. It's really just cutting off your nose to spite your face in this market, no? You can always resubmit a higher bid later even if they dont counter. And if they dont want to hear it because they're "insulted", my honest opinion is that contract negotiations will likely be extremely difficult with sellers like that and probably not worth it in this market...
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| Posted 11/23/10 10:36 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: what is a reasonable amount to bid on a house that is listed for...
without seeing the house, probably 325k. If the comps are bad for the seller, maybe 310-320k. But I would also be coming in with at least 20% down so my offer would be stronger than somebody only coming in with 5-10%.
Don't bother with 350k unless all the similar houses are selling for more than asking. Because the only way you can go from there is UP.
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| Posted 11/23/10 11:16 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: what is a reasonable amount to bid on a house that is listed for...
Posted by Salason
I dont get the not countering thing at all. It's really just cutting off your nose to spite your face in this market, no? You can always resubmit a higher bid later even if they dont counter. And if they dont want to hear it because they're "insulted", my honest opinion is that contract negotiations will likely be extremely difficult with sellers like that and probably not worth it in this market...
If they don't counter in the situation that you describe, that means they are in no rush to sell (outside of close to asking) and are probably just wasting the agent's time.
I like the sellers that don't counter. That means I won't waste any further time with them.
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| Posted 11/23/10 11:17 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: what is a reasonable amount to bid on a house that is listed for...
Also this is where a really good buyer's agent can come into play. They can pretty much find out from the seller's agent the homeowner's motives BEFORE making the offer.
With the house I bought, my agent was the one that told me what to initially offer (about 10% or 40k off asking). And this was even with plenty of comps selling for more than what my house was listed for.
My agent basically found out that the homeowner was negotiable, without even having to make a first initial offer.
I have an EXCELLENT agent I can recommend that specializes in south shore nassau (Massapeqa, Wantagh, Seaford, Levittown, Bellmore, Bethpage, etc.) FM me if interested.
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| Posted 11/23/10 11:20 AM |
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