Opinions needed regarding bidding on house

DH and I are going to look at a house today that we saw about 2 months ago. the owners have been out of the house for months. it's in a great area, really cute neighborhood, etc. BUT, the house needs a TON of work! the kitchen is the ugliest I have ever seen, it would need to be gutted. the rest of the house is also not in great condition.

It's obviously priced too high for the condition that it's in or it would have sold by now.

so here is my question, do you think it would be ok if we bid more than 10% off of asking? We’re thinking of bidding 15% below.

Re: Opinions needed regarding bidding on house

JMO...We bid way lower than that for a fixer upper and got the house! Bid very low, they will make a counter offer and the go up from there.

Re: Opinions needed regarding bidding on house

Re: Opinions needed regarding bidding on house

Posted by SweetestOfPeas

Posted by dandr10199

JMO...We bid way lower than that for a fixer upper and got the house! Bid very low, they will make a counter offer and the go up from there.

really? how interesting!

the thing is though, I'm sure the owners don't see it as a "fixer", it's just their taste Well I could be wrong, it has been on the market for months for a reason right?

do you mind me asking, what percentage under asking price did you bid and then get it for?

thanks!!

Message edited 4/1/2006 8:53:40 AM.

Re: Opinions needed regarding bidding on house

Posted by dandr10199

We bid about 21% below asking, we got it for 18% below asking!
Our was on the market, then the previous buyer could not get a mortgage after tying up the house for months. The owner already moved out and were paying a mortgage on their new house as well as ours. They were desperate and we knew it. They tried to play hardball with us, but since I am in the RE business I wasn't having it. I work for a title company and I was also able to promise them a closing date within 30 days of signing the contract. Someone else bid higher than us, but again they were not pre-approved and we were. In the end they sold to us because we were a sure thing and we were able to close immediately.
Make sure you are pre-approved if you are going to bid low. Most buyers who have moved out of their house look for a sure thing over someone with more money. This approach worked for us because we were not desperate to buy. We were willing to let it go and the sellers knew it. Good Luck!


Edited for spelling...preggo brain again!

Re: Opinions needed regarding bidding on house

You can definitely get away with bidding 15% or more under especially since you mentioned its been on the market for at least 2 months. Good luck!