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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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how low is too low of an offer?
how much do you think is too low to offer on a house? A house is asking 439k but needs some upgrading and has 1 bathroom. I wanted to start at 375k and max out at 400k but i am not sure if this will insult the homeowner. The reason i wanted to start low is because the same exact style house across the street that has upgrades and 2 bathrooms just sold for 418k a couple of months ago so i don't know what to do.. any advice you've gotten on placing offers appreciated! TIA
Message edited 1/25/2010 3:04:34 PM.
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Posted 1/25/10 3:04 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: how low is too low of an offer?
since you are basing your offer on comps I think it's perfectly reasonable
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| Posted 1/25/10 3:06 PM |
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mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
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Re: how low is too low of an offer?
Posted by Beth
since you are basing your offer on comps I think it's perfectly reasonable
exactly!!!
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| Posted 1/25/10 3:10 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: how low is too low of an offer?
we based all of our offers on comps and it was reasonable but a lot of times, the homeowners don't want to be reasonable. so, it is hard but definitely try - you never know!
it can be annoying, to say the least, when something sold for $350 two months ago and the SAME EXACT HOME, in the SAME condition is up for $399 and they won't take a penny less. after some digging, we found out that (in this particular case) the people had purchased the home at the height of the market for $425. so, they wanted to try and salvage what they could, KWIM? it was hard - because we offered what we thought it was worth, what it was worth to us - not considering them and their situation.
they chose not to counter - and i think i'll be seeing that house on the market for a long, long time. but - these people might be different. so, you just never know and could luck out! for us, it worked out with another property for the better - so, keep in mind that what is meant to be always finds a way.
HTH! GL!
Message edited 1/25/2010 3:19:24 PM.
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| Posted 1/25/10 3:18 PM |
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Lyssa
LIF Zygote
Member since 10/09 29 total posts
Name:
Lyssa
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Re: how low is too low of an offer?
Yes sometimes the homeowners do get very offended with a low offer, but USUALLY they will counteroffer anyway. It is in their best interest to give you a counteroffer, but sometimes they can't get past their own pride. Let me ask you, are both you and the seller using Realtors? The reason I ask is that the Realtor can usually buffer the reaction and feel out where the offer should be. It does make it easier on you. If it is a For Sale By Owner, it is a more difficult process since they do have a different mind set about how much money they want to get out of the sale (and usually they are way off the mark, which is why they are selling on their own).
I would go ahead and make your offer because it is based on comps, but be prepared for multiple counteroffers. Best of Luck to you!
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| Posted 1/25/10 4:16 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: how low is too low of an offer?
Posted by Lyssa
Yes sometimes the homeowners do get very offended with a low offer, but USUALLY they will counteroffer anyway. It is in their best interest to give you a counteroffer, but sometimes they can't get past their own pride. Let me ask you, are both you and the seller using Realtors? The reason I ask is that the Realtor can usually buffer the reaction and feel out where the offer should be. It does make it easier on you. If it is a For Sale By Owner, it is a more difficult process since they do have a different mind set about how much money they want to get out of the sale (and usually they are way off the mark, which is why they are selling on their own).
I would go ahead and make your offer because it is based on comps, but be prepared for multiple counteroffers. Best of Luck to you!
yes we both have realtors involved. thanks so much all for the advice! we will see what happens although i'm thinking its probably not likely. oh well !
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| Posted 1/25/10 4:42 PM |
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creddy5
LIF Infant
Member since 8/09 158 total posts
Name:
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Re: how low is too low of an offer?
My only advice is to try - if they get offended and you absolutely love the house you can always go back and up your offer. Good luck!
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| Posted 1/26/10 6:47 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: how low is too low of an offer?
Is the comp you are using the same style? same size? Can you add a bath to the house you are looking at? If the answer to each of these is yes, $375 may be too low IMO
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| Posted 1/26/10 7:15 PM |
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