scooby21 Posted January 18, 2008 Report Share Posted January 18, 2008 In todays market what would you offer for a house that is priced 165,000 and you want them to pay closing cost as well. Link to comment Share on other sites More sharing options...
willingtocope Posted January 18, 2008 Report Share Posted January 18, 2008 Our house in IA was on the market at $154,000...we offered $145,000 and they pay the closing. They accepted. Link to comment Share on other sites More sharing options...
jetscarbie Posted January 18, 2008 Report Share Posted January 18, 2008 We offerered 5000 less than their asking and they paid all closing. Link to comment Share on other sites More sharing options...
jq26 Posted January 18, 2008 Report Share Posted January 18, 2008 Depends on your local market conditions, Days on Market of the property, and the desperation/situation with the seller. Some sellers want/need out immediately. The property I bought in March 2007 was on the market for 150 day at 239,000. I offered 192 and his realtor laughed. Sixty days later (after inspection), we went to closing at $195k with an $8000 seller's assist for a NET price of 187k. Other markets are still relatively underpriced and seller's demand full price. Don't be afraid to lowball though. You'd be surrpised at the offers people will accept in this market. And keep in mind that some people are sitting on 100%+ gains anyway so they just want to unload at any price. The property described above was purchased in 1993 for $52k. And the seller collected 14 years of sizable rent checks in between, so in reality his cost basis is less than $0 when you factor in the income. Link to comment Share on other sites More sharing options...
TTigggers Posted January 18, 2008 Report Share Posted January 18, 2008 It never hurts to askIf you are told No. Ask why.You might be surprised at the answer. Link to comment Share on other sites More sharing options...
morrow Posted January 21, 2008 Report Share Posted January 21, 2008 I once heard, general rule of thumb is always offer 30% lower than what they are asking. Of course they wont accept, but it starts the negotiation process.Then again, you could piss em off too. Link to comment Share on other sites More sharing options...
jq26 Posted January 22, 2008 Report Share Posted January 22, 2008 offer 30% lower than what they are asking.I like your style! Why should you be the bagholder in a housing market that has subscribed to the greater fool theory for the past seven years? Force them to sell at a good value. Link to comment Share on other sites More sharing options...
momof5 Posted January 23, 2008 Report Share Posted January 23, 2008 One thing I do is go online and check the property tax records. You will find out what the owner paid for the house! Then you know how much room you have to negotiate with!One house.....zillow @ $235K. Marketed @ $193K WOW! So I look at property tax records.... original transaction? $100. This house was a "gift", so ANYTHING this guy gets is gravy. House down the block. zillow at $203K. Marketed at $199K. Purchase price for owner? $158K. Less room there.Next one? zillow $196K Marketed at $199K Purchase price for owner? $189K. Factoring in RE commission, there is no negotiating this guy. Link to comment Share on other sites More sharing options...
hasas13 Posted January 23, 2008 Report Share Posted January 23, 2008 30% is the correct equation of the matter. Link to comment Share on other sites More sharing options...
Coming Clean Posted January 23, 2008 Report Share Posted January 23, 2008 In what market is 30% standardI live in a small town in NC, a state in which they say the market is remaining steady. Housing prices have not budged even though the homes have been on the market some 6-9 months.There is a house that I'm interested in the started at $162000 and then reduced to $159000 and has been on the market for 6-9monthsAccording to the county the market value is $112199 and the owner bought it in 2001 for $135500What would be a good offer = 30% is $111300 that just doesn't seem right Link to comment Share on other sites More sharing options...
morrow Posted January 23, 2008 Report Share Posted January 23, 2008 In what market is 30% standardWhat would be a good offer = 30% is $111300 that just doesn't seem rightI dont believe there is a "right" answer. 30% is just a rule of thumb and a figure to mearly start with to negotiate from there.Just because you offer 30% doesnt mean they will sell it to you for that (although that would be nice) but it gets things going. Link to comment Share on other sites More sharing options...
jq26 Posted January 23, 2008 Report Share Posted January 23, 2008 In what market is 30% standardI live in a small town in NC, a state in which they say the market is remaining steady. Housing prices have not budged even though the homes have been on the market some 6-9 months.There is a house that I'm interested in the started at $162000 and then reduced to $159000 and has been on the market for 6-9monthsAccording to the county the market value is $112199 and the owner bought it in 2001 for $135500What would be a good offer = 30% is $111300 that just doesn't seem right"According to the county"...are you looking at tax values? There is no county set market value. Tax values are only updated every few years and have nothing to do with market value. Some are even based on a proportional value system. Your best bet- either look them up yourself or, preferably, find a good realtor that will give you a MINIMUM of 10 comparable houses (ie; 'comps' that sold very close to that house. And then walk through 10 more comparable homes in that price range that are currently on the market. The closer these 20 houses are in proximity and price, the better. Once you've done your preliminary homework assignment, and you still like this one house, then discuss with your realtor the LOWEST possible price that you can offer. If it is on the market that long, there is likely room to negotiate. Then make the lowball offer. If they accept, you are in (pending home inspection, of course). If they don't accept, then they can either take a hike or you can negotiate from that point. Who cares what the person paid for it. Don't make someone else's bad investment your responsibility. Good luck. Real estate is like any other investment. Your homework pays. Link to comment Share on other sites More sharing options...
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