General Area in Brooklyn>Question Details

Chik-Sum Gong, Home Buyer in Brooklyn, NY

Offer

Asked by Chik-Sum Gong, Brooklyn, NY Mon Feb 6, 2012

How much shall I offer if list price is 500,000

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Answers

9
Madeline Padovano’s answer
Hi Chik-Sum-Gong
as mentioned from other agents we would need alot more information specifically an address to help
guide you in your decison. please feel free to contact me directly madelinepadovano@fillmore.com
718-332-8800 for further assistance.
0 votes Thank Flag Link Mon Feb 6, 2012
BEST ANSWER
Depends on a number of factors. 1st - is the property a good buy? What are homes nearby selling for? If its a $500k home in an area like Gravesend where homes usually sell for 600-750 + then don't go too low or you will bid Yourself out because they may already have offers above your initial offer.
Go by the numbers and area. If you like the home/area & your budget is
0 votes Thank Flag Link Mon Feb 6, 2012
Dear Chik-Sum Gong:

If you really want to purchase the property you should offer the full price. If you do not want to offer the full price you can offer anything you like, just bear in mind that the farther away from the price you are, the less likely it is that you will make a deal.

When looking at houses there is no general rule of thumb (i.e. always offer 10% less). You have to look at each property on a case by case basis, look at the price tag on the property and ask yourself, is this a good deal? Based on your answer to that question, you can make your offer accordingly.

If you want to discuss this further and/or want more specific input, feel free to contact me. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Feb 6, 2012
Hi, You should look at the current market data for homes that have sold in the immediate area within the past six months. It's always best to make an educated offer so that the seller understands that you have don your research, otherwise it just looks like you are shooting in the dark and that could taint the negotiation. After reviewing all the data you have to decide if the vaule is there and then decide what you feel the home is worth.

Sincerely,

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Feb 6, 2012
Think, we as professionals would need alot more information before telling you what to offer. Hope you are considering an Agent/Broker to evaluate current market value!
0 votes Thank Flag Link Mon Feb 6, 2012
Hi Chik-Sum,

You should base your offer on current market value of the property, not list price. Have your Realtor do a Comparative Market Analysis (CMA) using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3 months. This will give you current market price.

Good luck!

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Feb 6, 2012
You should offer what you would like to offer. The worse that could happen is that the owner says no.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Mon Feb 6, 2012
You should speak with an experienced buyer broker in the Brooklyn area to get the best advice. How long has the property been on the market. How many similar homes are on the market and how many have sold within the pst 6 months? What's the condition of the proeprty? School district, general location? all of these are important pioeces of information that you haven't supplied so there's no good way to advise you.

There is absolutlye no correlation between what someone asks and what they ultimately sell for, sometimes their not priced right and there ends up being a large discount, other times, their priced right and there's multiple offers and little or no discount off of asking price. This is why a good local buyer broker can be invaluable.

Real Estate sales are data driven transactions. If you aren't sure how to find a great buyer broker check out the link I've attached.

Best of luck to you.
0 votes Thank Flag Link Mon Feb 6, 2012
Jack is right. There is no hard and fast rule on making an offer. It all depends on how it is priced compared to other homes that have sold recently in the area that are of similar size, age, etc.

Some sellers are motivated and price their home very well or even lower than the market so that they can get a quick sale. Others who are not motivated price their property over market value and then try to negotiate. Have your real estate agent run the comparable properties in the area and then present that information to you. If the home is over priced and should only be worth 450k, then submit that comparable properties report with your offer. If the numbers show the property to be worth 525k, then offer the full 500 and be happy you are getting a deal.

It is all in the numbers. You have to know what those are to make an informed decision.

Best of luck to you!
0 votes Thank Flag Link Mon Feb 6, 2012
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