I would offer $150,000 and see what happens. If your realtor is upset, fire them and find another.

Another question that you didn't--but perhaps should have also--asked is, "What's the highest amount that I should offer?" And the answer is that you shouldn't offer more than for what that property will appraise.

If its located in Rogers Park a 1/1 at $220,000 is way over priced. My experiance 1/1 mid to low 100's, 2/2 high 100's to low 200's and 3/2 mid 200's.

If it won't break your heart to lose it, you have nothing to lose. Make an offer where you are comfortable and you may make the seller's day!

Maybe the seller is price where they are because they are highly leveraged into the property and need a high sale to clear the mortgage. If this is the case, anything is better than nothing, especially if the seller is feeling the weight of the mortgage and a short sale is the eventual reality.

Best of Luck...and yes, your agent is obliged to present whatever offer you make.

After your second input......
Your Agent/Realtor is obligated to present any offer to the Seller you want presented....
The Seller of course can just flat out reject it..... But if you want to see what happens go for it, and see
how the seller reacts. Your Agent can present it (and I often do!) as your first offer with willingness to negotiate, if you are afraid that the seller might be put off, although a seller should be happy to get a written offer, and try to negotiate to somewhere where both parties can meet and feel comfortable with.

That's why I asked you earlier if you yourself would be comfortable with the around 190 K mark.
Good Luck!
Edith YourChicagoConnection
edithsellshomes@gmail.com

Jill,

If your best judgment is that the property is worth somewhere near $170k, then offer that or slightly below it.

Don't pay any attention to the seller's feelings - they have nothing to do with the value of the property apart from the seller's own mind.

Your agent is obligated to present any offer you make and you should insist that s/he do so.

Realtor did provide a CMA and all kinds of other info/research/etc., which is how I know about the other values and closing costs and whatnot.

It seems like no one else is even looking twice at the property. The Realtor selling was visibly desperate to sell.

The reason I'm looking to bid on this particular one is because I like it best for actually living in it. It fits my taste and the layout is very much how I like to live and entertain and whatnot, plus its features suit my needs, etc. But if/when I move 5, 10, 20(??? who knows!) years down the road, I'd like it to be a good investment, too, and I don't think the asking price is a good investment (I think my Realtor agrees with me there). I AM still looking at other places and won't be heartbroken if this one doesn't work out, but I would love a better sense of actual dollar amounts for reasonable price in today's market.

I would weight the most recent closings with more weight. The market may have shifted substantially in the last six months.

I am also assuming that you've seen some other 1 bedroom offerings in the area. How does this unit compare with what else is available? If the seller has priced well, buyers will respond. If not, you may be the only contract at the table, which gives you more leverage.

Also, ask your agent to justify the lack of enthusiasm. You need to know why they believe that your offer should be higher. Maybe there's something your missing.

I agree with Laura and Ken who responded before....
In general terms your Realtor should provide to you a cma and it seems that you know a little about the market.
But there must be reason why you like THIS property and not others, and here I am assuming that you have seen other units at a lower price you did not want to make an offer on.... So put your decision and the condition and location and size of the unit in perspective, the ones you have actually seen.

Ask your Realtor's advice, your Realtor should have a good feeling why this one is listed so much higher than other units, either he sees good reasons for it or he does not, but that would help you discuss it.

Then I do agree with Laura's answer..... and I always tell my Sellers and offer is an offer, take it seriously, and make your decision....
So think it over a little..... And the seller can reject your offer straight out, he can come back with a counter
not even close to your initial offer, or accept (unlikely .... but...)

think about it is this property so much better than all the others you have seen, so does it deserve more money!!!! Then Look asking price 225 K your want to offer 170 K and I am assuming you do not think the seller will accept 170 K but negotiate with you.... Am I right? Well then the two of you are55,000 $ apart at the start of the negotiations....Now let's assume you are negotiating back and forth 3000 up 2000 down etc.
But let's think from the start without going too much back and forth, could you live with splitting the 55,000 in half, i.e. would you be happy with a sale price around 197,500 $ +
Of course, that does not mean the Seller would be..... Just a way to think about it for you...
Hope this helps you think it through a bit.... But make sure that this is the best property for YOU, and write on a list what it is that you like more in this property than the others

Edith YourChicagoConnection and Northern Illinois Expert
Century 21 SGR
edithsellshomes@gmail.com

Jill-


After seeing the comparables and explaining the market, I always let me clients know that they have to be comfortable with their offer and what they ultimately pay for a home, after all it is their money. It sounds like you have a price in mind and rightfully so. There are only 3 things that can happen with an offer....1. A seller may accept an offer 2. A seller may counter an offer or 3. A seller may reject an offer.

Offer what you feel comfortable with and prepare yourself for one of the three outcomes.

Good Luck!

Jill,

Can you let me know why this unit is of interest to you when there are many others on the market at a lower price? Let us know what this unit offers over others on the market and maybe then we can give you better advice on price.

Good luck, Ken Dooley. http://www.kendooley.com/my-blog/

The biggest issue I see here isn't your offer but your agent. Fire them! Your the boss here and don't feel obligated to no one except your wallet.Find someone who can give you the service you deserve. If I was your agent I would do a through comparative market analysis of the property. Then go over the data and give you my advise as far as what I see what the market value is for that property. Then it would be up to you as to how you would want me to write the offer for you.
You just need someone to do the research and provide you with enough info so that you know if your making the right offer for you.

I agree with Matt: make the offer that makes sense to you.

Jill,
It is tough to say with out having any knowledge as to where the place is compared to the other condos that have sold. But look at the comps that have sold in that building. If things were selling around 150K, then by no means is 170K a low offer. It doesnt matter what you Realtor is or is not enthused about. It is about were you feel comfortable with your offer. I hope you the best of luck.

Matt Laricy
Americorp Real Estate