Home Buying in 76036>Question Details

Kharris3617, Home Buyer in 76036

Hello, Do you think it is not realisting to submit an offer for $130k on a property that has over 3500 sq. feet?

Asked by Kharris3617, 76036 Fri Feb 11, 2011

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Each offer for a home should be evaluated for its reasonableness based on the neighborhood, the condition of the house, the location and most of all the projected true value of the house. If it is a low ball offer on a good house in great condition in a thriving area then it probably is a waste of paper. Home sellers and especially lenders trying to sell foreclosed properties will not give away a house just to sell it. If the offer is too low to be considered realistic they do not even give it serious consideration and will most likely dismiss the offer and not bother to make a counter.

Have your agent provide you an estimated value for the proeprty based on its specific circumstances and then make your offer accordingly. Trust their advice, that is why you have an agent in the first place; they know the market.
1 vote Thank Flag Link Sat Feb 12, 2011
It depends on the house.
Some are worth less and some more.
What's the house worth?
If it is worth $250,000, then likely $130,000 is too low.
If it is worth $150,000, you might be in the ballpark.
Just depends.
Try it and see what happens.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Fri Feb 11, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
Kharris, the square footage is not the issue so much as -- condition, and competition.

But if the market value of the land itself significantly exceeds $130k, like say $180k, then your chance of acceptance is basically zero unless you have a desperate seller -- cause that is the "knock-down" value decision making factor.
0 votes Thank Flag Link Thu May 5, 2011
Your buyer's agent can guide you in making a decision on how much to offer on a property. Not knowing the condition and specifics on the property it is impossible for any of us to give you an answer.

Let your agent guide you by showing your current comps and recent sales that are as similar as possible. When you start the bidding you do need to be realistic. I never tell my clients what exactly to offer on a property but it is my job to give them the information necessary to make an educated offer.
0 votes Thank Flag Link Sun Feb 13, 2011
Your buyers agent is the professional answer all your questions. To many questions require an answer prior rendering any opinon .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Feb 12, 2011
That would depend on the list price of the home. Realistically, most homes sell for a discount of 5% off list price in the Washingto Metro area. The real lesson to be learned from this is that homes that are priced well, are the ones that sell (and usually within 5% of their list price) It's actually pretty rare for a home to sell for 15%-20% off list, because buyers tend to look for the nicest house at the top of their price range, and houses that are grossly overpriced can not compete with nice homes that are priced according to the market.

Hope that helps!
0 votes Thank Flag Link Sat Feb 12, 2011
It all depends on the condition on the house and location. Have your agent do a good market analysis for you.
0 votes Thank Flag Link Sat Feb 12, 2011
$130k may be too much if the house has toxic Chinese Drywall.
0 votes Thank Flag Link Sat Feb 12, 2011
Offers can be made on any level at any price however when serious it is best to write offers that reflect your interest in the home. Several things come into play as well like owner type, days on market, condition etc. The best thing to do is find some comparables to get a good price range...the other way to look at things is the seller can always say no...if you have any specific questions about property or submitting an offer please let me know! (I will be working late tonight!)

Sarah Padgett
Century 21 Judge Fite Co
cell: 817-614-6390 (call/text)
0 votes Thank Flag Link Fri Feb 11, 2011
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