Home Buying in 62216>Question Details

Tink99, Home Buyer in 62216

How much lower than the asking price is a good first offer on a new uniplex that's a little over 1,000 square feet?

Asked by Tink99, 62216 Tue Mar 1, 2011

The asking price is $119,900. The unit next to it was sold last September for $112,000.

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Tink
it's normal to go back 6 months for comps and stick to units within 20% of the size of subject property. Make a small circle and go wider area until you get 5 or six and compare amenities, like updates, upgrades and inclusions. As a rule of thumb, to feel out the seller, (and I think is what you are asking for...) 10% under asking price is not obnoxious. Start going in 15-20% under and why don't they just lower the price to that level and create a feeding frenzy. A 20% under would probably tick off the seller. Get advice from your agent, but i think horshe & hand grenades 10% under to start the ball rolling and see what the seller comes back with and then get real close to your real walk away number.

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1 vote Thank Flag Link Tue Mar 1, 2011
Hi Tink99. After you review comparable listings and sales, you will likely have an idea of how the seller arrived at the asking price. In addtition to negotiating a price, you may also want to consider negotiating upgrades and seller financing. It may also make a difference to the seller regarding your contingencies. IE: Mortgage, Inspections, Need to sell a home, Etc.

~Robert Greenblatt
0 votes Thank Flag Link Tue Mar 1, 2011
There are no set standards as to how much below list price to offer--in order to determine value, review recently sold similar properties in the immediate area, then make a determination...your agent can best advise.
0 votes Thank Flag Link Tue Mar 1, 2011
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