Home Buying in Lindenwood>Question Details

Robbie, Home Buyer in Queens, NY

I saw a co-op listed for $159,000 and offered $140,000. Was this a reasonable offer? This property has been listed for 180 days. The agent stated

Asked by Robbie, Queens, NY Mon Apr 12, 2010

that someone else made an offer on the same day, higher than mine. What is the probability that this occurred??? Or is this a ploy to get me to offer more? Is's 33% down and I can't offer much more.

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Answers

6
It's difficult to say what is reasonable or not without knowing more.

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Nicolas Puygrenier ǀ Licensed Real Estate Broker
Mona Lisa Real Estate Group LLC
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
Email: nicolas.puygrenier@monalisanyc.com
0 votes Thank Flag Link Sun Feb 3, 2013
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Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group
Direct Line: 347-932-0609
0 votes Thank Flag Link Fri Feb 1, 2013
It is possible that there was another buyer and if so, it is up to the seller which offer they want to take. There are a couple of complexes that ask for 1/3 down but most will only as for 20%. Your offer was reasonable and may have required additional negotiation depending on what the seller required. At the moment, there are over 100 co-ops for sale in Howard Beach. Do not be discouraged. If you wish additional info, ou can call me at 917-836-4559. Wishing you luck in your search.
0 votes Thank Flag Link Fri Feb 1, 2013
What is your agent advising--and have you reviewed data regarding recently closed similar units in the immediate area, if so what does the data suggest as to a fair offer--It's quite possible another offer came in and the possibility exists for other offers to come in as well--when a property is priced on target or slightly below, multiple bids do come into play more often than not--your agent can best advise you.
0 votes Thank Flag Link Tue Apr 13, 2010
Make your best offer - and see what happens. This way there will be no regrets should you not get the property.

Good Luck!

gerard Dunn
0 votes Thank Flag Link Tue Apr 13, 2010
Hello Robbie and thanks for your post.

As the weather warms, the number of buyers actively searching for homes increases, so there is every likelihood that a buyer, just like you, saw the listing at 180 days and decided to make an offer. Unfortunately, there is no way for you to know--with complete certainty--whether or not the information being relayed is the truth or intended to encourage you to offer a higher price, however, I do not see any benefit to the listing agent to lie, so let's assume that the information is true.

If you really want the home and can afford to pay a little more or can "strengthen" your offer, then work with your agent to determine what you can do. Remember, an offer's strength is both in the price being offered for the home and the terms for the sale (for example, agreeing to buy the home "as is", to close sooner, to remove contingencies sooner, etc.) You and your agent will need to work closely to develop a stronger offer to present to the sellers.

As for whether or not the price of $140,000 for a $159,000 co-op unit is "reasonable", your Realtor will provide you with comparable housing prices in the area to help narrow the prices, but ultimately, only the seller can determine what is or is not reasonable. I've encountered sellers who listed their homes for $500,000 and who let me and my buyers know that our offer of $525,000 (an amount over listing) was not "reasonable," so the amount the seller will accept is wholly dependent on the particular housing market, the location of the property, the urgency of the sale, the seller's financial needs in transitioning out of the home, and the number of interested buyers. Again, working with your Realtor should help you make an intelligent offer that is affordable to you and can be justified by housing comparables.

Good luck!!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
San Jose, CA
0 votes Thank Flag Link Tue Apr 13, 2010
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