Home Buying in Aurora>Question Details

Aflynn83, Home Buyer in Aurora, IL

If a house is listed at 140000, whats the lowest possible price we could offer without offending the seller?

Asked by Aflynn83, Aurora, IL Thu Sep 24, 2009

We were prequalified for 120000 but we want to know if we would have a chance if we wanted to put our max offer on something between 135000 and 140000 with the seller paying closing cost. What would be our highest listing price we could go after without being totally rejected on an offer?

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Answers

5
Your agent should provide you with a market analysis to give you a better understanding of what similiar homes are selling for. Once the comps are provided you should be able to make your decision of what to offer the seller. Your agent should be able to explain your offer using market facts.

You won't know seller motivation until you present your offer. There are 3 outcomes: seller may reject, accept or counter your offer.

Good Luck!
0 votes Thank Flag Link Thu Oct 1, 2009
A,

It's hard to tell what offer would offend an owner but the best offers are ones that can be supported through hard facts. Prior to making an offer, it is our recommendation to preview the recently sold similar homes in your target location. This should provide you with a clear understanding of what your perameters should be while placing your offer.
0 votes Thank Flag Link Thu Sep 24, 2009
You need to find out what the comparable sales are in the area as well as how long the home has been on the market! If it's new on the market, do you have competition? Is there an offer date? Have you seen comparable houses for less money or more? The question here is, is the price right for the house?
0 votes Thank Flag Link Thu Sep 24, 2009
I think you should have no problem getting the seller to pay closing cost. I would need more info to give you better advice.

Jim McMahon
630-774-9933
Web Reference: http://ekerry.com
0 votes Thank Flag Link Thu Sep 24, 2009
What you need to know is what are similar houses in the same area selling for. That will tell you what the seller is probably trying to get for their house.

However, the only way to find out what the seller is thinking is to make the offer. You never know what the seller is willing to take to make the deal. They will either flat out reject your offer or counter you and you will know where they stand. Good Luck
0 votes Thank Flag Link Thu Sep 24, 2009
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