As Realtors, we are obligated to present all offers. Your agent should write the offer and let the seller decide what to do next. Otherwise, I agree with most of the advice you have already received. If the comps (comparable current solds, pendings and actives) are showing 1M in that area for homes with the same amenities, then the seller most likely will not accept your offer. You should also make it a clean offer in regards to contingencies. Of course it all depends on the seller's reason for having to sell as to how low he will go and what terms he will accept.
I have been a full-time Realtor for 30 years, working with Re/Max Masters for 23 years. I have my GRI, SRES, and CDPE credentials. I also am a member of the Hall of Fame for Re/Max International and my office is in Glendora.
I am available to walk you through the entire transaction from beginning to the end. If your current Realtor will not write and present the offer, please give me a call today.
As others have shared and has I am sure you are aware...our inventory levels in Glendora are extremely low.
To answer your question effectively, I would need to know what the comps are for the property. If the comps reflect the property's value to be around 1MIL than an offer of $825,000 would be considered low and could actually insult the Sellers. If the comps reflect it's value to actually to be around $900,000, and considering that it has been sitting on the market for over 60 days...than an offer of $825,000 might be worth submitting. The offer must be strong and clean. If the Seller opts not to accept the offer than they may be willing to Counter your offer.
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The markets current low inventory, low interest rates and an abundance of buyers, have combined to make the market very competitive for prospective Buyer's like yourself. So competitive in fact, that multiple offers remain common in the current real estate market. That being said, you also must take into consideration the homes location, the Seller's motivation for selling, and the price the Seller's desire in the sale of their home. As a Buyer, you must compare the subject home to similar homes, with similar features and benefits, that have sold and or are currently listed for sale or pending in the neighborhood.
I would welcome the opportunity to sit down with you and assist you in making Glendora your new home. With my office located in Glendora coupled with the fact that I'm a long time resident of Glendora (22 plus years), I'm prepared to walk you through the buying process.
I agree with other responses that it is Seller's market now, and we don't see such scenarios unless of course something unusual going on or property has been way over priced to start with.
At any rate your agent would be able to find out from Listing agent if this offer would be considered by Seller at all. One last thought, If you like the house and can afford the listing price, trying to get a steal at this time, may offend the Seller and make you lose the property you are interested in! Good Luck!
Please email me the address. If you ate currently working with a Realtor, please ask them to pull the comps.
There are different ways to approach your offers when buying, based upon the market and what you are willing to ultimately pay. To be honest, it is currently a seller's market. Most homes are selling near or above listing price, so your offer at nearly 20% below list price would likely not receive much consideration. How close is the $825K to what you are willing to pay? Also, without knowing specifics on the home, it would be hard to tell if the home is reasonably listed. I would love to discuss this home and deal with the specifics if you like. Feel free to contact me directly below
Alan Kurpiewski, REALTOR
CA BRE Lic. 01912043
The only way to find that out is to ask the person.
Let me know if you want to get pre-approved (getting pre-approved increases the odds of your offer getting chosen). You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.