Home Buying in Memphis>Question Details

Phm, Home Buyer in Memphis, TN

Is an offer of $105K for a home listed at $125K (normal sale, no issues except maybe the driveway needing repair) a "rude offer"? (150 days

Asked by Phm, Memphis, TN Mon Sep 14, 2009

on market)

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All great answers below. The other question is what did the seller pay - could he be upside down and not have the $20,000 to give you. If the other houses in the area are higher priced and this one is loaded with amenities for this price range....yes, it could be considered rude. Think of how you might feel in 5 years and someone wants to give you $30k less than your asking price?
1 vote Thank Flag Link Mon Sep 14, 2009
For a more accurate answer to your question more information is needed. When making an offer you should consider the selling price of comparable homes within the neighborhood and the condition of the property. A good question to ask yourself is will you be upset with yourself if your're outbid by $1000 or so and loose the property. If you really want this property make your highest and best offer.

Timiko Rogers
First National Realty
6423 Summer Gale Dr
Memphis, TN 38134
Cell: (901)653-5686
OFC: (901) 255-2745
1 vote Thank Flag Link Mon Sep 14, 2009
There is no such thing as a "rude offer" as long as the offer is sincere and the person making the offer can and will back it up. Any offer made can be accepted, rejected or countered. A "rude offer" is an emotional reaction and smart folks stay out of this trap and deal with the offer on a more objective level.
0 votes Thank Flag Link Tue Sep 15, 2009
Phm,
It is very common for an offer to come in quite low these days. Buyers are fishing to see where the bottom is on each transaction they do. Even if the home is priced right and in great shape, buyers will still try to get the lowest price. That doesn't mean that the sellers will accept a low offer. This is usually just the starting place for negotiations. If you are the buyer and you are making a low offer, be prepared for the seller to get their feelings hurt a little bit. It can be very trying to sell in this market and sellers are already frustrated. If you are the seller, counter back.
Web Reference: http://carriecrowell.com
0 votes Thank Flag Link Mon Sep 14, 2009
Phm,

No way to answer this question without knowing more about the property, primarly location and other conrtions of the property and sale. The listing price could be too high, it could also be too low. You would need to know more about other sales in the area and the circumstnces of those sales. I don't think any offer is too rude, just may not be good enough to win.

What has your agent told you? What has been their advice on an offer and the location, condition, comparable sales in the area? Take all these things into account.

Let me know if I provide any information

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
901-413-2233
gh_williams@yahoo.com
0 votes Thank Flag Link Mon Sep 14, 2009
Assuming the listing agent appropriately priced the home to sell (fair market value giving concessions for known repairs, condition, recent neighborhood sales, etc.), an offer of $105K may result in a counter offer from the seller. At that point, you can raise your offer, or walk away.

Hope this was helpful!
Jennifer Carstensen
Keller Williams
901-201-0280
jencarstensen@kw.com
0 votes Thank Flag Link Mon Sep 14, 2009
You can always offer whatever you feel comfortable with. Best case scenario the accept or counter, worse case scenario the reject or counter. Keep this in mind though. Know what the value of the home is. If houses in the area are about the same and selling for a higher amount, then the seller may hold out for a higher offer. If homes in the area are priced lower and selling for lower, then this house may be overpriced and the seller may be willing to sell. It will all depend on the market conditions in your area as well as the sellers motivation.
Good Luck
0 votes Thank Flag Link Mon Sep 14, 2009
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