Home Buying in Long Beach>Question Details

marcoslbc, Real Estate Pro in Long Beach, CA

What if you see a home is it ok to offer less?

Asked by marcoslbc, Long Beach, CA Thu Feb 13, 2014

Help the community by answering this question:


Depending on market conditions you may be able to offer less for a property but if you decided based on the advice of your agent to do so, make your offer more attractive in other ways. As a listing agent I have to look at both sides of an offer and give the seller my professional opinion. The "highest" offer a seller receives may not necessarily the "best" offer.

Therefore, if you do not believe the property is worth the asking price: ask yourself why? Is it because you want a a great deal or is it truly over-priced. Real estate is a free market system and only the market will determine the value. If it's a home you really want then it becomes a matter of what you're willing to pay to get it or if you're willing to move on to another property.
3 votes Thank Flag Link Tue Mar 18, 2014
You can offer whatever you wish, but keep on mind that if a property is listed on target multiple offers may occur. In order to determine a fair offer review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there...
1 vote Thank Flag Link Fri Feb 14, 2014
Most sellers do not expect to get their list price. Most buyers will look for the sellers' bottom line. Therefore is is common for the buyer to offer less than the list price.
1 vote Thank Flag Link Fri Feb 14, 2014
The answer to your question really depends on the market condition in the area you are looking into. Example: if the market is hot with many buyers and few sellers you cannot play this type of hand when making an offer. On the other hand if the market is slow you can use this to your advantage so to save some money. The mind set here is to identify the trends and apply proper techniques.
1 vote Thank Flag Link Fri Feb 14, 2014
You can offer whatever you want on a home, just like the seller can ask for whatever they want. So yes, you can definitely offer less on a home.
1 vote Thank Flag Link Thu Feb 13, 2014
I agree. You are free to offer whatever but be aware the seller is free to refuse.
Flag Tue Mar 18, 2014
You can offer less for the home but, depending on your market, you may be shooting yourself in the foot if you truly desire the property. I know in my market right now we are seeing multiple offers within days of the market becoming public. Sometimes the home does not even make it to the MLS! A lot of homes in the greater Boston area go over asking. If you have specific reasons to offer less than by all means do. Knowledge is power. If you personally do not believe the property is worth what it is being offered for, talk to an agent about market conditions in the area. He/she should be able to tell you wether or not the home is priced accurately. Cheers!
Flag Fri Feb 14, 2014
There are several ways to make your offer attractive. Your agent can help you with this.
0 votes Thank Flag Link Tue Mar 18, 2014
It is ok to offer less. Be sure to work with a Realtor. Ask them to run some comparables prior to writing the offer. Ask the Realtor for some insight on how much to offer based on the property condition, current demand in the local market and ho much you can afford. If you want the property, it is always important to put your best foot forward. If you can live without the property, just pass and move on to the next one.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-787 Cell
BRE Lic#01456982
0 votes Thank Flag Link Tue Mar 11, 2014
Marco it is best to offer the best price that you feel comfortable in paying for the home. There are times that you may need to pay over the listing price and other times that paying less could work. Each property is different and depends on how it is priced.
0 votes Thank Flag Link Mon Mar 10, 2014
It depends. Ask your Realtor to provide a list of recently SOLD comparable, and how fast the properties are being sold, how long current listings are siting on the market, and if for how much more or less compared to the listing price.

A strong offer may be a couple of dolars on your mortgage payment away from a weak offer. Shop for the best rates also as they affect your payment directly. It may be a difference from getting your house or not.

Celso Neves NMLS 829964 http://www.lamortgagehomeloans.com
0 votes Thank Flag Link Mon Feb 17, 2014
I agree, and add, there are some what I call "Bait Prices" out there, where sellers are asking below market to attract buyers, like putting honey in the driveway. For those you offer over asking price to a realistic amount we estimate the home will appraise for, as Celso suggest, let us provide comparable sales data for estimating the value and how fast the market is moving in the particular location of the home. Other times, sellers may ask a price that is too high, generally, if their realtor advised a lower price, they expect to have to come down a little and have given themselves room to negotiate. Offer a slightly lower price. Evaluate each home based upon recent sales info. and turnover rate or sales trend in the actual location of the home.
Mike http http://;www.capitolhomebrokers.com
Flag Mon Feb 24, 2014
These days homes are selling for at or above list price.

Offering less than list price is one sure way to get you offer flat out rejected, unless you are paying CASH, then the seller may take a bit less than list for the security of a fast closing.

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Feb 15, 2014
Take a look at the data shown on my Trulia blog for Scotsdale.-----------
http://www.trulia.com/blog/AnnetteLawrence/2014/02/market_in… ---------- Submitting a low offer in this community could result in your offer being ignored.------------ You and your REALTOR need to review the real stats (no Zillow or Trulia nonsense) and make your offer based on the data. Stay inside the bracket and you will start the conversation. Get greedy and you will be talking only to yourself.
0 votes Thank Flag Link Fri Feb 14, 2014
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