How long has the home been on the market? Is it vacant? Is the seller motivated? The offer is lowball to me but I'm not the seller (either is anyone here who answers the question). The seller may come back with another number and you are off to the races.

And what's wrong with rejection? You can always come up-- you can rarely go down.
Good luck. Post your decision and what happened, i'd be curious to know. Thanks.

Fri Jun 6 2008, 14:37

Hi Bears. I definately suggest you contact a Realtor that is familiar with the Roanoke Market. I would be happy to assist you in any way that I can. As a buyers agent, I would work at no cost to you and ensure you are getting a true value for your dollar. Feel free to contact me at edna@smithmtnlakeproperties.com or give me a call at 540-520-0168 if I can be of any assistance to you.

Fri Jun 6 2008, 14:21

Have you spoken to a Realtor in the Roanoke area? They should be able to comp this house and tell you when and for how much this home was bought. Most homes in our area are not depreciating. But obviously this home is overpriced if it has been on the market a year in this price range. Your realtor should be able to help you establish a good offering price.

Tue Apr 29 2008, 10:34

Well, how much is the house worth? Tax assessment means absolutely nothing. Nada. Zilch.

If you have an agent/ask him/her to run comps.

Now, we can be pretty sure that if it's been on the market for a year, and it's priced at $124,000--whether it's been priced there the whole time or not--and hasn't sold, then it's not worth $124,000. I'd guess the comps probably will suggest a lower number. Let's just say $115,000. Whatever it is, the comps will give you a ceiling.

How much below that ceiling should you go? There are some practical limits. For instance, if they bought 4 years ago for $105,000, then they won't be able to accept your proposed offer...at least not without bringing money to the table. But if they bought 20 years ago for $30,000, then there's plenty of equity. They still might not accept your offer...but they could if they were motivated to.

Make the offer. The sellers will do one of three things: (1) accept it, (2) counter it, or (3) reject it. And if they reject it, just keep looking. Or make another offer.

Good luck.

Wed Apr 16 2008, 11:00

Hi Bears,

I have been on both ends of "lowball" offers and being an agent I always tell my clients to respond to all offers and I expect the same to be done to the ones I submit. Emotional feelings should not be a part of the real estate equation... The concept of a lowball can vary with the market, comps in the area, days on the market, seller financing , just to name a few. A reputable Realtor in our area should do this research for you and help you write an offer that will be attractive and make sense to the sellers. Good luck!
Leonardo

Wed Apr 16 2008, 10:41

Hi Bears,

You can start negotiating with the owners and hopefully come to an agreement on a mutual price (which may or may not be your starting point). Nothing beats a try. Who knows what the future will bring regarding this property... Best wishes.

Regards, C.

Wed Apr 16 2008, 09:26

In my market 10% below list price would be a low ball.
If a property has been on the market for a year, the sellers will probably welcome any offer.
The important thing is to start the conversation...

Wed Apr 16 2008, 09:25