Home Buying in Hannibal>Question Details

King Osiris,  in Saint Louis, MO

When making an offer on properties,Is it possible to make an offer lower than the asking price?

Asked by King Osiris, Saint Louis, MO Fri Apr 22, 2011

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Yes you can make an offer less than asking price. Your Realtor should be able to give you solid advice as to whether the offer is close to the comparables for the property you are interested in!
1 vote Thank Flag Link Fri Apr 22, 2011
I have not written an offer in the last 3.5 years that wasn't below the asking price until just recently.
1 vote Thank Flag Link Fri Apr 22, 2011
Whether or not a lower offer is acceptable is really up to the seller. All sellers are different and all sellers have a reason for selling. Motivation is key to it all. A good Buyer'sAgent will try to find out the sellers motivation before writing the offer. Understanding the seller's position is paramount to finding common ground and knowing how to structure your offer.
1 vote Thank Flag Link Fri Apr 22, 2011
Yes! However the lower the offer, the less likely the offer will be accepted.
Web Reference: http://www.golftobeach.com
1 vote Thank Flag Link Fri Apr 22, 2011
Yes! But having a Realtor on your side is always the right way to go.

For more buying and selling tips, please visit http://www.RochesterHomeLocator.com

Salafia Sold Team
1 vote Thank Flag Link Fri Apr 22, 2011
This is where buyer and buyer's agent experience come in handy (and save quite a bit of mula). Your agent will always recommends a price point mutually agreeable to both sides. You are on the other hand want it as low as possible. If there is no competition, then bid lower , much lower if you sense a desperation on seller part. If you based your offer on Comparable price, rather than asking price, then you will get a much better chance of being accepted.
1 vote Thank Flag Link Fri Apr 22, 2011
Yes of course, this is done all the time. You might find a home that is priced right and want to offer full price, this also happens. I would recommend you speak with a local Realtor for solid advice on your area.
1 vote Thank Flag Link Fri Apr 22, 2011
All offers are negotiable, and as stated by other realtors to this question, you should find a qualified buyers agent to represent your interest. You will have to sign a contract with the buyers agent for a specific time frame which will allow them to protect your interest and give you advice, while ensuring the agent that you will use them for the transaction. A win / win situation. All agents in a transaction have to disclose to all parties who they will be representing so that all parties are aware of who is working for who.
You will always be in a better position by using a qualified professional in matters of such great importance.
1 vote Thank Flag Link Fri Apr 22, 2011
Absolutely! I suggest that you find a Buyer's Agent to represent you, so you have someone who can answer all of your questions as you have them. The Buyer's Agent will help you decide what to offer on a home you decide to buy. The Buyer's Agent's commission is paid by the Seller, so you receive the services of a Buyer’s Agent at no charge to you.
1 vote Thank Flag Link Fri Apr 22, 2011
Yes you can just have your agent do a comparable market anaylis and should be able to tell from there
1 vote Thank Flag Link Fri Apr 22, 2011
Yes, have your Buyers Agent do a comparative market analysis of the properties that sold in the area. Then you can make your offer based on that. Hopefully there will be room to negotiate.
1 vote Thank Flag Link Fri Apr 22, 2011
Yes, is is possible and often customary to offer less than the list price. A few things that efftect the difference between list and sales price would be the amount of inventory at a given time, condition of property and the pricing of the property in comparison with other available properties. A huge exception to this rule would be in REO or bank owned properties. In my market, Orlando, properly priced bank owned properties are getting multiple offers and are selling above list price. One listed in my office recently had 28 offers the first weekend it was listed and went under contract $35k over list price. I would strongly recommend working with an agent in your area that has goodknowledge of that market. Use their guidance to give you an idea what to offer on any properties you want to purchase. That agent should know more about the market and market conditions than you. Good luck in your search.
0 votes Thank Flag Link Fri Apr 22, 2011
Yes you can all depends on how low insulting offers COULD close down ability for you to purchase. Your buyers agent will assist you with all these questions

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Fri Apr 22, 2011
Dear Hannibal...good luck in your quest to buy...i think everyoe here has the spirit. a purchase is a negotiation. in most states you need to submit offers in writing. don't be surprised if your verbal offers aren't taken seriously.
0 votes Thank Flag Link Fri Apr 22, 2011
the value of a property is in the eyes of the buyer. BUT, have your agent do the comps first so you know if it's overpriced, priced correctly, or underpriced. Consider all amenities and location, not just sq footage. Take into consideration which properties (comps or the property that you are interested in) are distressed properties and hence sold for less or are valued at less than a regular sale - those are not true comps for a regular sale.
Web Reference: http://www.YourSTLHome.com
0 votes Thank Flag Link Fri Apr 22, 2011
Absolutely, this is a buyers market and most home sell for less than list price. Ask your realtor for a list of comparable sales in the area and make your offer based on recent sales prices. A good realtor can help you through this process. There are a few examples of homes that sell above list price. Not to many though in this market
0 votes Thank Flag Link Fri Apr 22, 2011
Yes...you can always make an offer lower than the asking price, however, if the property is priced appropriately for the area, it may have multiple offers, therefore, a lower offer may not get any response.

It is better to take a look at area comparable properties with a realtor and assess what the true market value of the property is and offer at that price, or within a few thousand dollars of the price, not low ball the offer, which will not get a favorable response.

All the best,

Kat Becker
Prudential California Realty
0 votes Thank Flag Link Fri Apr 22, 2011
Of course. An offer is just that: An offer. It can be lower or higher than the asking price.

However, base your offer on the real value of the property. The real value may be lower (or sometimes higher) than the asking price. Your Realtor can help you with that.
0 votes Thank Flag Link Fri Apr 22, 2011
Don Tepper, Real Estate Pro in Burke, VA
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