Home Buying in 07208>Question Details

Michele.hill, Home Buyer in Elizabeth, NJ

a house is 344,000 do you think i can bid lower

Asked by Michele.hill, Elizabeth, NJ Mon Jul 18, 2011

Help the community by answering this question:



You can bid whatever you want but what you should do is have your agent run the most recent sold comps and base your decision on what to offer on what the house is truly worth. Just as a seller can put their house on the market for any amount they want (more than current market value) it doesn't mean a buyer is going to pay the price they are asking, a buyer can offer whatever they want and the seller doesn't have to accept it.

The most recent sold comps sets the current value market for both buyers and sellers.

Good luck,

Gina Chirico, Sales Associate
Lattimer Realty
1 vote Thank Flag Link Mon Jul 18, 2011
Yes, you can bid lower than asking. Work with an agent that can guide you with the help of a market analysis that will incorporate actual sale data and time on the market. This question is asked often - how much off of asking should I offer? The answer lies in the data - if a home is price well then settling close or even on asking is a good value. If it is overpriced, then you've got to work the seller down to market value. Either way, the answer and your road map will found in the data.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Jul 19, 2011
There are a lot of variables to consider when deciding on how much to offer.

1. comparable sales
2. how long has the house been waiting for an offer (if it didn't sell in 3 or 4 months there must be a reason)
3. does the house need any repairs or upgrades (request a copy of the seller's disclosure)
4. is it a desirable location

If you are not already working with an agent, give me a call if you would like my price opinion 973-766-4018

0 votes Thank Flag Link Mon Jul 18, 2011
Every 10,000 that you save on the purchase price, is about $50-$60 in your pocket a month.
0 votes Thank Flag Link Mon Jul 18, 2011
What city? Just go on Zillow.com, cyberhomes.com and finally mortgage.com all three will give the most recent sales. Plus the EST values of the surrounding houses.
0 votes Thank Flag Link Mon Jul 18, 2011
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