I have seen Buyers want to HURT the Seller with their offer.
There's a very old saying:
"In order for there to be a good sale; the Seller would have been willing to take less and the Buyer would have been willing to pay more."
Concentrate on the MARKET VALUE of the property; that is the only number that is really in concrete.
If you need any help feel free to contact me,
Broker, Koenig & Strey Real Living
900 N Michigan Ave, Suite 1700, Chicago, Il 60611
Mobile- 773.416.5920 | Office-312.893.8137 | eFax- 312.893.8237
If you want to buy the property, then you need to make a strong offer. In this market, there are many multiple offer situations.
If you want to go low, real low, you find a property that nobody wants, something that has just been sitting there, and isn't exactly in what you'd call a 'hot' Chicago neighborhood, unless you are referring to the weekend news reports that take place there. But it might make a nice investment property or rural getaway in the city due to the abundance of vacant lots surrounding it.
Once you've found this little sparkling lemon, you tell the seller you'll take it. But you don't say for his price, or for half his price, or for free, but you actually ask the seller to pay YOU money to take the property (and it's various issues) off his hands. Perhaps the same amount he is asking of a buyer.
That is how low an offer can be.
If the property has been on the market for while now. You can offer a market value or a little less if you REALLY want it. Then ask them to pay you for taking it off there hands in the form of a credit or other available form. Ask your Realtor they can help you find clever ways to get that. Your question was a little to short if it doesn't answer what you were asking please e-mail at Joel@neighborhoodloans.com. I also see your in Chicago. Chicago right now is the number one in Real Estate sales in the country. let me know if you need anything else..
If you don't want the house, offer 40% of asking price.
Oscar, I hope you realize the right answer depends on your purchase objective.
The clinical buyer and the emotional buyer have differing approaches that will result in the results they want. You have not shared sufficient data to merit an actionable response.
Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
NMLS # 6395
Financing Kentucky One Home at a Time
Hopefully you are working with a broker. Your broker should advise you on what the market value is for the property. If the property is not a short sale or foreclosure any offer should be a realistic offer or as one my colleague stated below you will insult the seller, and, you will not be taken seriously.