Oscar Gomez, Home Buyer in Chicago, IL

how low can the offer be?

Asked by Oscar Gomez, Chicago, IL Fri Jan 25, 2013

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Answers

18
you can ask them to pay you to take the property off their hands
2 votes Thank Flag Link Fri Jan 25, 2013
A LOW offer can go all the way to insulting!

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.
1 vote Thank Flag Link Fri Jan 25, 2013
Have your broker pull the comps and figure out a good offer amount. I understand that you want a good deal but depending on the market you are targeting low balling offers can be very tedious (going to see places, drawing up offers etc). Technically your offer can be as low as you want. Again it depends on the market and how log the property has been sitting.
0 votes Thank Flag Link Mon Feb 4, 2013
Your Broker should give you some advise about the amount you should offer. We are here to provide you some numbers what is sold in that area and to give you some comps. If the property is price well so you dont have so much room to negotiate, but if is over price you can try with lower offer.
If you need any help feel free to contact me,

Godd luck,
Maja Brajic
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
http://www.majabrajic.com
0 votes Thank Flag Link Sun Feb 3, 2013
Oscar,

If you want to buy the property, then you need to make a strong offer. In this market, there are many multiple offer situations.

Best regards,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Thu Jan 31, 2013
No lower than a dollar because of the difficulty processing coins at title companies.

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.
0 votes Thank Flag Link Wed Jan 30, 2013
Hello Oscar,

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..
0 votes Thank Flag Link Sun Jan 27, 2013
You can make an offer as low as you want, but you want to make sure that it isn't too low if you actually want the property. They might counter-offer.
0 votes Thank Flag Link Sun Jan 27, 2013
the answer may be how fast will the house sell and how motivated is the seller
0 votes Thank Flag Link Sat Jan 26, 2013
LOL Joseph - I couldn't help but laugh at your comment :)

Now for your question Oscar - do you really want the house?? If so offer market value!!!
0 votes Thank Flag Link Fri Jan 25, 2013
If you want to actually buy the house, make an offer within the current area discount range of a properly priced home.
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If you don't want the house, offer 40% of asking price.
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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.
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Best of Success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Jan 25, 2013
It depends on the comps. Have your agent draw you up a CMA. The days of being Jessie James and stealing things are over.
0 votes Thank Flag Link Fri Jan 25, 2013
Anything you want it to be however the seller might get irritated if it is too low. You need to see what the comparables are and how long the proeprty has been on the market. Low ball offers are not usually appreciated even f the asking price is too high. You might just need to wait until the price comes down.
0 votes Thank Flag Link Fri Jan 25, 2013
If you are going to offer more than the list price, make sure the listing agent increases the price before changing the status on the listing.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Jan 25, 2013
Oscar,

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.
0 votes Thank Flag Link Fri Jan 25, 2013
Depends on the demand, right now we're placing offers over asking price in some areas and we're still getting out bid. Your agent should know what's going on in the market, if you don't have one hire one that's familiar with the are you're looking to buy.

Jose Hernandez
312-788-7079
0 votes Thank Flag Link Fri Jan 25, 2013
The buyer can offer whatever he/she wants but that will not guarantee that the seller will accept. If a "low" offer can be backed by other comps or repairs needed in the property then it may have some validity.
0 votes Thank Flag Link Fri Jan 25, 2013
It depends on the property and the seller.
0 votes Thank Flag Link Fri Jan 25, 2013
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