Home Buying in Bloomington>Question Details

Mrs.l, Home Buyer in Bloomington, IL

i have seen alot of properties that seem to be overpriced , so how low could i offer a bid without offending the seller?

Asked by Mrs.l, Bloomington, IL Fri Sep 4, 2009

Help the community by answering this question:

Answers

9
Why the heck do you care about offending the seller? If they've overpriced a property, did they care about offending you? No way!

Ignore the asking price. That's right: Ignore the asking price.

Get a good buyer's agent. Have him or her run the comps on the property. That's the most you want to spend. Pay a penny more and you'll be overpaying. And probably offer less.

And besides, you're not a mind reader. There are some sellers who will be offended if you offer a penny less than they're asking. They're the ones who feel they're already giving it away. And besides, with all the upgrades they've put in (really: not that many, and probably poorly done) they think they're giving you a real bargain. On the other hand, there are some sellers who just want to get out. They just want to sell. And they'll be grateful for any offer. They won't be offended at an offer 20% under what they've listed it for.

So: Don't worry about offending the seller. Determine the real value. Then make an offer at or below that figure.

Hope that helps.
0 votes Thank Flag Link Fri Dec 11, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
That would depend on the Seller, wouldn't it?

Each person's tolerance for offense is personal; some more than others.

Price negotiation, like so many other activities in life, is a battle between Risk and Reward.
0 votes Thank Flag Link Fri Dec 11, 2009
The answer is simple... find a buyer's agent, like me, and write an offer. You never know what someone, the seller, will accept and my job is to represent you the buyer. Unless the offer is on 1 of my listed properties, in which case I would be a "dual agent" , my job is to only represent your interest and to find you a home that you are willing to write an offer on. Then we write the offer and present it to the sellers agent. It is up to the sellers agent to negotiate on behalf of the sellers interest. If the seller is offended, that is unfortunate. Usually the seller will negotiate some on their price and since we do not know where the seller will go down to, we have to start at some price that is less than full price. You never know, your offer just may be saving someone from foreclosure, solving a divorce battle over property, helping someone who lost their job and needs to move or allowing a relocation company to unload an inventoried home. Give me a call 309-275-4734 or check out my website... GregZavitz.com Have a nice holiday.
Web Reference: http://www.gregzavitz.com
0 votes Thank Flag Link Fri Dec 11, 2009
There is no "magic" formula that will you can come up with to find that figure or offer. Home selling is very emotional for the sellers. Please visit my website and order one of my free reports....they have proven to be helpful for home buyers.

http://www.JulieRNoble.com

Julie Noble
309-826-9845
Web Reference: http://www.JulieRNoble.com
0 votes Thank Flag Link Fri Dec 11, 2009
Mrs.I

Great question, please give me a call and I would be happy to talk you thru the process and give you insight as to how an offer could be written depending on the price range of the home.

Greg Zavitz-Realtor
Coldwell Banker Heart of America
309-275-4734
Web Reference: http://www.gregzavitz.com
0 votes Thank Flag Link Wed Sep 9, 2009
I think a professional on your side would be extremely helpful, when it comes to how to present that very first offer, how to negotiate thereafter etc.

The Realtor, will not only pull listings that have recently sold, the agent has seen a lot of properties, and when YOU the buyer look at properties you look at them with an eye on what you like or what you do not like, your Realtor would be looking at upgrades, floor plan, location, lot size, updates, construction and many other issues that could influence pricing.

But that said, it does not seem that at this time you are working with an agent, although I strongly suggest you do find a good area buyers agent, to assist you, No Seller should be offended when receiving an offer.
An offer means just that, it is an offer, an offer to negotiate and to come together at terms and a final sale price that both sides can live with....
The way these feelings of "overprice", "my house is worth more than that", "what is this buyer thinking making such a low offer" etc. etc. are taken out of the process and the negotiations about details, personal feeling will not enter if each side has an Agent working on their behalf and in their very BEST interest~

Are you making an offer to a For Sale By Owner?
Just wondering or if there is an agent on the other side!

Best suggestion still is get an experienced area Buyers Agent to assist you in making all these decisions easier for you.

Good Luck to you!
Edith Karoline - YourRealtor4Life!
Working always in the very BEST interest of her clients!
EdithSellsHomes@yahoo.com
0 votes Thank Flag Link Fri Sep 4, 2009
Dear Mrs. I,
That can be a complicated question. Best to be handled one house at a time. Your REALTOR will research the property and be able to advise you from a more educated perspective. Our market here in B/N is actually pretty strong. Resale properties are only down 2% from last year. New construction is the area that has taken the biggest hit.
Overpriced could have something to do with the sellers' debt on the house. It is often very important to stay in a home for at least three years to be able to recover your investment. In recent times even longer is better.
If you would like to discuss further please feel free to call.
Web Reference: http://www.marylougold.com
0 votes Thank Flag Link Fri Sep 4, 2009
Dear Mrs. I,
That can be a complicated question. Best to be handled one house at a time. Your REALTOR will research the property and be able to advise you from a more educated perspective. Our market here in B/N is actually pretty strong. Resale properties are only down 2% from last year. New construction is the area that has taken the biggest hit.
Overpriced could have something to do with the sellers' debt on the house. It is often very important to stay in a home for at least three years to be able to recover your investment. In recent times even longer is better.
If you would like to discuss further please feel free to call.
Web Reference: http://www.marylougold.com
0 votes Thank Flag Link Fri Sep 4, 2009
When you are working with a professional real estate professional part of the services you receive should include doing a CMA of the property you are intersted in. This should assure you of the value of the home you are interested in as well as aid you in putting an offer together that is acceptable to the seller. There are of course many facets of the CMA that your agent would share with you. If you need any assistance please feel free to contact me.
0 votes Thank Flag Link Fri Sep 4, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer