Home Buying in Westminster>Question Details

Steph, Home Buyer in Westminster, MD

the house is 289,000- what is the lowest bid i should put on it

Asked by Steph, Westminster, MD Sun Jul 18, 2010

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If you're working with an agent, that agent should run comparable sales as if you were a seller to determine the market value but that doesn't mean you can't offer $10K or $20K less or ask the seller to pay your closing costs or both.

Good Luck
1 vote Thank Flag Link Mon Jul 19, 2010
Steph,

I have seen this question asked numerous times on Trulia by different buyers about different properties in different parts of the county. The answer is always the same. If you are a serious buyer you need professional help to advise you with this question and many others that will come up in the course of buying a house. Get together with a local Realtor who has experience helping buyers in your market. If you don’t know anyone, ask for referrals from friends and relatives. Believe me; many of them will be happy to tell you the name of their favorite Realtor.

Or…check out the local Realtors here on Trulia.

Good luck with your purchase.
0 votes Thank Flag Link Sun Jul 18, 2010
$1. It is almost certain (99.99999999999999%) to be rejected but a lower bid is about impossible.

The real answer is it depends.

What is the house worth?
How badly do you want it?
Do you mind overpaying?

If you want a great deal make a low offer. It might be accepted. If not make other offers on other houses.
If you really really want this house, offer higher so you are more likely to get it.
0 votes Thank Flag Link Sun Jul 18, 2010
Steph - no one here can possibly answer that question.
No one should even attempt to answer that question, or they may be giving you useless advice or, worse yet, ill-informed information.

No one here knows the house you are referring to..... the condition of the home...... or the comps for the paritcular neighborhood.
Without that information no one can tell if the home is already priced properly...... priced above market value or priced below market value. You need that information before you can determine the right price to offer.

Ask your agent for advice - if you don't have an agent - find one who can educate you as to home values in the area. Only then should you make an offer.

Good luck!
0 votes Thank Flag Link Sun Jul 18, 2010
That depends on how much the house is worth. Most homes will sell for what they're actually worth... even underpriced homes. Offer too little and you could lose the home to another buyer. I've seen underpriced homes draw as many as 20 offers, many of them over list price. But that is rare. Most sellers over-price their homes.

Ask your agent for an analysis of the home's real value. If you've looked long and hard, and this is THE house, offer it's real value, along with an explanation of why it's not worth more. If you're willing to continue your search for another home if you don't get this one, offer something less. Just keep in mind that you will eventually need to offer something that the seller will accept.
0 votes Thank Flag Link Sun Jul 18, 2010
Steph, thanks for you question and it's a very good one. When my client's ask what is the price I should offer, I asked them to think of their financial situation and then look at any clues that the seller is anxious or might be willing to reduce their sale price. I would love to work with you to show all of my tactics to make a great offer on a home. It truely is a buyers market and you are the market. $275000 or less with other considerations. Call me to have a discussion. Thanks. Kevin Utz
Web Reference: http://teamutz.com
0 votes Thank Flag Link Sun Jul 18, 2010
Hi Steph,

Ask your Realtor to do a comparitive market analysis for you. What are other homes in the neighborhood with similar features selling for? You can certainly start low, but ultimately the house is going to be purchased at fair market value or just below unless there are unusual circumstances.
0 votes Thank Flag Link Sun Jul 18, 2010
Steph, thanks for you question and it's a very good one. When my client's ask what is the price I should offer, I asked them to think of their financial situation and then look at any clues that the seller is anxious or might be willing to reduce their sale price. I would love to work with you to show all of my tactics to make a great offer on a home. It truely is a buyers market and you are the market. $275000 or less with other considerations. Call me to have a discussion. Thanks. Kevin Utz
Web Reference: http://teamutz.com
0 votes Thank Flag Link Sun Jul 18, 2010
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