Home Buying in Waterbury>Question Details

Kathy, Home Buyer in Waterbury, CT

there is a house that is for sale for 59,000. but i want to offer 15,000 less

Asked by Kathy, Waterbury, CT Tue Apr 12, 2011

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Robet Felder’s answer
Hi Kathy, you first should find out what the marker value of the property is first by having a agent check the sales history of similar properties in the same neighborhood. You can offer whatever price you would like, but if the comparisons say $59k is on the mark then be ready for a possible rejection by the seller assuming he/she is not desperate to sell.

Also, keep in mind if this is a cash deal then great, but if you are looking to finance this then most banks have a cutoff limit as to how little they will loan. The lower the loan the less money they make on the deal.
Let me know if there are any other questions I can help you with.
0 votes Thank Flag Link Tue Apr 12, 2011
Consider looking at the number of days the property has been on the market. Generally sellers of recently listed homes are reluctant to lower their prices. On the other hand, those that have been on the market for a long time can be more receptive to negotiations.

Keep in mind the asking price may not be an accurate representation of the value for the property. This is one of the many services that a real estate professional can provide for you.

0 votes Thank Flag Link Mon Aug 18, 2014
Kathy, I often tell my clients, that people can ask whatever they want for their property, however as they buyer, you determined what's it worth base on recent sales, condition, location and estimated cost for repairs.

Speak to a local real estate agent, who know the market. It is important that all aspects are considered when making an offer and an experienced local real estate agent will help you negotiate the best offer for this home.

Please let me know if I can help. All the Best!
0 votes Thank Flag Link Mon Aug 18, 2014
I seen a condo that sold in July 2014 for 30,000 and now they. Want 59.7 for it. Is it fair to offer 45,000 for the. Property or even 50,000 no more?
0 votes Thank Flag Link Sun Aug 17, 2014
Kathy: Your agent should be telling you what recent sold comparables are. Real Estate prices may go up or down but are driven by recent sold comparables. If the property is priced within the range of recent sold comparables then the seller will wait for a buyer to offer closer to the asking price. You can always try but don't expect to get it accepted, especially if the home has just been listed. If the home has been on the market for a long time then you may have a better chance of getting it below list price.
0 votes Thank Flag Link Tue Apr 12, 2011
Hi Kathy, Our question is also WHY? $15,000 will not make any difference to you if your gettng a mortgage. In fact if you get a loan for under $50,000 your interest will be higher in addition not many lenders will give you a mortgage, most tell us that $50,000 is their line and the interest rate will be higher than if it was $100,000 theres no money in the deal.

Home prices are at their lowest in over 30yrs. Why mess with a good thing. If a home is $59,000 someone out there will pay close to the asking price..

All the Best
Dave & Lisaq
Web Reference: http://www.urhomerealty.net
0 votes Thank Flag Link Tue Apr 12, 2011
Hi Kathy !,

My question to you is why ? The market has plenty of variables that help determine what is a fair value for the home. If you know of them, then you are on the right track. However if you just "feel" that the property is worth 15K less, then you just derailed. If you're not working with an agent and have more questions give me a call. 203.482.7046
0 votes Thank Flag Link Tue Apr 12, 2011
What are the comps? A good real estate negotiator will determine the motivation of the seller and then you
can get a much better answer than just throwing a number at the seller and hope it sticks. If a seller needs to move next week for a new job in another city vs. a seller who is just testing the market. Big difference in what price will be accepted

David Cooper. Las vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. FReee List +1-7024997037. not a real estate agent
0 votes Thank Flag Link Tue Apr 12, 2011
Best of luck with your offer!
Be forewarned that the owner might say no.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Tue Apr 12, 2011
-A buyer can offer whatever they want and the agent has to present it. However, your agent should research what other houses in the area have sold for so you can make a reasonable offer. If you go in too low another buyer may put in a higher offer and you will lose the house.
0 votes Thank Flag Link Tue Apr 12, 2011
Kathy you should not base any offer on an asking price, you need to assess what the home is worth and base your offer on that, you do not know if that price is at market value now, is alreayd lower or is way over.

You also should simply ask teh listing agent if tehy think the offer owuld be accepted, also ask if any offers are currently submitted and if any have been accepted or rejected. making that low of an offer may lead to getting it declined and if there is other interests, you could lose out by not making your best offer first.

Please check out my blog


For tips and advice on buying bank owned homes.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Apr 12, 2011
Hi, If you have an agent, he/she should be willing to do that for you. That's not a bad offer in this market. If you do not have an agent, please feel free to contact me. I'm a Waterbury resident, full time Realtor and would be happy to assist you.

Chris Jahn
Coldwell Banker
0 votes Thank Flag Link Tue Apr 12, 2011
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