Iliana, Home Buyer in Philadelphia, PA

How much we can go down (%?) from the asking price at current market situation at PA 19130? for Condo type of property?

Asked by Iliana, Philadelphia, PA Mon Mar 26, 2012

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Answers

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Larry Lichtman’s answer
Hi Iliana,

There is no set limit or minimum to offer as a bid to purchase a property. Sellers have different reasons for selling. Some are more motivated than others so you may be able to negotiate an offer for 30% less than asking on one property, yet another Seller may not budge even $1,000 off the asking price.

Your first step in purchasing should be to find a Realtor who you feel comfortable working with and you can trust that he/she will represent your best interests as your Exclusive Buyer's Agent. An experienced Realtor will research comparable sales and give you an estimated opinion of what the property is really worth in this market. From there you and your Buyer's Agent will discuss buying strategies.

I often start an offer 30-40% below asking price, depending on the situation. If the house is already renovated and in a highly marketable location, there may not be much room for negotiation. Same goes for condos. If it is a long established building with a strong board, price will be condition dependent and of course also depend on Seller's financial/equity situation. There seem to be many condo short sale opportunities currently on the market.

If it is a great property in the location you like, you may not want to risk losing it to another higher bid. So in some circumstances you will be better off initially offering a number closer to your highest and best offer.

Please feel free to contact me directly if you would like the professional assistance of an experienced Realtor. I'd be happy to interview to be your Buyer's Agent. I'm sure I can help you find a great house or condo and negotiate a good deal for you.

Have a great day. I look forward to speaking with you soon.

All the best,
Larry Lichtman
REALTOR, Property Manager
CEll: (267) 254-7994
2 votes Thank Flag Link Wed Mar 28, 2012
BEST ANSWER
To manage your expectations the average settled prices vs original asking prices in 19130 run from 88% to 94% in the condo market.
0 votes Thank Flag Link Tue Mar 27, 2012
Well, this depends on the actual property and the building. It may also depend on just how motivated the seller may be. But perhaps, an offer at 10% less than asking price for a condo may be OK.
Are you being represented by an agent as a buyer?
If not please do not hesitate to contact me. I can advice you, arrange for negotiations and put an offer in for you with all your appropriate documentation to the seller and/or their agent.
Sincerely,
Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-348-8389
Tel: 610-449-1919 x.223
Fax:484-453-8313
Licensed In Pennsylvania

Never Stop Building
1 vote Thank Flag Link Mon Mar 26, 2012
Every property is unique. Offer what you think it is worth to you and what you can afford. Your agent can help you by pulling comps of similar properties sold to determine what your offer should be. Go for the Deal and not the Steal, you won't be dissappointed.
0 votes Thank Flag Link Tue Mar 27, 2012
Iliana:

You need a professional representative to give you a comparative market analysis of this property.
Any answers you get here are not going to serve you.

A CMA is a compilation of what has recently sold propeties that have similar attributes to the unit you are looking at. This is a process, it is complex and you should hire a buyers agent. A buyers agent comes at no cost to the buyer - the seller pays commission for both agents.

Give yourself the best opportunity to secure the best deal. Hire a professional agent.

Ana Barlow, Coldwell Banker Preferred, Philadelphia
anabarlow@gmail.com
0 votes Thank Flag Link Mon Mar 26, 2012
Iliana, your question consist of Substantive context that can not be explained to you unless you are represented by Agency.

I would suggest contactinga realtor to work with so you can get a correct answer.

All the Best John Curci RE/MAX
0 votes Thank Flag Link Mon Mar 26, 2012
You can go down as much as you want! Sometimes a very low offer will offend a seller, but if they really are motivated then they will come back with a counter offer and both parties can negotiate from there.

If you have any more questions or need a Realtor to work with, I would be happy to assist!

Rebecca Utermohlen
Realtor
Coldwell Banker Realty Corp.
rutermohlen@cbrealtycorp.com
215-896-1935
0 votes Thank Flag Link Mon Mar 26, 2012
Hello Lliana,

Depends on the condition and how motivated the seller is. If your not currently dealing with a Realtor, feel free to give me a call at 267-688-1110. I would be glad to assist you and broker the best deal possible on your behalf.

Warm Regards,

Keith

Keith J. Lawson
REALTOR®
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office)
LawsonRE@gmail.com (email)
http://www.keithlawsonhomes.com (web)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
0 votes Thank Flag Link Mon Mar 26, 2012
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