Remodel & Renovate in 14226>Question Details

4eyes, Home Buyer in 14226

What is the proper percentage under the listed price to make a bid ?

Asked by 4eyes, 14226 Thu Feb 18, 2010

this pertians to a house with about 25k in repairs. Roof, kitchen, siding, and bathroom

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Answers

10
Every situation is different. It may be that the property is listed at the "right price" and someone will be willing to pay the full price or more! Your best bet is to get a Buyer's Agent. They can assist you with comparable sold property's and discuss what a good starting offer would be.
1 vote Thank Flag Link Fri Feb 19, 2010
In today's current - competitive market, I'd highly recommend finding a Realtor that has experience in that market. Realtor's with experience in specified markets are able to research the statistics to find what homes in that area go for, down to the average price per square foot. They can also provide you with that information to empower you to make a sound decision and a sound investment. Working with a professional you trust is key. Normally, what a home is listed for is based on recent comparables, including recent sales, pending sales, expired and active listings. Feel free to contact me with any questions you may have regarding Amherst, NY. I'd be happy to help.

Leah Krajewski w/Hunt Real Estate
(716)997-7812
leah.krajewski@huntrealestate.com
0 votes Thank Flag Link Thu Jun 19, 2014
It's easy and remeber alot of homes are old an outdated and in the same condition. Remember in this area an update is a paint job because updating in this area you don't get the full return on your investment and prices are so low....good luck
0 votes Thank Flag Link Wed Feb 9, 2011
I agree with David Gierlinger's answer.
Also, pick an agent who works in the locality where you are looking. No point in getting advice from other states, or even cities, as the custom may be different.
Don't look at making an offer as a test of wits, or a game. There is not much of that going on out there today in our area. After an offer and a counter it is time to get the real price. In lower price ranges we have a seller's market. . . if you insult them they will wait for the next offer.
Don't plan to subtract what you feel is the value of the work needed from the asking price. The number you subtract that from is the price of what other houses in the neighborhood sold for. The repairs probably are reflected in the asking price. Get real estimates for the work that needs to be done, or have the seller get them if you want to negotiate.
If the house has a bathroom and kitchen that is functional, any updates you have in mind are on you. If you don't like the carpet or the colors, that is yours to change. If one wall is a mirror, it comes with the house even if it has gold veining.
0 votes Thank Flag Link Wed Mar 3, 2010
There isn't a magic formula to determine a proper offer for a house. Find a Buyers Agent who can show you the activity in the market. Compare updates and maintenance of the surrounding"sold" properties and other comparable to lead you to a realistic bid. There are other factors you have to consider too. What is the personal value your getting with this property? Is the bidding on this house competetive? What do you think the bank appraisers value may be? Study the data, present it to the seller with your offer and take carefull consideration of the results. This is the method I use for all my buyers. This is your biggest investment, use a proffessional to help guide your decisions. -Good Luck Kathi Holder RealtyUSA
716-474-1698
0 votes Thank Flag Link Fri Feb 19, 2010
There is no set percentage to offer below or above an asking price. Everything depends on the price - is it the price that the house is worth or is it way above. You should work with a buyer's representative in order to have an advocate to help you make the best offer to give you the best chance of getting the property at the right price. If you have any questions, please feel free to contact me.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Fri Feb 19, 2010
You need to be aware of recently closed similar properties in the immediate area in order to determine a fair offer--if you don't have an agent consider the services--there is no standard on percentage off.
0 votes Thank Flag Link Thu Feb 18, 2010
There ain't no proper percentage... there ain't no magic number. (wouldn't it be nice if there were?).

You have to figure out the actual VALUE of the house, and offer that. The listing price, often has no bearing on value. It's a little tougher than that.
0 votes Thank Flag Link Thu Feb 18, 2010
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
There are no hard and fast rules to what you should offer on a home for sale. Working with an experienced agent that can provide you with comps and assist you in what would be a reasonable offer on a home you are interested in. Factors such as days on the market, condition and inventory will affect the price a home will sell at.
0 votes Thank Flag Link Thu Feb 18, 2010
Pick a respected Real Estate agent who can help you with accepted prices and this is a great basis to use for your offer with a 15% or so under this number...be patient with your counter offers.
0 votes Thank Flag Link Thu Feb 18, 2010
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