Home Buying in 60622>Question Details

Jfm, Home Buyer in Chicago, IL

Is an offer of $420k on a listing of $460k out of the question?

Asked by Jfm, Chicago, IL Sun Jan 13, 2008

The place has been on the market for 180 days

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Absolutely not. I buy foreclosures all the time and bid much lower percentages than that all of the time. Free info on my site.
1 vote Thank Flag Link Wed Feb 27, 2008
NO! Actually no offer should be considered "out of the question" - in my opinion. 10% below asking is actually very respectable.
1 vote Thank Flag Link Sun Jan 13, 2008
No, not at all. Sometimes any interest in a home is appreciated. I've purchased and sold homes numerous times over the past decade and it just depends on the market. I've offered asking price and I've low balled and the same has happened to me. Also, I have always approached the first offer as a starting point in negotiations. When I make offers, I almost always go lower than I'm willing to pay. So, those are my 2 cents as a home owner and former rental property owner. That wouldn't offend me. Good luck!
1 vote Thank Flag Link Sun Jan 13, 2008
In this market- any offer is a great place to start negotiating. And remember- If everyone is a little upset about the ending price- it it probably a good deal all around- ie you feel you paid too much, they feel they got to little.
Web Reference: http://www.condochicago.com
0 votes Thank Flag Link Mon Jan 14, 2008
It's not out of the question but you need to do your research to ensure you don't stop negotiations before they've even started. If the seller has previously reduced the price to it's current level and is now below recent sales, you may find the seller is reluctant to engage in serious negotiations.
Alternatively, if the home is priced above recent sales and your offer supports the current market then you can feel comfortable with your offer.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Sun Jan 13, 2008
I like Tom's answer and was about to make the same point: $420,000 still could be too much. Get the comps and see what its real value is. We know it's not $460,000, or else it would have sold. You may be assuming $440,000, since the American notion of "fair play" seems to be "split the difference." No knock on you--and for years I'd always gone with "split the difference" too. But that's not always the best approach.

Anyhow, determine the real value. Even if the comps suggest it's above $420,000, make your offer. And if it's close or below, lower your offer accordingly.

Good luck.
0 votes Thank Flag Link Sun Jan 13, 2008
Don Tepper, Real Estate Pro in Burke, VA
Not out of the question..have a basis for your offer such as actual comps sold in the last six months, and any negatives about the property
0 votes Thank Flag Link Sun Jan 13, 2008
Not at all but how much cash are you putting down will affect the buyers decision as well. It todays market with how much harder it is to get a loan buyers are looking more and more at how good your qualification is to buy the house.
0 votes Thank Flag Link Sun Jan 13, 2008
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