Question Details

Cece, Home Buyer in Kentucky

what is a good offer price?

Asked by Cece, Kentucky Thu May 22, 2008

OK want feedback. Here are the facts. House has been on market 100 days. Large house, great family setup, BUT, its not in a subdivision, its on a country garage, no basement. Price has dropped 5,500 since first listing (2 drops). Owner is being relocated by his company so I am sure his company is paying some of the costs. I want to offer about 93% of list price, PLUS 3% credit to closing costs. My real estate agent thinks too low and says most offers are around 95% after all credits... I think my offer is fair and this homeowner is ready to cut losses. What do you think? My offer wouldnt be considered "lowball", would it?

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oh - one other thing.

before you even worry about % off of the asking price - make sure you do your research in terms of market analysis and comps, and check that the asking price is realistic to begin with.
If the house is being listed 15% above fair market value - even getting 10% off the asking price is not a good deal. Make sure that your offer is in line with market value, and represents a good deal to YOU - not just a good deal compared to the asking price (the seller).
0 votes Thank Flag Link Thu May 22, 2008
"Lowball" is a pretty relative term.
I personally agree with you - and might even consider going lower.

Some people take the mentality that anything less then 95% of the asking price might offend the seller. Well - that's the seller's problem. You have to look at the best deal you can possibly get, and the seller has to look at the best deal he can possibly get.

I'm willing to bet that no matter what you throw out there, you will get a counter. Even if you don't get a counter, and you get a flat out rejection - you can tweak your offer and resubmit it.

I'd say go 90-93% plus your costs, expect a counter - and at the end of the day possibly be able to get exactly what you're looking for.
0 votes Thank Flag Link Thu May 22, 2008
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