First Time Home Buyers in Ravenna, OH Looking to Buy a House

Asked by Steve, Chagrin Falls, OH Thu Oct 25, 2007

We are first time home buyers. We have been pre-approved with 4 lenders and great interest rates with zero points. We're looking at making an offer on a house in Ravenna. On average how much lower than asking price should our initial offer be? I know there are many factors to be considered but I was wondering if someone could give me a ball park. Say the house is being sold by professional house flippers. Should we low-ball to start? More than 10% off list? Thanks!

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Amy & Dan Sc…, Agent, cleveland, OH
Tue Oct 26, 2010
That's a question to be best answered by your agent as there are numerous approaches. In general though, I'm not a big fan of the low-ball approach, but if this in a non-emotional transaction ( bank owned, flip, etc...) , a low offer shouldn't offend anyone. Again, that's why you hired your agent, to give you sound advice. Good luck with the purchase.
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Ken Woods, Agent, Stow, OH
Wed Oct 20, 2010
Good question Steve, Sometimes the properties are priced to sell immediately at asking price, each property is different. I see you have an agent, so I hope they can provide you with the answers.
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Mary A Colli…, , 07059
Thu Oct 25, 2007
Hi Steve...........ask your Realtor to provide you with a Comparable Market Analysis of the property -- comparing similar homes that are under contract, and more importantly, ones that have recently closed. Remember to compare apples to apples........this will give you a realistic selling price, and this will guide you in your initial offer. Good luck!
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Stephen Merk…, Agent, Wadsworth, OH
Thu Oct 25, 2007
Steve - good question to ask your Realtor - but if you're looking for general advice there is no true rule of thumb. Your Realtor should be able to provide you with a list of homes that are currently available and that have recently sold that are similar to the one you're considering to give you a good idea of what the price range for the market is. Another item that might help is having your Realtor check public records to how long the seller has owned the home, what they purchased it for and what their mortgage was when they purchased it. With a little work, your Realtor should be able to figure what their current mortgage balance is which could be a good benchmark to see if your offer is realistic.
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Steve, Home Buyer, Chagrin Falls, OH
Thu Oct 25, 2007
New on the market. No adjustments yet. Already have a relator.
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Chuck Patter…, Agent, Columbus, OH
Thu Oct 25, 2007
How long on the market?
Any price adjustments already made?
What are comps in the community?
Professional flippers understand co-op selling. I'd get a Realtor. The seller pays the fees.
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