How much to offer the first time?

Asked by Michael R, Lewisville, TX Tue May 6, 2008

should you offer what you are willing to pay? or just $5,000 below their asking price? or should you go ~$10,000 below what you are willing to pay and if they reject the offer see what their counter offer is?
my realtor is on vacation and i need someone to answer my random questions!

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Wade Rice, , Tomball, TX
Tue May 6, 2008
The investors that I work with make a habit of low balling offers to see how the seller will respond. If the property is not near the bottom in terms of price within that market low ball offers work much better. If your decision is not emotional why not start low? It is a rough market for sellers. I will say that I have found a resonable offer that is low but reasonable sometimes will cause a seller to bite just end the game.
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Rick Tannenb…, Agent, Cleveland, OH
Tue May 6, 2008
There is no one answer to your question. You have to know what else is out there if your offer is not accepted. What is your backup plan if you do not get this house? Know how far you will go in the negotiations before you make any offer.

Your Realtor will be your negotiator in the offer as well. Each agent has their own style. You should make sure that you and your agent are on the same page and you are comfortable with their style.
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Fred Kissin…, Agent, Sparks, NV
Tue May 6, 2008
Hi Michael,
Your questions are good ones, but the answers have to be on a case (house) by case basis. Is the asking price in line with the comps? How long has it been on the market? How much do YOU like the house and are you willing to take a chance on being out bid if there are multiple offers? These all have to be considered when you make your offer. In short ... there is no set rule for what a first offer should be.
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