I am buying a condo in Fourth Ward (The Avenue Condo)...how much below list price should I offer?

Asked by Marlon Errazo, Charlotte, NC Tue Jan 19, 2010

The condo is <$250,000 and has been listed only recently.

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Leslie Salls’ answer
Leslie Salls, Agent, Charlotte, NC
Tue Jan 19, 2010
Marlon,
Are you represented by a Buyer's Agent? They should be able to pull the comparable properties for you and answer this question. There is not set rule as each complex stands on it's on...and seller's circumstances vary. Your agent can also pose to the listing agent the question of motivation. I hope you find this helpful!
Kind Regards,
Leslie
1 vote
April Crowder, Agent, Charlotte, NC
Tue Jan 19, 2010
There is no set rule for what you should offer. Each neighborhood or complex has a list to sales ratio. However, the seller's motivation for selling is really all that matters. You said it is a new listing so the seller may not be very negotiable at all. Make an offer too low and you will insult the seller and may end up paying more for the unit. If you have an agent, your agent should be able to guide you with the comparable sales in Fourth Ward and tell you what you should offer. If you don't have an agent, then I would be happy to help you. If it is a for sale by owner, they will almost always pay a real estate commission so nothing comes out of your pocket. Also, if it is a for sale by owner, you should make sure you have an attorney review all paperwork before you sign anything. I hope this helps! Good luck!
0 votes
Scott Lindsl…, , Charlotte, NC
Tue Jan 19, 2010
It depends. Your agent should be able to pull other sales in the building so you can base your offer on real data, real sales, and other factors. This is how the bank and the appraiser and going to base their value and this really is the way to determine "fair market value".

I will say, in general, that I've had clients recently who want to offer far less than asking price because they've heard, and they feel, that at this time one should always get a great deal. While I certainly agree with this, it is a great buyers market, you also need to look at see if the property is ALREADY discounted to cover the downward pricing that is current today. I have listings in Fourth Ward for various condos and my sellers have pre-discounted their asking price to account for current value -- again, consider the comparable sales from The Avenue and decide what price makes sense based on those.
0 votes
Beth Gionis, Agent, Charlotte, NC
Tue Jan 19, 2010
Hi Marlon!
Congratulations on your decision to buy a condo in 4th Ward! It's a great area and I know it well. The best way to determine an offer price is to have your Buyers Agent pull the comps and determine what the sales prices have been for similar units as well as what the seller concessions have been. If you are working with a Realtor, then they should have already offered this service to you. Please feel free to call me if you do not have a buyers agent.
Beth
SellingCharlotteRealEstate.com
0 votes
Holly Would, Agent, Charlotte, NC
Tue Jan 19, 2010
Your agent should be guiding you thru this process. List price has nothing to do with fair market value. Do you know why the seller is selling? Is this a for sale by owner? If you are not knowledgable in buying real estate, you really should have someone assist you. I always say, "You don't know, what you don't know!"
Should you want to contact me, feel free Holly@TeamHolly-would.com
0 votes
Don Tepper, Agent, Burke, VA
Tue Jan 19, 2010
List price doesn't matter. It's irrelevant.

How much is the condo worth? What are the comps? What does the CMA say? You should pay no more than the CMA. You probably should offer less.
0 votes
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