I want to make an offer on a home.

Asked by Loretta, South Jersey 08021 Fri Sep 26, 2008

The type of home is a single and priced at 340,000.00 but on the market now for 90 days in the 19095 area. What kind of offer can I give them

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Gita Bantwal, Agent, Jamison, PA
Thu Oct 2, 2008
Sometimes you can not go by how long it has been on the market . The seller may not be too flexible if they have not reduced the price.
First make sure you have signed a buyer agency contract with the agent. The agent will guide you and show you all the recent sales. You can base your price on recent sales . You do not want to pay more than what it is worth.
I was working with buyers recently who made an offer on a house that was listed at 565k. We offered 450 and came upto 475k.The seller countered at 520 . My buyers were willing to go upto 510, if it appraised so we ordered an appraisal .It appraised at 505 so my buyers decided not to buy and the seller was not willing to lower his price from 520k Your agent will guide you.
Web Reference:  http://www.gitabantwal.com
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Chris and St…, Agent, Philadelphia, PA
Sat Sep 27, 2008

Having a strong buyers agent wll help in this capacity, someone who knows the area inside and out and knows the comparable sales inside and out. The question is too vague for the pros on this forum. I have mentioned before the listing price is not as important as the comparable sales.

For example, if everything else in the neighborhood that is similar sold for 370 or 380K, then this property is priced to sell ! On the counter, if everything is selling for low 300s and you offer 310K and get it, it may feel like a good deal but it is not. That is why knowing the market is critical in addition to having a good buyers agent.

If you do not have a realtor yet and are interested in a referral you can contact us via our site below.

Good luck !
Web Reference:  http://www.thesomersteam.com
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Bill Eckler, Agent, Venice, FL
Fri Sep 26, 2008

A real estate professional should be able to clarify this for you.

Request comps for recently sold homes in your target home's location. This will give you a feel for what the current fair market value would be for this home.

Good luck
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Sylvia Barry,…, Agent, Marin, CA
Fri Sep 26, 2008
Hi Loretta:

What does your Realtor say? Your Realtor will be able to give you professional advise according to the condition of the house, the up-to-date market condition, seller motivation and property history.

He/she will also be able to guide you through the whole offer, negotiation, inspection, negotiation again, closing, .. process; including helping you to engage professional service along the way.

It's something you should seriously consider to get the most benefit out of your purchase!

Sylvia Barry
Marin Realtor
0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Fri Sep 26, 2008
Call your Realtor to assess the current market value. The home may be priced high and there would be a considerable percentage available to discount your offer, or the home may be priced assertively in line with recent sales in the area, and the offers will likely be close to the asking price. There is no hard and fast rule for the relationship between the asking price and sale price, especially in the current market conditions.

You can may any offer you wish to make, but if you want the offer to be taken seriously, learn the market value and offer slightly less if you wish. Remember that buying homes is the decision of one seller and one buyer, so there is no guarantee that the seller is motivated to any degree, and no assurance that any buyer will make a reasonable offer. It is not a committee decision. There must be a meeting of the minds between two individuals. Good luck.
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