I want to make an offer on a house that has only been on the market for 2 weeks. How likely it is that the buyer will accept?

Asked by Renter, Philadelphia, PA Sat Apr 30, 2011

I want to make the offer for $10,000 less than the listing price. I fear that the seller may think that its too soon and they may get an offer at or closer to the listing price.

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Nancy Blaker…, Agent, NYACK, NY
Sun May 1, 2011
Often times, the first offer can be the best offer to be negotiated. Ask your agent for local current comparables and bid. Good luck!
3 votes
Kathleen Gil…, Agent, Limerick, PA
Sun May 1, 2011
Hi - I make from 10 to 20 offers a week on properties - there are different strategies depending on a lot of variables - if you'd like some help - just let me know.
Best regards,
2 votes
Benny Smith, Agent, Pittsburgh, PA
Sun May 1, 2011
The closer to asking price you offer the better your chances of the owner accepting. Get with your realtor and make a full price with good terms for you and you both my win.
2 votes
Bruce Lang, Agent, Philadelphia, PA
Sat Apr 30, 2011
you will only know if you try.
2 votes
Anna Maria V…, , Philadelphia, PA
Sat Apr 30, 2011
Hi "Renter",

There are many variables that come into play when making an offer. Are you pre-qualified for a mortgage?
How much money can you put down as a down payment? Would this be a cash offer? It sounds to me that you are in need of an experienced real estate agent to represent you as a buyer's agent. Do you have one?

An experienced agent would be able to walk you through all the complicated steps needed during the acquisition process. Of course, it you are making an all-cash offer, offering $10,000 less wouldn't make much of a difference, since the closing would be fairly quick.

If you are not yet pre-qualified for a mortgage, you will need to get a commitment letter from a mortgage company, and together with that letter, you will also need to present an executed Agreement of Sale, an earnest money deposit and a completed Buyers' Financial Statement.

If you need help during this process, please feel free to call me.

Anna Maria Vona
William Festa Realty
3001 S. Sydenham Street
Philadelphia, PA 19145
IPhone: 215.570.3696
2 votes
Chesslynne, Home Owner, Philadelphia County, PA
Thu May 12, 2011
I purchased my first home last year (2010). When I made the initial offer, the home had been on the market for 10 days. I did not make a full price offer initially, however I didn't offer $10k less than asking price either. My experience has been that sellers accept offers based on their individual situations. In my case, the sellers were motivated to sell because they were disbursing an estate and the executors did not reside in Philadelphia. Another factor in the decision is the comparables in the area. You're offer of $10k less than asking may not be totally out of line if the sellers have over inflated their asking price. In this market many sellers have undergone a price reduction when they find out that the market won't support their asking price. Its a buyer's market. This usually doesn't happen within the first two weeks on the market, however. Other factors to keep in mind are the terms and conditions of the offer. Can you close quickly or are you locked into a lease that ends at a specified time? Is your financing likely to be problematic? Get a pre-approval in writing from your lender BEFORE you even think about looking at houses. That alone strengthens your offer relative to the competition. In closing, just be sure to do your homework! I hope I have been helpful. Good Luck.

A Proud First Time Homeowner in Mt. Airy
0 votes
Frank McGove…, Agent, Philadelphia, PA
Sat Apr 30, 2011
It all depends on the sellers situation and the property. If the seller is motivated, they could take the offer and run with it. If the seller is unmotivated, they may want the listing price and wont sell it until they get it. If you could give us some more specific information about the property, we may be able to give you better advice.
0 votes
Kristoffer…, Agent, Blue Bell, PA
Sat Apr 30, 2011
It all depends on the comparable sales in the area and their motivation. Also the list price. If its an $80k home $10k is all the difference in the world. If its a $250k home, while its important to some sellers, that would have a better chance in most situations. If the home is overpriced, then your $10k below might right on, its just a matter of whether the seller realizes it.

Whoever is writing the offer up for you, should be putting their best foot forward for you. They'll tell you whether they think its a fair price. If they don't, you shouldn't want them working for you. I actually create a word-document with bulletpoints to submit on every buyer offer. It actually gives the seller a basis behind where we are coming from and in most cases helps us out tremendously. Good luck! If you need any assistance, my information is below.

Kristoffer Lehman, ABR
Keller Williams Real Estate
Licensed in PA - #RS299648
Office # 215-646-2900
Cell # 267-254-4755
Fax: 800-686-7534 or 267-419-2974
Email: klehman@kw.com
Web: http://www.KrisLehmanHomes.com
Referrals are the heart of my business.
0 votes
Laura Feghali, Agent, Stamford, CT
Sat Apr 30, 2011
Hello Renter,
Go ahead and submit your offer at the price you feel comfortable with. The seller has 3 options:
1. Accept it 2. Counter it or 3. Reject it.
Much depends on the seller's motivation and if there are other offers that he is considering too. Once you know the seller's response from you initial offer then you can proceed from there.
You never know unless you try :)
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes
Mike Rosania, Agent, Philadelphia, PA
Sat Apr 30, 2011
It really depends on the sellers motivatiion. With that being said are you offering 10k less because you feel that's what its worth or just because you don't want to pay full price? I would be more than glad to help you. Feel free to contact me directly.
0 votes
Phong Lam, Agent, Philadelphia, PA
Sat Apr 30, 2011
Hi Renter,

How are you? Thank you for your inquiry. If you have a buyer's agent, he/she should be advising you on this matter. If you currently do not have a buyer's representation, please feel free to email or call me and I'll try my best to advise you. As for now, it doesn't matter when an offer is submitted. As long as you are submitting an offer that is reasonable and not low-ball the seller (which could be looked at as a disrespect to the seller), you should be in good shape. There are homes that went under-contract within 1 day of the home being posted on the market!

If you have any questions, please feel free to email me at Phong.Lam@c21ag.com or call me at (267) 918-1880.

Thank you for your time and I'm looking forward to hearing from you soon! Have a great day!

Hope that helps!

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Best Regards,
Phong Lam, CSM
CENTURY 21 Advantage Gold
2010 Oregon Avenue
Philadelphia, PA 19145
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