Is their a rule of thum as of how much to take off on a house when making an offer?

Asked by LIDIA, 07657 Mon Jun 30, 2008

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John Sacktig, Agent, New Jersey, NJ
Mon Jun 30, 2008
To go into purchasing a home.. for you to ask.. how much to take off the price assumes that the house is overpriced and you should take money off.

Get comps in the area and make an educated offer compared to other homes sold in the area... maybe it is priced right. I recently listed and sold a home in one day. how? the owner said .. price the house to sell in 1 day, lets take all in to consideration and sell it quickly. We had three offers within 1 day.. two people came in 25k under asking price with all of these explanations as to why..and we told them no.
One person did their homework and Paid full price stating that even at full price, it was a great buy.

Don't go in thinking how much you can take off the price, educate yourself on sales in the area and make an educated decision.
1 vote
Jeremy S. Hi…, , Cherry Hill, NJ
Mon Jun 30, 2008

The only rule of thumb to follow is to know the market value of the home. You can only know this by gathering the last six months sold history of similiar homes in the area. Only then can you make an educated offer. Your agent should provide you with such. The home in question could be overpriced, it could be priced right or it could even be priced well below market value. Just randomly deducting a percentage or a flat dollar amount is not the way to go. If have a Buyer's agent request the comps. If you do not have a Buyer's agent hire one who is knowledgable about the area you are interested in.

Best Regards,

Jeremy S. Hill, Realtor Associate
Keller Williams Realty
1814 Route 70 East
Cherry Hill, NJ 08003
Office: 856.685.1651
Fax: 856.321.1414
Direct: 609.876.5817
"Your Interest 1st Always!"
1 vote
Dallas Texas, Agent, Dallas, TN
Mon Jun 30, 2008
No, keep in mind that is the seller gross amount not net , with a good agent should be able to assist you in your offer.
0 votes
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