Asked by Bubble Winner, Minneapolis, MN • Tue Aug 12, 2008
What exactly is considered a lowball offer in this market? 10 to 15% lower than the asking price or even 10% below the lowest price on a house contained within a comparable sales analysis? What I am trying to ascertain is what a reasonable offer might be without being a nonserious bidder who is sort fishing for an outright steal. While I understand it's difficult to make generalizations with the multitude of variables coming into play such as closing costs, seller motivations, cumulative days on market, time frames, etc, I assume that with this deteriorating market, lowerball offers are becoming a lot more prevalent with the buyers having the upper hand. Specifically as a first-time home buyer, I am trying to get some insight with this relating to townhomes, which in themselves seem to hold their price a little steadier (especially in EP) than other single or multi-family homes from what I've been seeing though.
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