There is a home on the market for 149,900, and was on the market for 6 months and taken off for 2months

Asked by James, Chicago, IL Mon Jul 7, 2008

andhas been back on the market for 2 months, what would be a good opening offer, is 125,000 to low figuring that this is a buyers market

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
James L. Jon…, Agent, Brookville, IN
Tue Jul 8, 2008
Ultimately Mark is absolutely correct. The question really comes down to are you looking for a steal (read that bargain) or to pay a fair market price for the home. Market price is determined by what comparable homes in the immediate area have sold for in the last 6 months or so. This determination while reasonably scientific can be subjective, but it will be the basis for a financing appraisal when the time comes.

There are a few things that will impact the purchase price of the home. Not the least of which are how desparate is the seller to move the property and get on with their life. How much do they still owe in mortgage(s) on the property. If you offer $125k and they are willing to accept that amount to get a deal done, if that amount is insufficient to pay off the remaining mortgage, it may prevent the sale.

If you really want the property and you feel that is what you want to offer, go for it. Even if the offer is rejected it may prompt a counter offer or open a dialogue that will help you understand just what the seller's bottom line is. One recommendation I would make is for you to formulate in your mind (on paper is better) a couple of "what if" scenerios. Example.. What will I do if I offer $125,000 and they counter with $135,000? What will I do if I offer $125,000 and they don't respond at all? Pondering these possibilities in advance will help you to prepare psychologically for your next move and by starting now you have more time to consider how you can best respond to various possible responses.
1 vote
Wayne Beals, Agent, Chicago, IL
Tue Jul 8, 2008
James and Mark have pointed out the bottom line. It is entirely up to the seller to accept, decline or counteroffer. If your looking for something to back up your offer of $125k, have your agent research recent sales.

Submitting your offer with comparables to back it up is your strongest position. Even an unrealistic seller will pay close attention to the comparables as it limits the financing opportunities for their list price.

If you find that the comparables don't support your offer. Place in an offer and see if you can get a deal.

Good luck.
0 votes
Mark Roncone, , Naperville, IL
Tue Jul 8, 2008
James,

What is the worst thing that could happen? They say no and you can make another offer. Are you working with a Realtor?
Web Reference:  http://www.markroncone.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more