What is a general rule of thumb when creating an offer as to not offend the seller?

Asked by J.kelly, Milwaukee, WI Tue Feb 24, 2009

My wife and I are looking at home in Cudahy Wisconsin for $175,000. The seller is an elderly widow who lives with her daughter. The house is in very nice shape and they were the only owners. I believe we can get $157k or even maybe $160k with some "perks" (i.e. closing cost credits, snowblower, air compressor...) I'm not trying to one up this widow but at the same time I'm looking for a great deal. Is there a percentage reduction that's not offensive to the seller?

Help the community by answering this question:

+ web reference
Web reference:

Answers

9
Sally K. Hanson’s answer
Sally K. Han…, Agent, Elm Grove, WI
Tue Feb 24, 2009
We have sold homes in Cudahy....and listed them...where did you get your number ? Was it from homes that have sold in the last 3 months ? Is this the number you want or a realistic number based upon homes that have actually sold ? Our last seller in Cudahy that closed in December passed on all the "let's make a deal buyers" and got 98% of their asking price.
0 votes
NonRealtor, , 23456
Tue Feb 24, 2009
Wait until it is foreclosed--it will be cheaper. Good Luck
0 votes
Debbie Bingh…, , Milwaukee, WI
Tue Feb 24, 2009
Definitely take a look at what has been selling recently in that area, similar to the house you want to buy. That will give you a general idea of what price range homes are selling at right now. Based on the condition of the property, come up with a "fair" value within that price range.

The thing to remember is as a buyer, you're looking at the purchase as a business decision. As a seller who's live in this house for many years, they're looking at things with a lot more "emotion" involved. You're right to not want to offend the seller...as long as you have done your research, and offer a price within the price range of homes that have sold recently, you should be O.K.

It never hurts to be able to see things through the eyes of the seller as well. A great deal is one where both parties walk away feeling like they "got something" out of the deal!
0 votes
Debbie Bingh…, , Milwaukee, WI
Tue Feb 24, 2009
Definitely take a look at what has been selling recently in that area, similar to the house you want to buy. That will give you a general idea of what price range homes are selling at right now. Based on the condition of the property, come up with a "fair" value within that price range.

The thing to remember is as a buyer, you're looking at the purchase as a business decision. As a seller who's live in this house for many years, they're looking at things with a lot more "emotion" involved. You're right to not want to offend the seller...as long as you have done your research, and offer a price within the price range of homes that have sold recently, you should be O.K.

It never hurts to be able to see things through the eyes of the seller as well. A great deal is one where both parties walk away feeling like they "got something" out of the deal!
0 votes
Debbie Bingh…, , Milwaukee, WI
Tue Feb 24, 2009
Definitely take a look at what has been selling recently in that area, similar to the house you want to buy. That will give you a general idea of what price range homes are selling at right now. Based on the condition of the property, come up with a "fair" value within that price range.

The thing to remember is as a buyer, you're looking at the purchase as a business decision. As a seller who's live in this house for many years, they're looking at things with a lot more "emotion" involved. You're right to not want to offend the seller...as long as you have done your research, and offer a price within the price range of homes that have sold recently, you should be O.K.

It never hurts to be able to see things through the eyes of the seller as well. A great deal is one where both parties walk away feeling like they "got something" out of the deal!
0 votes
Karen Wenzel,…, Agent, Brookfield, WI
Tue Feb 24, 2009
J. Kelly,
Are you working with a Realtor or dealing directly with the Seller? If you have an agent, have them pull up recent sold properties to substantiate your offer. There is no standard "rule-of-thumb" on amount off of asking, in fact in some cases recently I have seen homes selling near asking- but that is because they were "priced right" and buyers saw the value in them.
You may also want to put a personal touch on your offer by writing a letter to the sellers that would accompany your offer, telling them your reason for offer amount, not meaning to offend them, etc. If you are planning on making this your long-time home for your family, include that also.

Try to put yourself in the "Seller's shoes" when going through the negotiations. There may be alot of emotions in play.

All the Best to you!
Web Reference:  http://GoPackerUp.com
0 votes
Keith Manson-…, , Milwaukee, WI
Tue Feb 24, 2009
You need to have your buyer agent assit you in looking at the property and validate what the property is worth. When negotiating with the listing agent your agent should work to help them understand the offer and why and be able to suppot it. If you do not you may have an upset seller they may not respond to your offer.

Try to make sure you are looking at this as a process. If you are too low,it might be a one shot and that is it. If your trying to get the steal property that might be fine, however, if you really want the house, you may want to review your thought process.
0 votes
Dave Heck, , Arcadia, CA
Tue Feb 24, 2009
The numbers you are talking about do not seem offensive. It's hard not to take the seller into consideration, especially in this case. If it were a rental property that needed a lot of work, you probably wouldn't be as generous with your offer. A pure investor would only look at the numbers and probably wouldn't buy a property without positive cash flow. If you are planning to use it as your personal residence, you might give a little more than if it were a pure investment.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Feb 24, 2009
Each home submitting an offer stands alone, based on condition and etc.

Ask your buyers agent research property speak with listing agent. YOU ARE CORRECT not to offend a seller that can reduce your ability purchase a home.

Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
– Lynn A. Crosby
Web Reference:  http://www.lynn911.com
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Cudahy Zip Codes

Email me when…

Learn more