What is a reasonable offer?

Asked by Mike, Maryland Sun Jun 8, 2008

What is a reasonable lower offer for a townhouse that recently dropped from 372 to 350 however has been on the market the market over 100 days?

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Megan Manly, Agent, Nashville, TN
Sun Jun 8, 2008
Mike, ask your REALTOR to run a report that shows what CLOSED condos/homes/townhomes within a five mile radius of the subject townhome have sold for over the past three months. See what percent the sellers are receiving of asking price on the closed homes. That will be one way to come up with a reasonable way to decide what to offer. The second thing you will need to know is what the homes in the radius are closing at in intervals of $25K over the past three months. It will give you a good feel for how the sellers should look at offers.
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J R, , New York, NY
Sun Jun 8, 2008
Without seeing it and it's neighbors, there's no way anyone here can tell you that. Presumably there are other similar townhomes nearby. A Realtor can tell you what they sold for.
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