There is no general rule for submitting an offer. To make an informed decision, you will want to work with a Buyer's Agent who will research the area finding recent sales as well as other properties for sale to help you determine your offer price. What if the listed price is already 20-30% below other recent sales? It's possible & happens all the time. So, you can't submit an offer based only on the listed price. You'll want to do research.
A lot of properties are priced aggressively and get multiple offers on them which increases the final price. So, if you were to submit an offer below the listed price on one of these properties, you would not be able to buy it. However, if the property has been on the market more than 30 days as a lender owned property, then I would submit an offer 10% below market value. I just did this for one of my buyers. Recent sales showed the property should be selling for $125K-$135K but the REO bank recently reduced it from $135K-$99K & received 5 offers on it. But we got our offer acceped at $90K with the REO bank paying $5400 of my buyer's closing costs.
So, while there is no general rule when submitting offers, you must use good information & logical reasoning. Offers are not only about price, but about terms & conditions. If you offer full price but want 90 days to close, that may not be as desirable as a 5% discount but close in 30 days. So, it depends on many factors, including whether your purchase is contingent upon financing or if it's a cash offer.
So, hire a good Buyer's Agent, do the necessary research & make informed offers.
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HomeSmart Real Estate