With so many homes for sale in the area, is putting in an offer for 30K less than asking going too low?

Asked by Rob L, Belleville, IL Wed Jun 18, 2008

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4
Joshua Hanoud, Agent, Spring Hill, FL
Wed Jun 18, 2008
That really depends on the specific situation. If you're offering 30K less on a 1Mil property - I'd probably say no big deal. If you're offering $30k less on a $50K home, that might not fly.

Ultimately it all depends on your goals. Do you "NEED" this house? or can you find another? What is your motivation for the purchase? Are you just looking for "a deal?" or do you have specific needs and very few homes fit those needs?

There are a lot of questions that need to be answered to give you a good answer to your question.

Do you care whether you get this particular home or not? If so, then make your offer accordingly. If you don't care either way and know that you'll find something else that you like just as much for the same or better money, then have at it! Low-ball away - but don't be disappointed if you don't get very far.

The investors who routinely low-ball properties know in advance that they'll only end up buying 1 out of every 20-30 homes they put offers in on...they're ok with that because it works for them. Do whatever is right for your particular situation and you'll be fine.

If I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'd be happy to help however I can!

Thanks,

-Josh
1 vote
Tony, , Belleville, IL
Sun Jul 12, 2009
I just bought a house and the same delima. Factors to take into consideration.

1. How long as the house been on the market, and have they lowered the price at all.
2. Are you going to be asking for them to pay any part of closing cost.
3. What is the cost of the house, are you talking about a 330,000 house or 150,000 house.
4. Is the house worth what they asking and you just realy like the house.

Too many unknowns.
0 votes
Mark Roncone, , Naperville, IL
Sat Jun 21, 2008
Rob,
I guess the best way to find out would be to make an offer. I would make sure to have some facts that support how you came up with your offer.
Web Reference:  http://www.markroncone.com
0 votes
Jed Lane, Agent, Petaluma, CA
Fri Jun 20, 2008
Rob,
A sale happens when a ready and willing buyer makes an offer. Anything can happen but you and every buyer should realize that it is you that sets the price. Now a seller might not accept even a market price offer but they aren't motivated to sell. If a seller is motivated they will sell to the best offer they can get.
It is important to work with a good Realtor that knows how to keep the conversation/negotation going. The power in negotation is the ability to walk away and the skill is in never having to.
0 votes
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