What is the proper percentage under the listed price to make a bid ?

Asked by 4eyes, 14226 Thu Feb 18, 2010

this pertians to a house with about 25k in repairs. Roof, kitchen, siding, and bathroom

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David Gierli…, Agent, Depew, NY
Fri Feb 19, 2010
Every situation is different. It may be that the property is listed at the "right price" and someone will be willing to pay the full price or more! Your best bet is to get a Buyer's Agent. They can assist you with comparable sold property's and discuss what a good starting offer would be.
1 vote
Dawn Toledo, , 14226
Wed Feb 9, 2011
It's easy and remeber alot of homes are old an outdated and in the same condition. Remember in this area an update is a paint job because updating in this area you don't get the full return on your investment and prices are so low....good luck
0 votes
Sandy Pond, , Amherst, NY
Wed Mar 3, 2010
I agree with David Gierlinger's answer.
Also, pick an agent who works in the locality where you are looking. No point in getting advice from other states, or even cities, as the custom may be different.
Don't look at making an offer as a test of wits, or a game. There is not much of that going on out there today in our area. After an offer and a counter it is time to get the real price. In lower price ranges we have a seller's market. . . if you insult them they will wait for the next offer.
Don't plan to subtract what you feel is the value of the work needed from the asking price. The number you subtract that from is the price of what other houses in the neighborhood sold for. The repairs probably are reflected in the asking price. Get real estimates for the work that needs to be done, or have the seller get them if you want to negotiate.
If the house has a bathroom and kitchen that is functional, any updates you have in mind are on you. If you don't like the carpet or the colors, that is yours to change. If one wall is a mirror, it comes with the house even if it has gold veining.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 18, 2010
You need to be aware of recently closed similar properties in the immediate area in order to determine a fair offer--if you don't have an agent consider the services--there is no standard on percentage off.
0 votes
Alan May, Agent, Evanston, IL
Thu Feb 18, 2010
There ain't no proper percentage... there ain't no magic number. (wouldn't it be nice if there were?).

You have to figure out the actual VALUE of the house, and offer that. The listing price, often has no bearing on value. It's a little tougher than that.
0 votes
Colleen Kuli…, Agent, Amherst, NY
Thu Feb 18, 2010
There are no hard and fast rules to what you should offer on a home for sale. Working with an experienced agent that can provide you with comps and assist you in what would be a reasonable offer on a home you are interested in. Factors such as days on the market, condition and inventory will affect the price a home will sell at.
0 votes
Colin Campbe…, , Carneys Point Township, NJ
Thu Feb 18, 2010
Pick a respected Real Estate agent who can help you with accepted prices and this is a great basis to use for your offer with a 15% or so under this number...be patient with your counter offers.
0 votes
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