What should I Offer for this house?

jenaeone · August 2009

DH and I found a house we love in a great neighborhood. The house has been on the market since the 1st of the year and they are asking $200k for it. Comps are in a range of $140-$210.

If I offered $160-175k (between 12-20% below asking price) would that be appropriate based on the comps?

TIA!

kyfirewife · August 2009

Sounds good to me, but you should know that I have no experience in real estate.

Smile

stillwaiting12 · August 2009

I would offer even lower than that! If the comps are lower then I would start around $150 and then after negotiations you can possibly meet around $160-$175. What's the worst that could happen? They say no?

cincyGirl1980 · August 2009

stillwaiting12:
I would offer even lower than that! If the comps are lower then I would start around $150 and then after negotiations you can possibly meet around $160-$175. What's the worst that could happen? They say no?

I agree!

jenn1981 · August 2009

how much did they pay for it and how long have they lived there?

MsEmilyAnn · August 2009

jenn1981:
how much did they pay for it and how long have they lived there?

This is very important to look at. I would offer low, since it's been on the market for so long, and the comps in the area.

jenaeone · August 2009

Well the seller hasn't ever lived there. They bought it as a foreclosure 11/08 for 130k and fixed it up. There was some water damage when some pipes burst, they replaced drywall, flooring etc.

allobosc · August 2009

I've heard 10% is normal to get, even in this economy. You hold the power so go with what you want.

gianfavl · August 2009

I would definitely offer around your 150k if they bought it for 130k less than a year ago!! It is a good time to get a deal. The worst that could happen as they would not even counter your offer and flat out tell you no (as if they were offended). But I think since they paid so little, you will be OK to offer that... Are you speaking to your realtor? They should be able to offer you advice.

VanessaOSU · August 2009

Honestly 150 is probably too low. The owner bought this house to flip it and expect it to make a profit. 150 is only 20K over what they bought and depending on what they did to it the quite possibly have sunk that much into the house and still need to make a profit. While it is a buyer's market the market is turning up. We closed on our house in the beginning of June and had to pay almost asking price because the good deal was the asking price. A misconception to lots of people my husband was one of them that a buyer's market means you can give any low bid, but in a market like this the good deals are often the current prices. Most people don't expect to get their listing price but they also aren't willing to go 50K less they want near their asking p

What should I Offer for this house?

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