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How negotiable?
Posted on 4/12/11 at 2:23 pm
Posted on 4/12/11 at 2:23 pm
For someone that has no experience whatsoever in the housing area.....
If a home is listed as negotiable......what kind of offers do you start with? How much is the usual starting point below the asking price?
For example, let's say a home is 190K. What's a good starting point to put in an offer? Are sellers offended by offers?
What are your recommendations with negotiating prices?
If a home is listed as negotiable......what kind of offers do you start with? How much is the usual starting point below the asking price?
For example, let's say a home is 190K. What's a good starting point to put in an offer? Are sellers offended by offers?
What are your recommendations with negotiating prices?
3
Posted on 4/12/11 at 2:35 pm to Prominentwon
Quite a few variables here. What are comps selling for? Is the property bank owned? Is the seller in distress?
Posted on 4/12/11 at 2:37 pm to Martavius
quote:
What are comps selling for?
Find out the normal price per square foot been selling within past year. Possibly aim a reduction from that starting point.
Posted on 4/12/11 at 2:40 pm to Prominentwon
quote:You need to forget about offending the seller. It's just not relevant (unless the seller is a friend of yours and you want to keep him as your friend).
Are sellers offended by offers?
Remember what Michael Corleone said: "It's not personal. It's business."
Posted on 4/12/11 at 3:00 pm to LSURussian
Some sellers might be offended by a low ball offer especially if the seller is not motivated. Or if it is a brand new listing.
As others stated so many variables. A good place to start is where other comparables sales are the last 6 months and take a discount off that.
As others stated so many variables. A good place to start is where other comparables sales are the last 6 months and take a discount off that.
Posted on 4/12/11 at 3:28 pm to kaaj24
quote:True, but so what? The worst thing they can do is reject the low ball offer.
Some sellers might be offended by a low ball offer especially if the seller is not motivated.
Posted on 4/12/11 at 3:47 pm to kaaj24
quote:
Some sellers might be offended by a low ball offer especially if the seller is not motivated.
Unless you really really want that particular property so what? Lowball all of them, all you need is one hit.
Posted on 4/12/11 at 5:00 pm to foshizzle
Very true. But I'm assuming that this is the OP's first home purchase and a home he really wants to live in which isn't necessarily easy to find. I'd consider anything less than 20% off market price a low ball offer. Just make sure to analyze the situation with comps, days on markets, status of seller (i.e. how motivated). You'd like to think of a home purchases as strictly financial but unfortunately a lot of emotion is involved for both sides. And when you throw out a lowball offer it could start off the negotiations on the wrong foot ESPECIALLY if it's a property you really want, which when spending $180K or so that's how it should be.
Posted on 4/12/11 at 11:48 pm to Prominentwon
Since the market is shite, I'd make it standard practice to offer roughly 80% of asking price on any worthy properties you find.
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