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Real estate purchase offer

Home ▸ Archive ▸ Serious Business ▸ Real estate purchase offer
B

bleed_orange_and_black

Member

53 posts
Jan 3, 2011 2:06 PM
Is there a good starting point for a real estate offer? My wife and I are currently in a position to purchase a new home. The home we're interested in is currently owned by a corporate relocation company and has been with the current real estate agency for 45 days. When we first looked at it in early December the agent told me they don't want to own this home in 90 days. I obviously want to get the place for the lowest price possible without pissing anyone off. Current asking price is $189,900 which was lowered from $194,750. The agent prepared for me a comparative market analysis report. It lists about nine other homes in the area (county) that are similar and their asking/sold price. I was thinking about making an initial offer of $165K. Is that crazy??

Any advice is greatly appreciated.
Jan 3, 2011 2:06pm
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Jan 3, 2011 2:26 PM
what do you think its worth?
Jan 3, 2011 2:26pm
B

Bigdogg

Senior Member

1,429 posts
Jan 3, 2011 2:36 PM
It's a buyers market. Sounds like a good place to start.
Jan 3, 2011 2:36pm
D

Def Leopard

Senior Member

176 posts
Jan 3, 2011 3:26 PM
Don't be concerned about pissing anyone off. Make an offer anf if it isn't in the range they need they will make a counter offer. They aren't in a position to walk away from a potential buyer because he hurt their feelings with a low ball offer. Good luck!
Jan 3, 2011 3:26pm
B

bleed_orange_and_black

Member

53 posts
Jan 3, 2011 3:35 PM
j_crazy;623167 wrote:what do you think its worth?

A little over two years ago it sold for $238K. Currently, the county auditor's website says it's valued at $195K.
Jan 3, 2011 3:35pm
LJ's avatar

LJ

Senior Member

16,351 posts
Jan 3, 2011 6:49 PM
If you aren't slightly embarrassed by the initial offer, it isn't low enough.
Jan 3, 2011 6:49pm
gerb131's avatar

gerb131

Senior Member

9,932 posts
Jan 3, 2011 6:52 PM
LJ;623405 wrote:If you aren't slightly embarrassed by the initial offer, it isn't low enough.

Agreed. Our first offer was 99999 and we settled for 129999
Jan 3, 2011 6:52pm
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Jan 3, 2011 7:47 PM
bleed_orange_and_black;623239 wrote:A little over two years ago it sold for $238K. Currently, the county auditor's website says it's valued at $195K.

Ignore what the auditor says. How old is it?

You can never offer too little where they won't respond. And if it's owned by a corporate relocation company, who gives a shit anyways?

Who is your agent? Did you find the agent yourself?
Jan 3, 2011 7:47pm
I

I Wear Pants

Senior Member

16,223 posts
Jan 3, 2011 8:57 PM
It's owned by a corporate relocation company, who the hell are you worried about offending?
Jan 3, 2011 8:57pm
J

June18

Senior Member

298 posts
Jan 3, 2011 11:20 PM
Just remember that your realtor will probably try to steer you away from making the low offer. Even though they are supposedly working "for you" they still get more if it sells for more.

As for the question @ hand. I say go $150,000 and see if you can get it for 165,000
Jan 3, 2011 11:20pm
LJ's avatar

LJ

Senior Member

16,351 posts
Jan 3, 2011 11:23 PM
June18;623941 wrote:Just remember that your realtor will probably try to steer you away from making the low offer. Even though they are supposedly working "for you" they still get more if it sells for more.

As for the question @ hand. I say go $150,000 and see if you can get it for 165,000
$900 difference between asking and 150k. The Realtor wont bitch too much. Sales are like gold right now
Jan 3, 2011 11:23pm
B

bleed_orange_and_black

Member

53 posts
Jan 4, 2011 7:36 AM
The house was built in 1999. There aren't alot of homes for sale in our town and this one really fits our needs. I was going to use the sellers' agent to make the offer. Should I use another agent?
Jan 4, 2011 7:36am
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Jan 4, 2011 7:56 AM
If you have the funds (20 down -80) and a good credit rating to be able to get loans ...You are in the driver’s seat
194 drop to 189 ....you would like to offer 165........ NO

Explain that you are a qualified buyer and offer 155 then ask the agent to show you other homes / also contact another agent to show you a home and let the this agent know it…. in the same breath.
This will tell him that if a good counter off is not made you’re willing to walk away… for this deal.

That agent will most likely refuse to show other homes until this counter off is made …. At why you need to contact a second agent to pressure the counter offer…

Set your limit …..
Jan 4, 2011 7:56am
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Jan 4, 2011 11:11 AM
bleed_orange_and_black;624079 wrote:The house was built in 1999. There aren't alot of homes for sale in our town and this one really fits our needs. I was going to use the sellers' agent to make the offer. Should I use another agent?

I'm no expert, but if you use the sellers agent, they represent the seller not you. I would get my own agent. (they split the comission so it doesn't cost you any more.)
Jan 4, 2011 11:11am
J

June18

Senior Member

298 posts
Jan 4, 2011 11:19 AM
Originally Posted by June18
Just remember that your realtor will probably try to steer you away from making the low offer. Even though they are supposedly working "for you" they still get more if it sells for more.

As for the question @ hand. I say go $150,000 and see if you can get it for 165,000$900 difference between asking and 150k. The Realtor wont bitch too much. Sales are like gold right now
Fair enough....I didn't do the math. I agree about sales
Jan 4, 2011 11:19am
thedynasty1998's avatar

thedynasty1998

Senior Member

6,844 posts
Jan 4, 2011 11:20 AM
bleed_orange_and_black;624079 wrote:The house was built in 1999. There aren't alot of homes for sale in our town and this one really fits our needs. I was going to use the sellers' agent to make the offer. Should I use another agent?

Do not use the sellers agent, especially if they are working for a large corporation. BAD IDEA!
Jan 4, 2011 11:20am
j_crazy's avatar

j_crazy

7 gram rocks. how i roll.

8,372 posts
Jan 4, 2011 11:47 AM
no to the sellers agent and i'd say if the county thinks it's worth 195, it's really worth 180. make an offer of like 160 (or do what belly says, he's usually spot on for this kind of shit, once you read through the typos and grammatical abortions).


just poking fun belly, your advice is pretty solid.

another thing to do is to look at the comps for that house. Focus on similar style homes firs then the area that the house is in, at least you'll have an idea of what % of asking price other houses have been going for.
Jan 4, 2011 11:47am