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Realtors/New Home Owners/Buyers... So the SO and I are considering putting an offer on a home. We are wanting to ask $6,700 less then the asking price, and 3% of the selling price towards closing. Does this seem unheard of?!? |
Sellers??? (I forgot to include sellers in my title.) :D |
It depends on the market.... if the market is hot and there is a chance there are other offers, it best to offer asking price or just slightly higher. On the other hand if the market is not hot what you are offering could seem very fair. All the best and good luck! :) |
I would say take a look at it relative to other homes in the area. |
Also depends on the price of the house. That may not be much to reduce a very expensive home, but if the price is already low, that could be a considerable chunk. You can always make the offer, and then they may come back with a counter offer. If that reduction is too much compared to the price of the house, they might not make a counter offer. When we bought the house we now live in, we first offered them a little less than asking (can't remember exact numbers) but they did not accept it. I did not realize that our real estate salesperson did not work for us. I think she might have let them know that I was wanting the house no matter what. We wound up paying the asking price. |
Nothing is unheard of in real estate deals. There is some very creative financing out there. it never hurts to ask, all they can do is say NO. Chances are they will counter your offer. What it boils down to is how bad do you want this particular house, and how bad do they want to sell it. I would make the offer and see what happens. If it's meant to be it will happen if not, then it won't. One thing I have learned in buying and selling real estate, "if it doesn't come easy then let it go". and I've bought and sold a lot of it. When we bought our acreage, it had been on the market for a long time and the owners had turned down any offers that were less than their asking price. We offered $15000 less and figured they would never take it, and they surprised us. We must hve just cauight them at the right time. |
Just like Breeze said..if the market is hot and if you really want the house you should offer asking price and some money back towards closing. I just purchased a home and will close next Thursday. I did a full price offer plus 5% down and no money back only because the market is hot where I live and I couldn't pass the price. I have $40,000 instant equity...this house I purchased was a bank repo and in perfect condition. Its really hard to find bank repo's in my area that are in good condition so I knew I couldn't risk it and let my house slip out of my hands. So I gave them my offer and they accepted it...yayyyy. |
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WOW! That's awesome! Congrats! Unfortunately, we don't have any repo's in the area... :confused: |
Thanks for everyones replys! This is my first home buying experience and I'm excited and nervous at the same time... I don't think that the area is "hot" at all. There are about 20 other homes in the same, small neighborhood (similar asking prices) for sale, and some have been sitting awhile. |
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We just got an offer accepted on our first ever house, and we just asked for the 3%. We knew this is a nice house, and a bunch of people were interested, but we really really wanted it. It's exciting and very nerve-wrecking. Oh, make sure you put an inspection contingency in the offer, so you have a way out if you need it!!! |
Right now the home selling market is at the lowest its ever been in Michigan for about the last year.Our house has been up for sale for nearly 1 year.We want 150,000$,i'll knock 7,000$ off if you wanna buy ours!:D |
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What part of Michigan are you in? :D |
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Wow, I wish we could get a house here for $150,000.... |
We're also in process of house hunting. Like everyone else said, there are so many variables that contribute to the pricing on the home. My realtor told me that sellers will typically come down 3% on the price of the home, and may pay closing costs if you ask. It all depends on how much they want to sell, and how urgent their need to sell is! But, like others mentioned-anything is possible! I've heard of people offering even $20,000 lower than the asking price, and the sellers let the house go for that! The higher the price of the home you're looking at, the more money you're likely to get off the price. Talk to your realtor, I'm sure that s/he will be able to help guide you through the process, and will be able to offer better advice, tailored to your market, trends, and your area. Good luck! |
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