looking at a home prices 169k, 2134 sq ft, immaculate, 3 b, 2ba, 1996, not mobile/modular. fenced in, 0.59 acre (front and back), small patio (just slab), walk in cooler in garage, 2 car garage, apparently offered below market value (which i cant find). ive seen homes this size for less but they didnt look as nice. however, we only got approved for 165k and that is pushing the monthly payments that we would be avail to pay. i dont know how much homeowners would be, nor have i been able to find out the prop taxes for this home either.
Well I suggested to my agent that we should ask for 160k and she said yeah that sounds about right.
They have the 169k offered for a quick sale. I just found out they are leaving in May so they might take 160k or 165k
If you can’t get the loan, then you should not make an offer. That is why there are so many foreclosures today. Look within your price range – not above it.
you need an agent to get all of these items quoted to you but ask low they may take it
You have to look at what similar homes have sold for. $169k could be about what you should offer if that is what other homes sold for. Do you have any anxiety that other buyers feel like $169k is a great deal and other offers are pending?
On the other hand a 90% offer could be fair if similar homes had sold for about $155k.
Do not pay attention to other list prices. Find out what other homes sold for.
When I bought my first home in 2008, people told me to bid 5%-7% less than the asking price. I put my bid in for 10% less. My realtor advised that it was a low bid, but told me to bid what I want. They accepted my bid!
There is no formula. Offer what the house is worth to you and what you can afford. If you think they are desperate offer a low figure with no demands for them to cover costs or fix-ups.
I wouldn’t offer a dime over 90% of list price for anything. If you want it badly enough offer $150k and pay your own closing costs and that offer is probably very generous. If it were me I would offer $145k. The worst that could happen is that the offer is rejected and then you can raise it $5k; however, you seem intent on giving them list price so feel free. If you have told your realtor that you are willing to offer 160k or 165k, then you may as well forget it because those vultures will collude to get the highest commission for themselves.