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Home buying - where to start with my offer?
Looking at putting an offer on a house and being a first timer I'm entirely green to the process. How much under the asking price do I go to start the haggling? Asking is 198k, but I think they're only in it 180ish. the relocation company I'm working with ( and will potentially finance thru) own the place so there's no emotional owners involved. Any input is appreciated!
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What are the comparables in the area going for? I would use that as a gauge and bring it to the table when you make your offer. Make it an educated offer and it will go smoother. -
Not much in the area is for sale, and the ones that are going for 185-200 House was FSBO until they acquired It mid July. Was thinking of offering 175 and closing costs on them just to see how much their counter is. I figure on the first counter they still have some meat on the.bone and I can get an idea of where they'll settle.
Sry for typos I'm on my phoneComment
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It all depends on the market. If houses are selling in 2-3 days like they are here in L.A, you better offer over the asking price.Comment
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^ Depends on the market. Look at comps in the area and see how long they have been sitting, if the house is in good shape, etc. If it's a stale market, low ball them and let them counter. I just went through this myself. However the market here is hot and I didn't have much wiggle room. Houses stay on the market here about a week before they are snatched up. Good Luck!Comment
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The throatComment
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I sold my house the first day listed and all offers were over asking price. 3 of my friends have sold their's since and they were all at or above asking....
With an offer that far below and having the sellers include anything, good luck. If you really want the house, I'd offer $5k below asking and ask for closing costs, but don't even plan on getting that...Comment
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Look at comps, price per foot compared to school district, level of updates, size of lot, etc.Originally posted by davbrucasComment
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As everyone else says, look up some comparable properties and see what they've sold for over the past 6-12 months or so. If you were here, I'd have Amy run some comps for you, but I don't know anyone in Lynchburg!Comment
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Offer what you are comfortable paying. If you have to have it it will cost you. If not keep looking. Plenty of stuff on the market. We looked for over a year before we bought last summer.Rich
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I sold my house last month at asking price, they pay all closing cost and they paid cash. Good luck, the market is nuts right now.You remember the stories John use to tell us about the the three chinamen playing Fantan? This guy runs up to them and says, "Hey, the world's coming to an end!" and the first one says, "Well, I best go to the mission and pray," and the second one says, "Well, hell, I'm gonna go and buy me a case of Mezcal and six whores," and the third one says "Well, I'm gonna finish the game." I shall finish the game, Doc.Comment
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Been looking for a few months but corporate housing ends soon and we're gonna be here a while.. and the place fits the bill far beyondany others we have considered. I'm comfortable paying the 198k.. but why not try to save a few grand? Keep in mind this is a town of like 60k people, not the metroplex.Comment
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choooooooooo$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ choooo$$$$$$$$Originally posted by lo3oz View Post
Look at price per foot for comps, account for variables and then go from there.Originally posted by davbrucasComment
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Isn't there a part where they shoot back their counter offer and we strike a deal somewhere in that sequence? I understand someone else can put an offer in on the place while mine is under consideration or whatever, but I'm not going to offer 10k more than I need to. That's like paying MSRP for your car.Originally posted by UserX View Post
Asking is around $92/sf but the lot is twice the size of most in the area, almost a full acre in the city. A house just recently sold (very similar 4/3 on .5 acres) for $87/sf. Everything else is in a similar range with respect to dollars per foot. This particular house was sold for 212k a few years ago.Comment
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