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What was your offer?

Member

What was your offer?

We are going to be looking for a different house soon. I'm just wondering what offers others have had accepted compared to the price the seller was asking.

 

Our market seems to be a bit slower. Lots of houses sit for months at a time and we are coming into winter/holiday season.

 

Did you offer asking price or below? What was accepted?

 

Did you ask for any seller concessions?

 

Do you think making an offer 10% off asking price is to low?

 

We will have our realtor pull comps and give her opinion also, I'm just trying to make sure we get a good deal without insulting the sellers with an offer that's to low.

5 REPLIES
Contributor

Re: What was your offer?


NowWhere wrote:

We are going to be looking for a different house soon. I'm just wondering what offers others have had accepted compared to the price the seller was asking.

 

Our market seems to be a bit slower. Lots of houses sit for months at a time and we are coming into winter/holiday season.

 

Did you offer asking price or below? What was accepted?

 

Did you ask for any seller concessions?

 

Do you think making an offer 10% off asking price is to low?

 

We will have our realtor pull comps and give her opinion also, I'm just trying to make sure we get a good deal without insulting the sellers with an offer that's to low.


Your question is way too open ended to be answered with specificity, as it depends on market conditions and host of other factors.

 

In fast moving markets, like the Bay Area, offering asking price is pretty much tantamount to being tossed to the curb because there are so many bidders vying for the same properties. Conversely, in a slow market like West Nowhere, Idaho, houses can languish on the market for months, resulting in motiavted sellers.

 

How much they will accept depends on many things: how long the house has been on the market, what the pricing history shows, market movement in the area, ow much they owe on the property, etc.

 

"Seller concession" is just another way of saying "price drop". There is no functional difference IMO between, say, an offer of $150,000 on a $160,000 house, or an offer of $155,000 on a $160,000 house with a $5,000 seller concession. The money is still coming out of the seller's pocket.

 

You also need to consider what the house is likely to appraise for - in the past we have actually paid for an independent appraisal on a property we bought in order to allow us to target our offer with specificity - but that was a $2.7M asking price home with a seller scope locked on getting $2.7M for the property. The appraisal allowed us to nail him to the wall with respect to the fact that the house wasn't worth the asking price, so if he wanted to sell, he needed to get acquainted with reality.

 

The short version is that it all depends. You need to consider how long the house has been on the market, hwo many times the price has been lowered, how recently, what the tax value is (rough indicator of actual value), your own appraiser's stated value (if you choose to pay for that), and the advice of your realtor. He/she should be able to do this analysis for you and advise what a fair offer which is likely to be accepted would be. After all, that is what you are paying him/her for.



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Super Contributor

Re: What was your offer?

real estate is local.

your realtor will be far more accurate than us

 

Retired Lender
Frequent Contributor

Re: What was your offer?


Nowhere wrote:

We are going to be looking for a different house soon. I'm just wondering what offers others have had accepted compared to the price the seller was asking.

 

Our market seems to be a bit slower. Lots of houses sit for months at a time and we are coming into winter/holiday season.

 

Did you offer asking price or below? What was accepted?

 

Did you ask for any seller concessions?

 

Do you think making an offer 10% off asking price is to low?

 

We will have our realtor pull comps and give her opinion also, I'm just trying to make sure we get a good deal without insulting the sellers with an offer that's to low.


I do agree with other posters that it varies greatly from market to market. That being said in North East Ohio the housing market is booming and houses are being bought left and right some with more then one offer. My offer was placed just as this was starting. I offered 103,000 on a 104,000 asking price with the sellers paying 4.5% of closing cost and prepaid and they had to fix the things we wanted a few things here and there (inspection was clean these were our wants and the sellers don't have to fix these things) and we made the get a home warranty. However we might not get the same deal today because of the market pick up.

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Valued Member

Re: What was your offer?

We bought a house in a Chicago north suburb back in May. The asking price for $173,000. We offered $165,000 with no seller concessions. Seller counter offered our price to $167,000, which we accepted. We were running out of good quality homes within our price range that we think will pass the FHA criterias and we were shopping for ever 4 months. So we didn't bother asking the seller for and concessions.

Established Contributor

Re: What was your offer?


The home I looked at in katy texas, and this is a hard area to get into so I knew I had to move quick.

 

Seller Asking $99500

Buyer $92K (accepted)

Seller paid almost 5% closing costs, installed A/C unit, home warranty

 

 

you need to look at comps and the condition of the home versuses other homes.  Also I was there for the home inspection.  So there were issues that needed to be fixed.

 


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