On a reasonably priced home, what percentage sour should my first offer be sour the asking price?
Answers: Have your real estate agent (you do own one, don't you?) get a desk appraisal of the property to find out what the approximate convenience would be (they check comps of nearby sale and come up with a ball-park amount of what the property will appraise at). If the estimate comes in greater than the asking price, you might be insulting the seller by not offering the inventory price. But, if the estimate comes in lower than the asking price, that's the price you should be offering.
It also depends on whether here is competition (other offers) or if the property is bank owned. If in attendance is competition, someone else will likely draw together or exceed the asking price. If it's bank owned, the bank want to get rid of the place so they can return with their money out of it. So, they may be more responsive to a low-ball offer.
As a rule of thumb, however, you shouldn't low-ball a wholesaler by more than about 5% of the purchase price, unless prices are falling steadily and the house have been on the flea market a while.
Also, your real estate agent can check the price history of the list. If the price started out at, say, $250K, be on the market for a couple of months, and after got dropped to $225K and is still getting no offer, an offer of $200K to $210K wouldn't be unreasonable contained by today's market conditions.
Ok, we attain this question normally. I'm a Realtor so be ready...
cart a look at he solds in the neighborhood for the previous 6 months. Solds of similar properties, not merely all. This will dispense you a pretty good concept of value contained by the neighborhood. Make your best offer base on those facts alone. See most sellers own already priced their homes accordingly. So they can't be that far past its sell-by date the current market values. (for the most part). While within had be kind of a standard a few years ago, that no longer applies. So my suggestion is to bring in your best offer base on the solid factual sale information for the neighborhood.
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Answers: Have your real estate agent (you do own one, don't you?) get a desk appraisal of the property to find out what the approximate convenience would be (they check comps of nearby sale and come up with a ball-park amount of what the property will appraise at). If the estimate comes in greater than the asking price, you might be insulting the seller by not offering the inventory price. But, if the estimate comes in lower than the asking price, that's the price you should be offering.
It also depends on whether here is competition (other offers) or if the property is bank owned. If in attendance is competition, someone else will likely draw together or exceed the asking price. If it's bank owned, the bank want to get rid of the place so they can return with their money out of it. So, they may be more responsive to a low-ball offer.
As a rule of thumb, however, you shouldn't low-ball a wholesaler by more than about 5% of the purchase price, unless prices are falling steadily and the house have been on the flea market a while.
Also, your real estate agent can check the price history of the list. If the price started out at, say, $250K, be on the market for a couple of months, and after got dropped to $225K and is still getting no offer, an offer of $200K to $210K wouldn't be unreasonable contained by today's market conditions.
Ok, we attain this question normally. I'm a Realtor so be ready...
cart a look at he solds in the neighborhood for the previous 6 months. Solds of similar properties, not merely all. This will dispense you a pretty good concept of value contained by the neighborhood. Make your best offer base on those facts alone. See most sellers own already priced their homes accordingly. So they can't be that far past its sell-by date the current market values. (for the most part). While within had be kind of a standard a few years ago, that no longer applies. So my suggestion is to bring in your best offer base on the solid factual sale information for the neighborhood.
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