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When buying a house how much less is okay to ask from their asking price

there is a really cute house we want to buy and they want 79,000 for it is it okay to offer 60,000 the house is in good shape.

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little_pixies

Asked by little_pixies at 10:21 AM on May. 26, 2009 in Home & Garden

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Answers (8)
  • You can offer whatever you want, but you may not get it. I think if you offer 60 they may counter offer and you could possibly get it for 70,000 but you never know unless you ask.
    ria7

    Answer by ria7 at 10:25 AM on May. 26, 2009

  • Are you working with an agent? A lot of those sort of things depend on how long the house has been on the market, what the appraised value is, if you are asking for seller paid closing costs etc. I have seen sellers get rather snarky if the buyer offers something very low. Obviously the seller can take it personally. Congrats by the way!!!
    mamakirs

    Answer by mamakirs at 10:34 AM on May. 26, 2009

  • 10 to 20 thousand less..We deside to go new construction. But if we would have tried to buy an older home we were going to put in offers 20 thousand off the asking price .
    louise2

    Answer by louise2 at 10:37 AM on May. 26, 2009

  • Well, think about what the house is worth and if they are askng a fair price. Dont' low ball them just to do it. Thats tacky, but if you think the home is worth about $60k, then go for it. They will likely counter your offer and you will end up with something in between. Sometimes house prices are padded to negotiate and sometimes they are priced to sell. Nevertheless, that sounds like a good deal. ANtyhing under $100k thats liveable is worth buying right now to keep yourself out of debt. I havent seen a house priced that low in awhile and I live i GA.
    momofsaee

    Answer by momofsaee at 10:59 AM on May. 26, 2009

  • take 20% off the top and go from there.
    when you write your contract make sure you put a clause in there the offer is good only after inspection and if it appraises for as much.
    after the inspection renegotiate with the deduction costs of whatever the inspector tells you the house needs to have repaired.
    go to your court house with the address and check the tax assesment,the tax assesment should be right around the value of the home IF the housing market has affected that area right now.
    jewjewbees

    Answer by jewjewbees at 11:09 AM on May. 26, 2009

  • You can offer what ever you want, but you risk the chance of them refusing all together, or counter offering. In this economy people need to pay debt off, or at least sell so they are out of water them selves. Our house was $82,900 and we offered $74,000 with $4,000 asking help. That day they said there was three other offers, but we didn't know how much, so we offered $76,000 with $4,000 closing help and got the house. We will never know how much the other people offered. We are almost ready to put this house on the market and will be putting it on the market for $130,000 and want to get at least $120,000 or a bit more out of it. We need to pay off debt, so that we can start fresh with another home. Our home is in great shape. It was a fixer upper, but we have upgraded completly and have added another bedroom and laundry room. So we think it's fair price for the house. We definitely will not settle for anything under $120,000
    Anonymous

    Answer by Anonymous at 11:40 AM on May. 26, 2009

  • Wow! You can't buy a garage for that price in Chicago.
    It depends on how motivated the seller is. If you will be buying without contingencies (no other house to sell or lease to break) and are either buying with cash or can prove that you have a pre-approved mortgage, and can close within 30 days, then you will have a better chance. What will probably happen is the seller will make a counter offer, and will likely settle for 10% less than the asking price. Make sure that you have a great home inspector lined up and have the one contingency that states that you can cancel this contract on the recommendation of the inspector.
    rkoloms

    Answer by rkoloms at 11:46 AM on May. 26, 2009

  • That is middle in South Dakota
    little_pixies

    Answer by little_pixies at 12:01 PM on May. 26, 2009

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