How much to bid below asking price

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Forum -> Household Management -> Finances

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amother

Seafoam

Sun, Apr 22 2018, 7:00 pm

Is there a suggested rate out there to bid on a house ? Do I volunteer the asking price or how much lower? I feel like I'm playing The Price is Right

amother

Lime

Sun, Apr 22 2018, 7:05 pm

Depending if it’s a tight market or not. Some places, a house hits a market and they get asking price that very day.

thunderstorm

Sun, Apr 22 2018, 7:06 pm

Ask your realtor what they advise. You usually offer less than the asking price. Most people list the house at a higher asking price knowing that the offers are usually a bit less.

amother

Purple

Sun, Apr 22 2018, 7:14 pm

We bought twice, first time, we paid asking as market was tight, prices jumped a lot after we signed contract.
second time, we offered a few thousand less than asking, wanted to bid lower but agent told us they had just turned down an offer, so we were being careful.

Really depends on the market

mha3484

Sun, Apr 22 2018, 7:36 pm

I went on blockshopper and researched what other homes on the block sold for. Once I had a few that I felt were comprible I made an offer. The seller countered and we accepted. After we got the inspection report we renegotiated based on its contents. I decided I had nothing to loose by making a low ball offer.

Amarante

Sun, Apr 22 2018, 7:42 pm

A good realtor knows what to bid. There is no way one can answer in the Internet.

In general some people expect some haggling. However in a tight market some people will bid OVER asking to get a house they really want. And if you bid too low, some sellers won’t even bother to counter offer

amother

Seafoam

Sun, Apr 22 2018, 8:03 pm

I'm in a tight, overpriced neighborhood but the realtor said it's negotiable. However, she went on to say she is a sellers broker not a buyers broker.... which I understand to mean, don't ask me to help you with this.

Amarante

Sun, Apr 22 2018, 8:04 pm

You should get someone to help you as she has a conflict of interest.

thunderstorm

Sun, Apr 22 2018, 8:06 pm

amother wrote:

Exactly, the sellers broker is working on the best interest of the seller. You need your own real estate broker to keep your best interests in mind

amother

Indigo

Sun, Apr 22 2018, 11:25 pm

Where I live you typically needs to offer 18-22% over market to get the house. It’s highly competitive, offers are due at a certain time and you’re often competing against 10-15 other offers.

My point is that each market is different and you need to get info from a knowledgeable person who is local.

amother

Seagreen

Mon, Apr 23 2018, 12:46 am

amother wrote:

This. It's so dependent on the local market and how it's customary to price houses. Where I am (maybe same as you), offers are also due at a set time with lots of competition and it is very common to buy a house for more than 50% over asking. You also have to write a letter explaining how much you love the house and why you should get it, which can help give you an edge over the all cash offers.

Point being, you should really ask your realtor for advice. Plus, once you put in a few offers you'll get used to the process and get a better sense of what to offer.

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