Every real estate transaction is different. What you offer should depends on how motivated the seller is to sell, how badly you want the property and how the actual value of the property compares to the asking price. It also depends largely on how well the property is priced to sell.
For example, if you are looking at a house in a popular neighborhood where homes are selling quickly, you may want to offer the asking price…if it is a fair price. Or, you could lose the deal. Remember, if it is a seller’s market, there could be other people bidding on the property at the same time.
On the other hand, if you don’t have to make a quick deal, and you don’t know how motivated the seller is, you may want to lowball it. Try to make a bid that is profitable for you, yet not too insulting to the seller. The longer a property has been on the market, the better chance you have of getting it for much less than the asking price. In many cases, it is not unreasonable to bid 20 or even 30 percent below the asking price. A good realtor can help you come up with a good number. If you receive a counter offer, the amount of that offer should give you a better idea of the seller’s mindset, and you can counter again with this new, valuable information. You can go back and forth with negotiations for a while, so remember to give yourself wiggle room in the beginning.
Arnie Traub – a trusted, licensed Realtor with over 16 year of experience – can help. Call Arnie Traub today at 386-295-2999 to find the right home, business or land for you.