Buying a home? Present all offers? so confused..?

Question

I saw a house that is around 600k and has been on the market for almost a year..I can only afford a house around 300K. it says present all offers..what does that mean? cani offer then 300k?

Answer 1

You can make an offer for any amount you wish.  It may no be accepted, but it could generate a counter offer.

Answer 2

"Present all offers" means presenting all offers.

I don't know where the house is, or anything about it, but if it's been on the market for a year, I do know that it's overpriced.

And you have nothing to lose. Don't worry about "insulting the sellers." That's an overused line. At least they're receiving an offer.

However, having said that, a house that's priced at $600,000 isn't likely to be sold for $300,000, especially if it's listed with a real estate agent. (Reason: Agent has told the sellers that something close to $600,000 is reasonable. The sellers have been conditioned to expect that.)

The real question is: What's the house really, truly worth? Not what it's priced at. However, if $300,000 is all you've got, then that's all you've got.

Getting back to what might be accepted, you never know unless you ask. Now, even real estate investors often don't get houses for much under 60% of ARV (after repair value) minus repair costs. And, even in today's slow market, if a house really is properly priced, it often will sell for 90%-95% of its list price. Yes, that house that's been sitting on the market for a year is overpriced. But--just making numbers up--let's say its real value is $550,000. In that case, you might be able to get it for $500,000-$525,000. But highly unlikely for $300,000. Still....?

Consider finding a good Realtor to represent you as a buyer's agent. You'll have access to plenty of houses, and access to good advice on property values and negotiation strategy.

Good luck.

Answer 3

Yes, you can write an offer for $300,000 and it will be presented, but it surely won't be accepted.  You're not going to find anyone willing to sell a house for half price.

Answer 4

Expect the counter to come back at 580k or so.

They did mean serious offers.   You are going to waste a lot of peoples time (2 real estate agents, your loan officer, and the seller).

If the house has been on the market that long there is a reason, and it would not be lack of low ballers.

Answer 5

.   I do this all the time.  I've got nothing to lose.  Some agents tell me that i have "insulted the seller".  

What they really mean is that the seller will come down to $595,000 for sure and maybe even $590,000.