How much should i offer on a condo that is listed at 129500 for my first offer.?

Question

how much should i offer on a condo listed for 124900. it been listed since 10/07. should i ask the seller to pay my closing costs? if not can i get them to pay some of it ? is there any other way to save some money on this condo?

Answer 1

It depends on how many Bedroom and bath also and location but I would give them $100,000 to start and see if they counter offer. I bet no one has made an offer for that condo since it is still available since 10/07

Answer 2

Check to see if any similar condos have sold recently and for how much...that will give you an idea of the market.  And yes, you can ask for closing help - whether the seller wants to help out is up to them, but if it helps close the deal, usually the seller will help out (though don't expect the price to come down as much).

Answer 3

The value is determined by the buyer, not the seller. So, as strange it sounds, what they are asking has little relation to what you should offer. You should look at comparable properties in the neighborhood that have sold in the past 6 months (your real estate agent can provide you with this info). Then, taking into account that many markets are falling right now, make an offer that is in the ballpark of what similar properties have been selling for. If it is a premium property and you really want it, make an offer that is higher than the average of the comparables to be sure you get it. If you aren't in a rush to buy, then make an offer that is average or even lower. You might have to do some negotiating back and forth, but you might get a deal. Good luck!