If a house is for sale & asking prices is 215k what would be a good offer plus we want seller to pay closing

Question

The house has been on the market for 7 months the original price was 230k.

Answer 1

It's true that you have to look at comparable houses and what they have sold for, however, every house is different and that is why the others were chosen over the one you are looking at in your area.

I am currently in the same situation.  It is currently a buyers market so it is ok to offer less, most buyers will have already considered this when determining their listing price.  Hire an inspector and/or guesstimate what repairs or updates the house needs.  Make sure you discuss this in your offer.

An example is, the house we are looking at is also asking for 215K; it needs a new roof on the house and garage, and the entire kitchen needs to be updated floors and all.  So, we have offered 185K with a 10K credit.  This means that the seller would receive 175K and the other 10K will cover closing costs and the down-payment.  The loan will still be for 185K but we don't have to put anything upfront.  

We have made this offer expecting a counter-offer of a little more.  Our goal is to remain under 200K in total.  

If the house you are looking at has been on the market for 7 months, it is worth a try to do the same.  The one we are looking at has only been on about 3 months and it's looking good.  

Hope it helps!

Answer 2

Offer them $110,000.  They overpaid when they bought the house in the first place, and this is the main reason for the mortgage meltdown - too many people getting bigger mortgages than they could afford and bidding uip prices to unrealistic levels.  Don't fall into the same trap.

Answer 3

First of all you need the find out what the "Comps" are in the neighborhood that have sold in the past 6 months.  This info will then be used to make an offer.

Ex: Average selling price is 215k - then offer them full price of 215k and include in the offer your closing costs.

Be fair - remember what goes around comes around sooner or later.

I was the seller last year and priced my house a bit lower than the others.  My house was shown first and then offer came in offering full price with us paying closing costs.  At first I was upset, but then it is better than sitting on market and hoping.

Answer 4

offer them what the house is worth (maybe less if you want to try and get a bargain, more if you are afraid someone else will buy it for more).  Would the price you offer change if they decided to ask $300K instead?  No it is the same house!!!