What amount less should I offer on a house? Is there a good rule of thumb on what to offer on a home?

Question

What amount less should I offer on a house? Is there a good rule of thumb on what to offer on a home?

Answer 1

Offer only what you are willing to pay for it. No more no less. You'll either lose it, or bite off more than you can chew otherwise.

Answer 2

That is a question only you can answer for yourself. No there isn't any rule of thumb. But if you really want the house make your best offer.  

Answer 3

depends on how long it's been on the market and if it's vacant or not.  Many say that isn't fair answers but, it does affect the sale of some, and it's affected me, personally w/ a house of mine that was vacant, and on the market for 7 months, I was desperate and took a fairly lower offer than my house was listed ($7000 less and paid the buyers closing costs).  If you plan to ask the seller to cover your closing costs, don't drop it too much because that actually comes out of the money they get back.  I've written offers $2,000 to $50,000 less.  

Just take into consideration the age of the home and how much work (if any) that needs done.  Not saying, we need to paint it because we don't like the color, so take off $1,000 for that, I mean, if the roof is bad, or it's last remodeling was 1964 and the bright orange shag carpet gives the date away.

If you offer too low, some sellers get insulted.  I've had sellers counter-offer more than their list price because they were offended by a price.  It also depends on your area and what houses are going for.

Don't offer more than you can afford, you don't want to live to make your house payment and not have a life.  The worst they can do is say no and you counter w/ a more reasonable price, or find a house you can afford better and are happier with.

Without an actual answer, I hoped the advice helps you some!!  Congrats on the future home purchase!!

Answer 4

Bargain hard.  If a house is asking $100,000 i will offer $70,000.  I don't care.  But i always offer cash.  If you want the owner to give you 10 days to inspect and 30 days to get a loan, you will have to pay $98,500 like everyone else. /