What is a good 1st offer to put on a $370,000 house in massachusetts?

Question

We would like to go low, but we don't know how low is reasonable. Any suggestions are appreciated. Thanks!

Answer 1

Make sure you are working with a different agent than who listed the property! And ask for buyers representation! Low ball the sellers. Find out how long the home has been on the market, how long they owned it and see if you can find out how much they owe

Answer 2

Have an agent do a market analysis for you.  Asking price means very little...it is often determined by the seller against their realtors advice!  Find out what other comparables have sold for in the area.  Get a buyer agent to help you (if you are in the greater attleboro area, email me!)

Answer 3

Not knowing anything about how it is priced compared to the market, I like to start the negotiation at about 90%.

So 370,000 - 37,000 = 333,000

I would hope to lock it down at around 350,000

The Market could dictate any number of changes to this.  Lot sof things can change the deal ...

If you have competition, you may not want to do this, and go with the asking price.

If the house has been on the market for a long time, you may want to be more aggressive.

If the owner is willing to hold a note for you as teh down payment, then you may want to give them the asking price as an incentive and a way to get the house .

Talk to your realtor or a professional realestate investor.  Usually they like to give advice.

Answer 4

You should not base your offer on the asking price without first determining the market value of the property involved.  It could be a real rip off at $370K, or it might be a real steal.  Get yourself a qualified real estate buyer's agent and ask said agent to provide you with written evidence of recent comparable sales so that you can gauge the worth of the property vs the asking price.