Will seller accept my offer?

Question

home listed at 144,900. i offered 130,000 plus seller to pay my closing cost. which are about 7,000. home has been on the market for a year. i have a letter of preapproval. what do you think?

Answer 1

It's hard to say, but in this down market it is very possible that your offer is the only one they have received so it is very possible they would accept it.

The last home I bought to rehab and sell, I got for about 60% of their asking price.

It really depends on why the seller is selling, and if they need to sell or just want to sell.

Good luck!

Answer 2

Come on people... her offier is a fair offer.  So the seller will likely come back with a counter offer, a high one, then the buyer will counter the counter, and so on...

IT's all a negotiation process.  It is unlikely that they will accept your first offer, they will likely counter, and you could counter their counter...  It's perfectly normal.

You will be lucky if they accept your first offer, doubtful.  There's no reason to.  You offered, which makes you interested, and they will play for a while.  They shouldn't be offended by it either, it's part of the negotiation process.

at $144000 you offered 130000 w/7k toward closing.  I suspect they will come back at 140000 with 3k towards closing.  You will then come back with 135000 with 5k toward closing and make it a "firm and final" if you wish.

Answer 3

It is going to depend 100% on how badly the seller wants or needs to sell. If they are in or close to foreclosure your offer could be just what they need to save their credit. They may  already have the house listed for a price that is as low as they can or will go. You never know until you make the offer.

What's the worst that could happen? They say no?

Good luck.

Answer 4

Liza, time will  tell. Why are your closing costs so high? $7,000 is a lot of closing costs. If I were the seller I would not pay them.

This makes the house discounted 21,900 from the 144,900, and still would have to pay the 7% realtor fee. This would only net me $123,900 for the house.

Regards,

Dan

Answer 5

I wouldn' t think so 7 grand doesn't go far these days. unless you know they are hurting for cash and are down and out you could low ball it. other than that you probably will get looked over.

Answer 6

Understand that you are limited in the amount of closing costs you can ask for.  It's 6% seller concession, period.  You can't ask for closing costs AND the funding fee, b/c VA won't allow it.  They have to approve the HUD before you close.

Has your Realtor researched what the seller bought the house for to see if they can even entertain that offer?  

That's always where I start.

Answer 7

Highly doubtful!  Keep us posted

Answer 8

This would be a great question for the seller. I know, I know. Im a genius

Answer 9

They might not be able to, after they pay everything you are talking about an offer of 116,500, when they were counting on 137,655.  That is assuming only 5% commission to the agents.

Answer 10

Depends on how fast the seller wants out from under the house.  I don't think he\she will swallow the closing cost since you have lowered the price by over $14,000.

Answer 11

I think so, if not, the seller will counter your offer.  If you say no, and wait, they may come back at the price you offered.

Answer 12

I am guessing the seller will counter for 140,000. Sometimes they will only pay 3% towards closing costs, which would be about $4000. Just depends how bad they are wanting to sell this house.

Answer 13

Seller may get offended and not even respond.  But they certainly won't say yes.

Answer 14

Why should he pay your closing costs? Thats arrogant of you to include that. If I were the seller, I would tell you to take a hike.

Answer 15

I doubt it, that is a big hit off the seller's bottom line.  You are essentially offering $123,000, minus Realtor fees, transfer tax, any other associated costs.

If the house has been on the market that long, maybe the seller isn't motivated and is waiting for a good offer.

Answer 16

He may or may not. The good news is, there is a record number of unsold houses on the market practically everywhere across the country.

So if they don't accept your offer, the are plenty other people who will take a lowball offer.

Answer 17

This depends on what kind of money the seller really needs.

Generally a seller will not go for that type of offer unless they are very desperate. (Just because the house has been on the market for a year does not mean he is desperate.)  Also to "low ball" the asking price AND ask him to pay your closing costs is not very realistic. He may not even respond back to you with a counteroffer.

If the home is listed for 144K, then your offer should be 140K with him paying closing costs. This is considerably a more reasonable offer.  

The best thing you could do is get a reputable licensed Realtor involved.  They are experts at negotiating.  They will also find out if the house is worth what the seller is asking.  If the house does not appraise equal to the asking price, then you are liable for the difference in that transaction if the seller does not want to lower the price.