High asking price

mbalbritton

mbalbritton

#@$%!
Joined
Mar 22, 2005
Location
Greensboro, NC
Anyone ever low ball an offer on a house? I'm talking 60% of the asking price.

We're looking at a farm house that belongs to a bunch of siblings. Parents are deceased. I've looked at home values in the area. What is comparable and what things have sold for in the past few years. This family is is asking WAY TOO MUCH. In a GOOD market it may be a fair price to start asking, but not now in this area.
 
How much over what's comparable? They might be to attached to the house.


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Redneck92 said:
How much over what's comparable? They might be to attached to the house.


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Irrelevant. Their sentimental attachment adds no value. I'd bet it's more along the lines of how much each child wants to get out of it.
 
Lot of factors to consider, like how long has it been for sale, is it for sale by owner, or with a realtor. If they are serious about selling it in a reasonable amount of time, a realtor should be guiding them on what comparable properties in the area have sold for. Good luck. It doesn't hurt to make an offer.
 
yes, low ball the shit outta them. The people wanted a way high price IMO and I tossed out an offer. They scoffed at it but 6 months later it was mine for less than my original offer. I think I shaved $80k off their asking price. It's a buyers market. You don't have to buy but more than likely they need to sell.
 
There are several factors in my favor.

1. Parents died 7 years ago and it has been vacant, but well kept up.
2. The will says in order to settle the estate, the house and property have to sell first.
3. The youngest sibling is about 70!
4. It has an eye sore of a building next to it, but it comes with the property. It would be $30k to tear it down. Personally I'd keep it and clean it up, but its still an eye soar and devalues the house.
5. The closest comparable house that sold recently was about 45% of their asking price, but this house is slightly nicer.
 
I was once told by my real estate agent that she wouldn't deliver an offer because it was so low as to be "insulting". I said, hmmm, OK I'll deliver it myself and keep your fee. She decided to deliver the offer. Remember - worst case, they just say "no", but they may also counter. Either way, you decide what you're willing to pay. Doesn't work out? Go on to the next. Good luck
 
Your price is your price no different than a car, your comfortable or not. All they can say is no. You got to start somewhere, and I'd start low and get the conversation going from that point. Negotiation is just that, and I wish I would have learned that years ago. I'm upside down on a house right now because I bought high in the high market, I didn't negotiate. Bring facts and comparibles not attitude, only you know what is comfortable for you and yours. For too long I've bought and sold on what people and popular market dictated, this has left me with the wrong gut feeling if you know what I mean. If your in love with what it offers and it meets your needs and expectations your offer will reflect this, bargains are bargains but stong gut feelings in relation to price have other rewards and draw backs.
 
How long has the house been on the market?


if siblings all own the property, there may be one that is reluctlant to sell (regardless of the reason) and to change their minds the property may be listed for a high price.

Just do it, no reason not to, especially if its over priced
 
It's been on the market for several years. They have a pretty crappy realtor. I have even met the realtor. I've only seen the house with the youngest sibling and he's the only one I've talked to.
 
I low balled the crap out of a house about 5 years ago. The owner countered with an offer that was higher than the asking price. They were a little upset. I raised it just a little and never could make it work out. We moved on and bought the house we currently own. over a year after the deal didn't go through, the house was still on the market and was listed for just $3,000 over what we originally offered. They finally came to their senses but at a time they were too greedy; its come to bite them in the ass
 
The last house I bought I was doing a small addition to the neighbors house and the owners came to ask me a question and I asked if the house was for sale and they said yes. It took me 15 minutes to walk through the house and to ask how much they wanted for it. I kinda stuck my foot in my mouth and offered 60% of their asking price and they took a minute to talk and took it so I took what money I had in my pocket and gave them a deposit and wrote out an agreement on an envelope till I could do a formal contract.

It was kinda weird buying a house in 20 minutes.

I wish I'd offered 50% I know they would have taken it. So yes low ball them.
 
If you like it I say go for it,but usually if somethings that overpriced I don't even make an offer. Im sure I have missed out on some things but everybody around here gets all mad and pissy actin and I dont care for the drama.I looked at a non running 95ish 2wd CC F-250 the other day that was "suppose" to be headed to the crusher but dude wanted 1K for it.I didnt even make an offer.
 
When I was buying the 8 acres adjacent to me, I offered them right at 60% of asking price, even though their price was right around "market" value. My real estate agent said that was offensive and I said ok, but offer it anyway, otherwise I don't want it. They refused at the time, then sold it to me 5 months later for 75% of asking price.
 
I ended out getting my house for 79% of asking price. MY advice is to do a thorough research and point out every single flaw and make a big deal out of it. Worked for me.
 
rockcity said:
I low balled the crap out of a house about 5 years ago. The owner countered with an offer that was higher than the asking price. They were a little upset. I raised it just a little and never could make it work out. We moved on and bought the house we currently own. over a year after the deal didn't go through, the house was still on the market and was listed for just $3,000 over what we originally offered. They finally came to their senses but at a time they were too greedy; its come to bite them in the ass
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this was part of my story too. they didn't like my offer and flat out rejected the first. we sat and waited and they eventually saw that they had to drop it. they came back to us since they knew we were interested. my next offer was $5,000 less. they were pissed :lol: the story ended the same though. they finally caved but joke's on me I guess. I got the price way down but they gave me a leaky basement that I'm gonna have to fix this year. assholes :lol:
 
McCracken said:
this was part of my story too. they didn't like my offer and flat out rejected the first. we sat and waited and they eventually saw that they had to drop it. they came back to us since they knew we were interested. my next offer was $5,000 less. they were pissed :lol: the story ended the same though. they finally caved but joke's on me I guess. I got the price way down but they gave me a leaky basement that I'm gonna have to fix this year. assholes :lol:
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That happened to my sister too, similar situation.

When they got into the house the people had removed everything, lightbulbs, curtain rods, blinds, EVERYTHING that they could legally take. It was funny as hell. :lol:
 
I think there's a ton of sentimental value to them. All the siblings are elderly and they all grew up in this house. He told me all kinds of stories of things they did when they were kids there, and when this was added on and that was added on... I might just have to throw an offer to bring them down to reality. they hold 2 playing cards as far as I can see.

1. they own it and not me.
2. they owe nothing on it and they are renting a guest house out back that is more than likely enough for them to be making money on the property.

Kinda wondering if one of them has kids that stand to inherit the property and they are just throwing out high numbers to keep it from selling yet.
 
I sold my uncle's house 3 years ago. Houses in the neighborhood ran about 120. I put it on the market at 95-ish, because it needed a hell of a lot of work. It was the sort of house that looked nice, but not many would buy it for their own home...likely buyer would buy it, cover up and patch, and rent it out. I ran the numbers to know what kind of rent they would get, and how much someone could afford to pay for the house, fix it up, and still make a profit. Would have easily accepted a 70k offer. Neighbor came over, offered 50k cash. Didn't have to think about that...done deal.

House had leaky roof that needed repairs asap or more damage would be done. I didn't have time to screw with it. Insurance, taxes, utilities, etc....the sooner it was gone the better.

Lowball it, the worse they can say is "No" (or "No, asshole").
 
mbalbritton said:
I think theirs a ton of sentimental value to them. All the siblings are elderly and they all grew up in this house. He told me all kinds of stories of things they did when they were kids there, and when this was added on and that was added on... I might just have to throw an offer to bring them down to reality. they hold 2 playing cards as far as I can see.

1. they own it and not me.
2. they owe nothing on it and they are renting a guest house out back that is more than likely enough for them to be making money on the property.

Kinda wondering if one of them has kids that stand to inherit the property and they are just throwing out high numbers to keep it from selling yet.
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One angle you could work on is the "local family man" bit. Take your kids with you to go meet them, talk about how you're looking for a place to be the new permanent family homestead where your kids and grandkids can grow up. E.g., let them see you aren't there to flip it and just make $$, or sell off their land - really you want to continue their tradition of love and family within the home.

Both of the houses we have bought (in Lewisville, then here) were from older folks, the original owners, that were essentially forced to move on and sell the house. We found they were a whole lot friendlier about it once they realized that it was going to a young family that was going to get many years of love out of the home like they did.
Actually I still keep in contact w/ the PO of our house, he loves to answer questions about how it was built, work done, and tell a story or two while he's at it.
 
I offered about 60% of the asking price on my house now and they declined I sent the same offer in everyday for 3 weeks and they accecpted it so don't give up on it and you never know what may happen. It's funny when we moved in one of the neighbors came over and said he was shocked to see what the house sold for because he bought his new and still owed more on his then we bought ours for and ours was about a year newer.
 
RatLabGuy said:
One angle you could work on is the "local family man" bit. Take your kids with you to go meet them, talk about how you're looking for a place to be the new permanent family homestead where your kids and grandkids can grow up. E.g., let them see you aren't there to flip it and just make $$, or sell off their land - really you want to continue their tradition of love and family within the home.

Both of the houses we have bought (in Lewisville, then here) were from older folks, the original owners, that were essentially forced to move on and sell the house. We found they were a whole lot friendlier about it once they realized that it was going to a young family that was going to get many years of love out of the home like they did.
Actually I still keep in contact w/ the PO of our house, he loves to answer questions about how it was built, work done, and tell a story or two while he's at it.
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Funny you say that. This guy had all kinds of stories and is one of the local town historians. Even told us about the Professor that lived there back in the late 1800s early 1900's and how he's been seen and heard several times.
 
I bid very low for my current house 9 years ago.. the guy inherited it, had another house far away.. so he had no true vested interest in it.. my realtor was not gonna make the offer and I told her if she didn't I would find someone else that would.. she did and I got house.

later she asked me how I knew he would take it and I told her the internet is an amazing tool :) I found all info about guy on internet..

I knew what I wanted to pay and was happy with my offer.. I say go for it and see what happens..
 
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