asking offer

[michigan2006]

What is the name of your state? michigan

I am considering making a purchase on a home. I am having an inspection done and am presently aware of the home needing a new roof and part of the wood siding replaced in several areas. upon completed inspection this weekend i will know what other major items need repaired/replaced. My question is is there a standard % that you use when making the offer below the asking price Example asking price 100,000 so what is fair to offer knowing most sellers expect people to offer less**************.. then I still need to ask that major repairs also be taken off asking price**************... the home has been on the market well over a year and seller lives in another state.nad his realtor says he is MOTIVATED **************....any suggestions thanks

[BelizeBreeze]

Originally Posted by michigan2006

What is the name of your state? michigan

I am considering making a purchase on a home. I am having an inspection done and am presently aware of the home needing a new roof and part of the wood siding replaced in several areas. upon completed inspection this weekend i will know what other major items need repaired/replaced. My question is is there a standard % that you use when making the offer below the asking price Example asking price 100,000 so what is fair to offer knowing most sellers expect people to offer less**************.. then I still need to ask that major repairs also be taken off asking price**************... the home has been on the market well over a year and seller lives in another state.nad his realtor says he is MOTIVATED **************....any suggestions thanks

find out what the repairs will cost, multiply by 2 and subtract from your offer.

[michigan2006]

Thanks BelizeBreeze

[nextwife]

Actually, it REALLY depends upon whether the price has ALREADY been adjusted for antiicipated repair needs!

Some homes sell for MORE than full price. A home on my block, across the street , sold about a month ago - full price. Guess what? Last week they tore down the house, and a nice one, too, to build even bigger, better, newer.

So sometimes the land it sits on determines value, NOT the structure at all.

[BelizeBreeze]

Originally Posted by nextwife

Actually, it REALLY depends upon whether the price has ALREADY been adjusted for antiicipated repair needs!

Some homes sell for MORE than full price. A home on my block, across the street , sold about a month ago - full price. Guess what? Last week they tore down the house, and a nice one, too, to build even bigger, better, newer.

So sometimes the land it sits on determines value, NOT the structure at all.

tweety bird, this is a MOTIVATED seller that's my key to lowball and then negotiate

I like having money to play with

[michigan2006]

tweety bird, this is a MOTIVATED seller that's my key to lowball and then negotiate

I like having money to play with

belize, i like money too $$$$$$$$$$$ mmmmmmmmmm


if the seller has already taken in to account known repairs and the property it self is no big deal is there an % amount to still offer below asking price ??
I will try Belize way first and see what happens and then if that doesn't go over well i will need to offer again
I have never bought a home before the one I am in was left to me over 30 years ago, and do not have a realtor **************... sorry all you realtors I am trying to hang on to my money looks like i am going to need it for repairs .

[CAowner]

Originally Posted by michigan2006

and do not have a realtor **************... sorry all you realtors I am trying to hang on to my money looks like i am going to need it for repairs .

The buyer does not pay the real estate agent(s), the seller does. You will not save money by not having your own agent. As a first-time buyer, you can avoid problems by working with someone who knows your market and the rules. Find a reputable realtor (not the seller's realtor) to help you make the offer.

[michigan2006]

thanks caowner

[lcannister]

Anticipate the seller not even deeming your offer serious enough to respond to if you go to low and then look at any subsequent offers in a pissed off manner.

There is no magic number or percentage.

Get the agent, even if you DID end up paying them a GOOD, note the capital letters, will cost you nothing and may actually save you thousands by knowing an area and how things are going in that area!

[michigan2006]

thanks everyone for your input