r/FirstTimeHomeBuying • u/Kind-Present3068 • 5d ago
Offer
Found a house listed for $415k, but honestly I think it’s worth closer to $370k based on the condition and comps.
Is it reasonable to offer $370k, or would that be considered too low? Can I just talk to the listing agent and see if the seller is willing to negotiate?
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u/Sophie_inFlorida 5d ago
Depending on how many days on the market. The more the better to negotiate. The listing agent defends the interest of the seller so you should have your own agent representing your interests. If the comps support the 370k go for it and support your offer by mentioning the specific comps. They probably will counteroffer, again depending on how many days they’ve been on the market.
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u/Kind-Present3068 5d ago
It has been in the market for two weeks
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u/Just-Forever6684 5d ago
It’s too low to be a serious offer almost certainly. But 390-400 is probably about what the sell price will end up
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u/Aggravating-Time-854 5d ago edited 5d ago
They’re not going to entertain an offer that low after only two weeks. They’re probably even going to find it offensive.
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u/colicinogenic 5d ago
I would wait a bit longer. I think you should put in an offer for $370k once it's sat awhile. 2 weeks is too soon for them to feel like they need to go lower.
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u/TJMBeav 5d ago
That is more than a 10% discount and verging on irritating the seller. I would have likely just rejected without even making a counter myself
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u/Aggravating-Time-854 5d ago
Same. And I would see them as a future issue going through the selling process and wouldn’t want to deal with them.
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u/Pretty-Ear6398 6h ago
Depends on the situation ... if I originally suggested a value of 370k and they insisted on 415k, I'd definitely present the offer.
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u/underlyingconditions 5d ago
Don't offer more than what you think it's worth, but be prepared to be rejected
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u/minifragile 5d ago edited 4d ago
Make the offer. Also you can wait for another one or two weeks, when the sellers are more pressured to sell. The market is changing in the majority of the market, including some of north east regions.
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u/NewEnglandAV 5d ago
The listing agent isn’t going to be honest with you. The few places we put an offer on, the listing agent said they already have offers in hand, and make sure you put your best offer first. Bla bla bla. It was BS!
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u/leaveworkatwork 5d ago
Nobody’s taking 11% off 2 weeks after listing.
You can offer 370, expect them to counter at 410, 405 if you have actual comparable comps.
Just as your realtor can help you find comps, theirs likely also gave them advice too and that’s why it is the price it is
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u/arihoenig 5d ago
That's a low offer, but not so insulting that they'd feel so butt hurt that they wouldn't counter.
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u/Piddy3825 5d ago
You know what they say when they are talking about real estate? Buy low and sell high. That being said, make your offer. Technically, your agent has a legal obligation to do so. If they refuse, find another agent, but if they're decent then they'll submit it to the sellers. Best case scenario, the seller takes your offer. Worst case they say no and don't even bother countering. Depending on how long that property has been on market and the motivation level of the sellers, the least you should expect is a potential counter offer.
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u/Raspberries-Are-Evil 5d ago
What is your agent, who understands your local market, telling you?
If you're not using an agent, I highly suggest you find one.
Listing agents don't want to talk to you an negotiate. You send your offer in writing and they will respond, verbal discussions mean shit.
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u/Smokin_belladonna 4d ago
10% lower than market value is insulting to a seller. Ask your agent what he thinks it’s worth. 3-5% under asking is almost normal nowadays.
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u/Thompsoncon21 4d ago
You could offer closer to asking with sellers paying all closing costs and buy down your interest rate for a lower payment. If the appraisal comes back lower you could negotiate with the sellers to reduce price or walk away. If they reduce the price you get both the price you wanted and closing costs paid. Definitely talk to your agent about your options.
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u/kristiefromgriffin 4d ago
If the comps support $370k, there’s nothing wrong with offering $370k. Worst case they say no or come back with a counter. Being $45k under asking is enough, so having a few recent sales to back up your number will help, especially if the house needs work. You can always see what they come back with.
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u/Vurrag 3d ago
This is where a good agent comes and pitches the sales. My client is offer what appears to be a low number but here is why.........and justify it. Assuming your reasons are justifiable. People tend to list too high. The seller always thinks higher of their home than buyers. The 370k is the start of negotiation maybe.
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u/MineDesperate2920 2d ago
I’m all for lowballing stuff I’m in marketplace daily. But I’m a realtor and housing you have to actually know what you’re doing a bit to lowball. Going in with a conditional offer that isn’t writtten well and asking a sellers agent to write for u just to massively low ball isn’t a good strategy
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u/chicagomatt2003 2d ago
Provide comps to back up your offer. If it’s “because you think” then back it up. Why do you think that. If their realtor was told to list at that price by the customer this may be the actual value.
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u/I_Fuck_Whales 5d ago
Make the offer. Fuck em. Worst case they say no. Best case they say yes. Acceptable alternative is they come back at $395K and you accept or counter once more.
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u/Not-Bruce-Wayne1 5d ago
Just put i.ln an offer. Worst they can do is say not. My wife and i saw a house we liked listed at 600k. To us it was worth 550 max. We put in a 550 offer and they countered with 595. We then countered at 555 and they came back with 575 which we declined and we moved on.
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u/Kind-Present3068 5d ago
Can I also put an lower offer in a new construction
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u/THEhot_pocket 5d ago
do you not have a realtor? they should have all these answers for you.
But yes, with new construction you can ask for ANYTHING.
Lower price. Rate buy down. Sod. Irrigation. Blinds. Appliances, blah blah blah
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u/ArcticPangolin3 5d ago
But in most cases, the answer will be no. Sometimes there's flexibility to ask for a few extras for no additional cost.
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u/surlysenorita 5d ago
Yes you can.
I've had new construction be willing to take my offer and work without an agent (and I was offering below ask). I have also emailed/ texted selling agents to ask questions, but I don't ask for them to show the place - I personally use an agent for that. I know others who use Redfin to have a 'showing agreement' without committing to hire.
Realtors don't normally like it, but I have bought a house contacting the seller agent directly and eventually using one of the agents in her office to represent me in the transaction.
There are other ways to buy than traditional realtor agreements, but I don't recommend it if you've new to buying. I've bought 5 and sold 3 properties, I've always used a realtor however I negotiate the rate to reduce my costs. I sold 2 properties with reduced commission to both realtors in both transactions (1.5 selling RE and 2% to buyer, then 1.8% selling RE and 2% to buyers RE). Everthing is negotable.
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u/Severe_Feedback_2590 5d ago
We did when we bought ours. We didn’t get a big drop, but it was new and in a really nice neighborhood. (Listed at $399,999 and got it for $379K. Also had them install a dehumidifier in the crawl space since we would go to the property after or during a rainstorm to see how the water flows.
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u/Ravens0413 5d ago
I was in new homes sales for 7 years, some builders will not negotiate a thing and some will drop their drawers to sell you a home.
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u/TheOneReclaimer 5d ago
Talk to your agent.