Is 120,000 too low for low ball offer?
Question:The house is listed at 199,900 in pre-foreclosure. Seller's lender has taken over. Home has 10 acres, is 3800 sq ft. but needs a lot of work. No cooling, needs carpet and all new flooring etc. Please help!!!
Answers:
Knowing it has 10 acres and 3800 sq ft, but not knowing location or other details, I do not think you would have too much of a chance at 120,000, but I think an offer of between 25 to 35 percent off (135,000 to 145,000) of what it is now would be an offer they would seriously consider. If you can save at least 50 grand off what its being asked, that amount could be put back into the place to bring it back to at least the same asking value.
i would try it, the worst they can say is no right? you can always make another offer later if they decline the 1st one
Since you are the only one here that can see the property, this is a difficult question. Your number if $120,000 seems low to me. $150,000 might be a better number that the seller would give serious consideration. The other number may not even get a look.
good luck
It really just depends on where you are. The market is different for each region, state, city, or rural area. You can try. I would also ask the advice of a real estate agent in your area. Preferrably, not one that is working the the sale of the house.
If they want to unload it, they may accept your offer, but that is almost 40% below the asking price. They may not take the offer seriously, and they may not continue negotiations with you. Be careful, good luck.
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