Quote:
Originally Posted by Schaumburger
What would be considered a "lowball" / insulting offer on a resale home? Or would this depend on how long the home has been on the market, or the reasons why it is for sale?
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It would depend on how close the list price is to market value. Some people price their home to sell quickly, and hopefully to generate multiple offers. Others may price a similar home $30,000 higher to test the market. Presumably if the home has been on the market for a few months, and if it was initially over listed, it may have experienced a series of price reductions, and it may now be priced well.
It's up to the purchaser to research similar houses, take all upgrades into account, add on an appropriate amount if it's a view lot, etc. A good agent can be invaluable in providing information on comparable solds. Or a buyer can do the work themselves by using Internet sites which have already been mentioned, and by attending as many open houses as possible. Also talking to neighbors about what they like and dislike about the location can be invaluable.