Reply to Overpriced house - lowball offer or wait?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would wait another week and then make an offer.  I would also try to have few contingencies if you're coming in that much lower but still
protect yourself.  Like do the home inspection prior to your offer so you can waive the contingency.[/quote]

3 weeks?  For a -10% offer?  I doubt it.  Most realtors recommend the first price drop at 30 days, some will say 60 days.  Unless the sellers were desperate when they put the property on the market, I doubt you would get anyone to consider 10% below list before 30 days at a minimum, more likely 60 days, but it depends on the sellers.[/quote]

OP said the house needs a ton of work. That leads me to believe these are not serious sellers. They didn't bother to do any work to prepare the house for sale and on top of that they overpriced it. They don't need to sell and there's no way they are going to accept a -10% offer two weeks after listing.  OP, if you really want the house be prepared to pay more than you think it's worth.  [/quote]

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