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Real Estate
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] Then the sellers are stupid. My agent, and our friends that are agents, all told us that the first offer is almost always the best offer, and the seller rejects it at his peril. We made an offer of 595 on a house listed for 630 last year, and were rejected. 8 months later, they finally sold for 535. [/quote]
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