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Health & Fitness

Make That Offer

How and why you should make an offer on that house that you think is overpriced.

These comments are as much a plea as they are insight.  

As all of you know, the current real estate market is, to put things in terms of psychiatry, schizophrenic.  It is acting irrationally, basing its actions on things that are not always real, even here in good old Chatsworth.   Interest rates are historically low, home prices are as cheap as they have been in a couple of generations, and yet a lot of buyers are sitting on the sidelines.  And, yes, some sellers are unreasonable in pricing their homes for sell in the current market.

 So, as a prospective buyer, you see a home that you really like.  It fits all of your needs.  It is in the neighborhood you want to live in.  It has a great backyard and that awesome kitchen.  It even has an extra bedroom that you can use as an office.  The only problem is that the seller is asking too much money for it.  You and your agent have done your homework, and you know the sellers are way out of line with the price that they are asking.  

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So you decide to pass on the house.

WRONG.

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If you really like the house, I mean you really like the house, go ahead and make a realistic purchase offer.  Offer what you sincerely think the house is worth in today’s market.  The worse thing that will happen is that the sellers will ignore your offer.  But chances are they won’t.  They will probably make a counter offer and then subsequent negotiations will occur.  And you just might get the house you want at a price that you are comfortable with.

Your agent can easily find out if there are other offers on the property, and if so what, what price range has been offered.  And you can make your offer accordingly.

But if you don’t make an offer you definitely won’t get the house.  Remember, the asking price of a house is just that, the price the sellers are asking.  Maybe they will take less.  Maybe they won’t.  Find out.  Make an offer.

You never know what is going on with the sellers.  Maybe their agent has been working feverishly to get the sellers to lower their price.  Your reasonable offer can be just the proof necessary to convince the sellers to reduce their asking price.  Or maybe the sellers have said all along they will ultimately take whatever is offered.  Or maybe, just maybe, they will accept your offer as is.

But you can’t win if you don’t get in the game.

Just be sure your offer is in fact reasonable.  If a property is legitimately worth $500,000, don’t ask to purchase it for $230,000.  Don’t laugh.  It’s done.  A lot.  When you offer to purchase a home, your offer is suppose to be in good faith.  Just make sure it is.

And get in the game.  Make that offer.  If the sellers are asking $365,000 and you think it is worth $335,000, say so with your offer.  You have nothing to lose but the house you really want.

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