Advice for a first time buyer
Started by want2own
about 17 years ago
Posts: 6
Member since: Jun 2009
Discussion about
Hi, I want to put in a bid for a condo but am not sure how far below the asking price I should put the bid in for. The asking is $460K and I was thinking about putting my first bid in at $430,000. Or, I was thinking about paying pretty close to the listing price but then asking the seller to pay all closing costs. I don't know which would be more enticing to the seller, to sell the place at a lower price(let's say we agreed at $445K,) or to show that he/she was able to get the full asking price while financing the closing costs.(I think it's the latter, no?) How much leverage do I have in this market?? Any/all advice is appreciated! Thanks in advance.
It depends...
If the owner has more apartments in the building to sell, they will want to get the highest price possible on the books.
If the owner is just selling this unit, they will want the price to be the lowest. Due to many appraisals coming in low, it will give him that cushion.