How much offer on a co-op apt
So, I’m new here and we are about to put an offer in on a co-op apt. My mortgage broker said that these days, people usual offer 10% less. I’d be happy if they accepted that amount, but given that I doubt they will, I am thinking of offering slightly less ($5000) so that I…
So, I’m new here and we are about to put an offer in on a co-op apt. My mortgage broker said that these days, people usual offer 10% less. I’d be happy if they accepted that amount, but given that I doubt they will, I am thinking of offering slightly less ($5000) so that I feel like there’s more room for a higher offer. Or should I just offer 10% less?
We love this apartment and maybe this really isn’t something I should be worrying about.
The asking price is really irrelevant. What’s important are comps and what it’s worth to you.
If the asking price is good, then 10 percent off is a very reasonable starting point.
I just recently sold my coop. If you were to offer me 10% less I wouldn’t even dignify it with a counter offer. My place was priced appropriately and sold in 6 weeks. You have to do comps in the area go in with a realistic offer – you can’t insult the seller especially if you like the place.
12thand7th – Thanks. We put in the offer for $5000 less than 10%. (But now reading what Leucas wrote, I’m concerned that it’s too much.)
It’s a funny thing to think about “not sweating a few thousand dollars.” I often walk to work and think about all the money I save by not taking the subway!
unless your totaling insulting them, they will almost certainly reply to you/counter. 5000 less than 10% doesn’t seem unreasonable. Keep in mind that finding a place you really like isn’t that easy, and i wouldn’t sweat a few thousand dollars on a many hundred thousand dollar place either way if it’s a place you’re going to live in and enjoy for a while.
bessie – I didn’t understand what you wrote in the 2nd paragraph. Are you saying you were rejected when you offered greater than 10% below asking?
I think this is almost impossible to answer for someone else. It depends on the apartment, its comparison to other comps, it’s location/amenities/layout and most of all, it’s importance to you.
10% off on an overpriced apartment may be giving away money you don’t need to. In this market, you can start lower and see what happens. If you’re low, and other offers exist, the broker will likely tell you so and give you a chance to up it. Then you’ll have to figure out if you’re being played or not.
I understand completely — you want some reassurance. But this is kind of unlikely from strangers.
As a rule of thumb for the current market, 10% off sales may be an average market clearing price in today’s climate.Prices, however, seem to be all over the place these days and plenty of places are sitting on the market for longer periods. Look online at the asking for other similarly sized, finished located places. Check NYC DoF to see sales histories (or sometimes Trulia or St. Easy ???).
I’ve bought quite a few properties over time and have found that 10% off is usually close enough to not get snubbed by an offended seller…. but I’ve also tried for a higher percentage jsut to get a sense of wiggle room. In that case I’ve been rejected and accepted…