Thinking about bidding $590k on a $700k coop

Hi – I’m looking at putting in an offer for a park slope coop that needs some work (new kitchen). I’m not working with a buyers broker and am wondering if I can bid much lower than ask… it seems overpriced for a whole new kitchen. Anyone have advice? Are there signs I should look for to determine if the seller’s agent really has other offers on the table?

summerbrooklyn

in General Discussion 11 years and 10 months ago

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bk1lnite | 11 years and 10 months ago

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If “it seems overpriced” you can communicate along with an offer how you arrived at a number based on comparable sales and discount by a reasonable amount for the kitchen. Bid what you want; the worst that happens is the seller and broker don’t take you seriously and you don’t get a counter offer. You’ll learn from it (and that broker might not be quick to return your calls on the next listing). In this market unless the seller is in distress and you’re offering all cash 15% off ask in park slope sounds implausible.

brokelin | 11 years and 10 months ago

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You now you can offer whatever you like. I think what you are asking is whether your offer has any chance of being accepted (nope, none), or at least taken seriously and countered with a coutner offer (maybe, but not likely.) I say maybe, because if the place is priced correctly, a new kitchen should not cost 110K, or even half that. If it is overpriced to begin with, it might come down once they decide to lower their price, but since they haven’t yet, they are unlikely to take an offer that much lower seriously. How long has it been on the market? Watch and wait…if it doesn’t sell over some time, that’s evidence the market doesn’t value it as hightly as the sellers do. After some time, even if they don’t lower the price, they may consider much lower offers, but I’m telling you that offer will have to at least start with a 6, and definitely not a 5, for starters…and it will likely have to be somewhat higher than 600.

NeoGrec | 11 years and 10 months ago

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You can bid as low as you like. But bear in mind, i) in this market, very few low bids will taken seriously; and ii) the discount on a home that needs work is never as great as the cost of the work needed. Hard to know for sure if there are other offers on the table. A buyer’s broker might be able to tease out more information but there’s no guarantee of that. Just ask a zillion questions to try to ascertain the seller’s circumstances/timetable, like do they need to close quickly to move across the country, start their kid at a new school in the fall, take a new job, etc.