Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Is this a strong offer?

I put an offer in on a house today. Asking price was 275k I offered 280k and sellers pay closing. Is this considered a strong offer when buying a house? 

8 Answers

Relevance
  • 11 months ago

    Depends on the asking price and what they were hoping for. If the agent/seller listed it very low to generate multiple offers, then $5K over is peanuts. If it's priced as market value and there's no other offers, that's a good offer.

    It ultimately depends on what the actual market value of the home is.

  • 11 months ago

    Seems like a great deal to me! I would take it if i was the seller. If it gets declined you can always put in an offer of 275k and request a 3% seller concession that way you do not put too much out of pocket for closing costs.

  • 11 months ago

    To purchase this house, you should have income of $90000.

    You show the seller that at $90K, you haven't saved.

    Thus, you are a risk if the loan will ever get approved. 

  • 11 months ago

    Asking the seller to pay closing costs can make you look like a weak, borderline buyer with a strong risk of a lender turning you down, thereby tying up the seller's property for weeks and missing out on stronger buyers. In my area, once an offer is accepted with no other contingencies but the financing approval, that property is off the market and not shown anymore. If I was the listing agent, I would press the agent for the buyer on specifics about the buyer's finances, and advise my client based on that.

    If you have the cash to pay the closing costs a buyer normally pays, pay them and don't complicate matters.There is also some degree of risk in the property not appraising for the higher amount, or being borderline. Lenders are not particularly crazy about financing closing costs, though there are some programs specifically for this.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    11 months ago

    depends on the market.   If the seller has multiple offers he may reject yours. If not, he may accept it.

  • 11 months ago

    In my area that would be a strong offer but in my area it's standard for the seller to pay closing costs; transfer tax and title insurance.

  • Judy
    Lv 7
    11 months ago

    depends on the market where you are.

  • Barry
    Lv 6
    11 months ago

    Your 'strong' offer doesn't matter if the agent or seller rejects it. The smart way to buy is to ask the agent if the seller would take an offer. That way the agent doesn't get irritated by your approach and he is more likely to promote your offer to the seller to effect a sale. Your blunt offer will likely just be used to lever more out of another buyer. 'Softly softly catchee monkey'.

Still have questions? Get your answers by asking now.