We’re considering a studio in Los Angeles listed at $550,000. It has been on the market for 9 days and needs some updating. Nearby asking prices are similar, but we haven’t found enough completed sales to feel confident about the actual market value.
Would an opening offer 7% below asking be sensible, or is that too aggressive this early? We have clean financing, can show proof of funds/approval, and can be flexible on the completion date. I’d explain the price using the limited completed comparables and likely updating costs rather than criticising the property.
We have one night to decide, so I’m also trying to separate price negotiation from avoidable risk. I would not want to waive inspection or financing protection, and I’m wary of an appraisal gap and deposit exposure. If the inspection finds issues, is it better to preserve the option of requesting repair credits rather than building estimates into the initial offer?
What would you ask the agent tonight about seller motivation and the response deadline, and how would you structure the offer so it is credible without antagonising the seller?
Would an opening offer 7% below asking be sensible, or is that too aggressive this early? We have clean financing, can show proof of funds/approval, and can be flexible on the completion date. I’d explain the price using the limited completed comparables and likely updating costs rather than criticising the property.
We have one night to decide, so I’m also trying to separate price negotiation from avoidable risk. I would not want to waive inspection or financing protection, and I’m wary of an appraisal gap and deposit exposure. If the inspection finds issues, is it better to preserve the option of requesting repair credits rather than building estimates into the initial offer?
What would you ask the agent tonight about seller motivation and the response deadline, and how would you structure the offer so it is credible without antagonising the seller?