Opening 11% below ask on Chicago student housing after 68 days

[lina_brooks]

Before we submit an offer, I need to decide whether starting 11% under the asking price creates useful negotiating room or simply weakens our position. The Chicago student-housing property is listed at $1,195,000, has been on the market for 68 days and requires updating.

Nearby listings sit around similar levels, although there are too few relevant closed transactions for me to rely on those asking figures. I also need to establish whether the better comparison is other student housing with similar leases and income rather than ordinary homes nearby.

Our financing is firm and we can accommodate the seller on timing. I would support the number with proof of funds or financing and a short explanation, not a long argument about value. Before setting a deadline, I plan to ask about the leases, operating details, required work and seller priorities. I want to retain inspection and financing protections, keep the deposit exposure controlled and decide in advance how much appraisal shortfall or repair cost we could absorb.

 

[walksAndWay]

An 11% opening discount is defensible, but I wouldn’t try to write an essay proving the seller wrong. Submit the price with financing evidence, mention the 68 days and updating required, and offer the flexible closing date as something useful to them. Give a reasonable response deadline rather than creating artificial urgency.

Keep inspection and financing protection. If there is an appraisal gap, decide your maximum cash exposure now instead of improvising later. Repairs can be addressed through a credit after inspection.

 

[LightStory]

I’d be more cautious than Helena about treating 68 days as leverage. It may indicate seller resistance, but it doesn’t tell you their motivation. Also, for student housing, are you comparing ordinary nearby homes or properties with similar leases and income? That missing information could matter more than asking-price comparisons.

Before choosing the number, ask for the available lease and operating details and clarify the updating required. I wouldn’t promise an appraisal gap or waive inspection just to make a low offer look cleaner. Make sure the deposit terms leave you a clear exit under the contingencies in the contract.