Negotiation

[Account Closed]

Hi,

Stupid question for starter: What do I bring to a house showing in terms of giving an offer? Next pertinent question: Ideally, how much should I bargain the real estate down to?

[J Scott]

Originally posted by @Account Closed:

That was good confirmation, 10K was actually my targeted amount for negotiation. As for exit strategy, I haven't formulate an exit strategy per se; I thought you just give the conventional handshake after kicking the tires. No? This is still a tentative process for me, I haven't commit to a real estate yet.

Actually, my comment said "$10," not "$10K." It was a joke, and I apologize that I didn't convey what I was trying to convey.

My point was, there is ABSOLUTELY NO WAY to know how much you should offer for the property without knowing more about the property and the deal, including your exit strategy. It's very possible that $10K is too much to pay. It's very possible that you should pay up to $500K. Without having any details on the house (where it's located, what it's worth, how much it needs in repairs, etc), there's no way to know. In fact, it's quite possible that if the owners were to give it to you the house for free plus give you $1000, you shouldn't take it. Again, there's no way to know based on the information you've provided.

You mentioned you don't have an exit strategy and haven't committed to real estate. Based on that, and based on the fact that you don't seem to know how to evaluate a good deal (and differentiate it from a bad deal), I would highly recommend that you don't talking to sellers or making any offers until you do a good bit more studying and planning.