Is my offer too low?

Question

I'm interested in buying a house and they are asking for 280k. The house is bank owned and is fully remodeled. Only thing is it does not have a fridge and laundry machines. The house has been in the market for 40days now. 

I put an offer of 270k plus closing costs, so I'm really asking for 15k below asking price. I did my research and houses in that area are worth around 250k-300k. That's how I came up with a number, but obviously the higher you offer the better. This house was contingent before I put my offer but prior buyer backed out without a reason. Obviously everyone is over bidding on other homes, but I refuse to play that game specially since it's a bank owned. Do you think I'm low balling or is that a decent offer? 

Answer 1

It depends how much you want the house. I would have offered 250k if I wasn't too bothered.

Answer 2

Your offer was not too low at all. I would have perhaps put in an offer of around $260K if I were actually interested.

Answer 3

It's not that low. I don't know what other conditions the house may have, so it's hard to tell. I would, however, along with offering 10K less than asking, not ask for closing costs. 40 days on the  market is not long enough to consider the low offer, really. 

Answer 4

would you who had a house available and it owed you $280k take less and be left with the bill , or would you take less and not recuperate your misfortune !!!! bank doesnt care about you attempting to expect less , they need there cash back like every other person ..banks just ask the market esteem which is lower than what you would ordinarily request the property in any case , your are as of now getting a rebate ..

Answer 5

Seriously????

For sale for 40 days and your wondering if your offer of 5% less than asking is too low??? Um NO, If I were you I would have offered 20,000 less.

Answer 6

would you who had a house on the market and it owed you $280k take less and be stuck with the bill , or would you take less and not recover your loss !!!! bank doesnt care about you trying to bargain for less , they want there money back like everyone else ..banks only ask the market value which is lower than what you would normally ask for the property anyway , your are already getting a discount ..

Answer 7

In the present climate it is a reasonable offer and the seller should respond with

acceptance or the lowest amount that is agreeable to them.

Answer 8

It you're asking the bank to pay your closing costs, most banks won't.  Do you realize that banks sell their REO's at market value based in their condition?

Answer 9

"Obviously everyone is over bidding on other homes" looks like you answered your own question.

Answer 10

It's not a game, in this case the bank can hold out until they get the full asking price. Makes no difference to them how long it takes.

If you want it then match the price or try 5K below.