How Much Do I Offer On A House With Multiple Offers?

If you’re in a seller’s market, it’s common to compete against multiple offers in the hopes of getting your offer accepted. Before jumping into a bidding war, however, be sure this property is worth paying a bit over the asking price. If you think you can fall in love with another property, it may be best to step away and keep looking. When competing against other bidders, don’t forget to respect your budget. You want to avoid overbidding on a home you won’t be able to afford down the road. How much you offer on a house with multiple offers is dependent on how the other offers look and recommendations from your real estate agent. If you want to seal the deal, a cash offer always looks best to the seller.

Is 10% A Lowball Offer?

Offering 10% under the asking price isn’t necessarily a lowball offer. Typically, a lowball offer is considered to be at least 20% below the asking price. If you’re offering 10% below, the property should be in a good condition but may just need some cosmetic work done. The goal of offering 10% below the asking price is to use those extra funds to cover the repairs.

Can You Offer 20% Less On A House?

You can offer 20% less on a house in certain conditions. If you’re in a buyer’s market and the property isn’t up to code or needs serious renovations to be habitable, this offer is more reasonable.

How To Know How Much To Offer On A House