Originally Posted by ndsgr
...... I also don't know the consequences of severely underbidding a house aside from insulting the seller. ...........Every answer I google ends in "it depends on the area".
Any help is appreciated!
I have only purchased (built) one home so I am by no means an expert. I will weigh in, however.
First, I wouldn't worry about insulting a seller, the worst they can do is say no. Hopefully they would come back with a counteroffer. Second, there is a reason that the only thing you can find is "it depends on the area". Because it does. You should look at the actual SELLING prices of similar houses in the area, and keep in mind that who pays closing and such is also a legitimate part of the negotiation. Also, how long it has been on the market will likely dictate how much the seller is willing to move on the price. Good luck! Hopefully others will chime in with other useful info.