Belt Auction

What is the average bidding percentage under the asking price of a home?

I am bidding on a home and I have contigency (no contract/offer yet). What would be considered a fair offer if the asking price is $290? Does the contingency factor into the price? Is thier an "average" percentage?

Public Comments

1. Anything goes in the Real Estate business and it especially depends on the Buyers and sellers Motivies. If you really want this house and are buying subject to another selling your contract may really not mean to much to the seller and to catch there attention you may very well need to go close or at the asking price. If its just subject to you getting a loan and its cash and you are 99.9% sure you can get the loan and can close rather quickly then you might be able to negotiate some. However every sale is different. Some Seller's ask what they want and won't take anything off. The next could mark it up by 50% hoping for a big offer. There is no set "Average" to offer less than the asking price.
2. To add a little foreclosures are high across the country and really high in certain areas.. use this to your advantage if it is the case in your area.. In general, it is a buyers market so you have that going for you. You need to find out what comparable houses in the area are going for on a /sq ft basis.. I have found www.zillow.com is excellent for this. Use it to see what similar houses in the neighborhood are going for... Then you have a good starting point for your offer.