What should i offer on a home listed at 147000 for sale by owner we offered 123500 they say they have an offer

of 137000 but from a person with questionable financing and wanted to know if we could counter. we said we will get back to them.What should i offer on a home listed at 147000 for sale by owner we offered 123500 they say they have an offer
As the others said, this isn't how it works. The seller either rejects or counters, you don't.





And also as the others said, what you should offer depends on the market value of the house. If you love it, sounds like you are going to have to pay for it.





As for the offer with questionable financing, it isn't worth the paper it is printed on if the buyer cannot get the money.





If I were your Realtor, I would check the sales price of comparable properties, and if we were in the ballpark, I'd advise you to wait and see what happens with the other offer.





Ah, the joys of FSBO.What should i offer on a home listed at 147000 for sale by owner we offered 123500 they say they have an offer
It looks like the stick is on their side. -They need to respond to your offer-





If it is your time to respond tell the sellers that you are serious and that you already did your research and the amount has been approved by your bank. Ask them if they would consider an offer from someone with questionable financing, if so, tell them that if that deal does not go true for lack of financial capabilities, your offer would stand.





They can always counter-offer. It is a game, then you counter-offer until you reach an agreement, they go high, you go low, getting closer...don't go too high too fast.





Good luck
I agree with 65% . . . the seller is doing things totally wrong here and you need an agent to make sure you don't get caught up in their mess.





For them to tell you the details of the other offer is against any ethics a Realtor would follow. At this point the seller needs to decided what they would take for the property and whether the financing on the other offer is worth the risk. You put in your offer and they should counter back.





After reading the other responses I want to mention that without knowing where you're purchasing, no one knows for sure if your offer is too low. Just because it's $23,500 under the asking price doesn't mean you're too low . . . maybe their asking price is way over market value. The numbers in the MLS I belong to are showing the average selling price to be about 85% of the asking price, so I wouldn't say you're way under. It all comes down to you . . . a home is only worth what someone is willing to pay, period!
Don't give them another offer. It's a buyer's market right now. There's plenty of houses out there that are better and cheaper. The seller is just trying to get more money from you. If the other buyer had financial problems, then he could of just told you whether you can offer the same amount instead of asking you to counter offer.
They should probably counter or reject your offer if it is too low. Of course, they may want to have your offer as a back up, but if it is in deed too low they should make a counter offer.





Are you willing to pay 137K? You know now that they would accept that price. If not, maybe you should just look for another property.





Good luck.
You countering at this point is not how it works. You made your offer, and it is up to them to either accept it or reject it. Then and only then do you come back with another offer.





Surely you have a real estate agent? This is the kind of thing agents do for you. They do the negotiations and guide you through the process. The seller doesn't have an agent, which is even more reason why you need to.
What is the home worth. Did you realtor tell you the value of the home based on what has sold in the area.





NO ONE can answer this question.
Get an appraisal for around $250. It's the best way to get an idea of what the property is really worth.
your offer is too low and they are probably trying to get a better offer.