Offering 8% below asking on a New York apartment — sensible or too aggressive?

I

iris_shore

Seller
Established
I would like to open below asking without making the seller dismiss me, but there is not much completed-sale evidence to support a precise figure. The New York apartment is listed at $390,000, has been on the market for 53 days and requires updating.

I am considering $358,800, which is 8% under the list price, backed by proof of financing and some flexibility over the closing date. Is that a credible starting point, and would you keep the explanation to condition and the limited comparable evidence? I can revise the price after a counteroffer, but I am reluctant to trade away inspection, financing or appraisal protection, particularly if there could be an appraisal gap.
 
Eight percent below is not inherently insulting. Keep the explanation short: limited completed comparable evidence, the apartment’s condition and your ability to proceed with documented financing and a flexible closing. Don’t turn it into a catalogue of everything wrong with the place.

I would be very cautious about waiving inspection, financing or appraisal protection unless you fully understand and can absorb the resulting costs. Give the offer a clear but reasonable response deadline.
 
One important missing detail: is it a condo or co-op? That could change both the process and what “clean financing” really means. Also ask about monthly charges, possible assessments, prior price changes and whether the seller has a preferred closing date. Those facts may reveal more about motivation than 53 days on the market.

If the needed updating is already reflected in your price, avoid also demanding an automatic repair credit for the same work.
 
I’m less convinced that 53 days justifies the discount. Asking-price comparables do not show what buyers are actually paying, and the seller may simply reject an offer they see as unsupported.

I’d concentrate on obtaining completed comparables and rough costs for the visible work. Also decide in advance what happens if the appraisal is low: will you renegotiate, add cash or walk away under a contingency? That decision matters more than polishing the wording.
 
Submit the number you can defend, not the number least likely to offend. Pair it with financing proof, a closing window that suits the seller and straightforward contingencies. Keep inspection rights for material issues, and make sure the contract terms do not expose the deposit if financing or appraisal fails in circumstances you intended to protect against.

If the seller counters, separate three things: purchase price, repair credits and any appraisal-gap commitment. Trading one for another is clearer than gradually conceding on all three.
 
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