Online House Hunting

Does a buyer have to explain the bid amount for a house sale?

Public Comments

1. No, a buyer does not need to explain the bid amount for a house sale. I assume you are a buyer who is making a low ball offer? If so, you do not need to explain why you are bidding the way you are, however, it might be helpfull tot he seller and they might take your offer over somebody elses because of your detailed explanation (especially when bidding on a foreclosed property).
2. No, the buyer can offer what he is willing to pay and doesn't need to justify his offer. Sometimes in buying a foreclosure a list of damages can be included that gives the bank an idea that the property is not in prime condition.
3. There is no rule that requires an explanation, however, if the bid you are making is far lower than the property is listed for, then providing some substantiation with the offer such as current comparable properties sold, could avoid the low offer "insulting" the seller and demonstrate the realistic range the offer represents, thus opening a productive negotiation.