How much should I offer on this home?

$75 so you can negotiate.

When I bought my condo, we offered below price thinking we would have some negotiation power.

They took the first offer.

It was a cash sale... and the estate kids wanted out fast 3 - so a cash buyer would be faster for them.

Get prequalified for a loan 1st. Look at similar houses in the nearby vicinity to learn comparable values. Make bid. Negotiate closing costs, etc.

Have your realtor show you the comps that justify the price.

If it's a "tricky" situation to run good comps for the property, the listing realtor could have been overly optimistic. We already know they weren't spot in because of the reduction and t.o.m.

I have my own formula for purchasing and it goes by figuring out the minimum price per square foot in the area and then I multiply it by various factors that are important to me (quality of land, updates, features) and then multiply that by the number of square feet of the house. I never offer more than that.



For instance $90 psf x 1.010 (move in ready) x 1.025 (beautiful landscaping/huge yard) x 1.050 (brand new kitchen remodel) equals 97.83 0er sqyare foot and multiply that by sf (say 2000) and I would never go higher than 196 k.

Try to come up with your own formula.

For what its worth that house has potential but I don't see anything beyond a minimum price per square foot offer being reasonable.

Try $90k I think they will take it

Do you need financing ?

HVAC not installed?

Is the electricity in for a home inspection?

Is the well adequate? (Need electric to test)
Want 4 gal per minute or more for a full hour test

I acre is good - can subdivide into two kits and bring in Drag n Drop house

Or make into a homestead with gardens and chickens

btw realtors are worse than lawyers. A lot of hucksters and shysters.

They are legally obligated to get the most price for a house regardless of who they work for.

While your should listen to their experience also realize they are there to get $$ for their broker.

checkout the neighborhood, talk to any neighbors first.

Cute place!


I d put in a bid at 102 k.
See what happens. Good luck!

dude. time is running out. make a move.

Exactly - I said find the minimum for the area and come up with THEIR OWN formula. I was just giving an example based on $90 a square foot.

Btw it looks like minimum psf in that area is about $110 making $125K overall a good deal. I don't know where OP has seen all these cheaper houses cuz they just aren't there.

Try your luck OP and offer less.

Last Edited by Bright Side on 05/29/2020 08:06 AM

That’s the first step. With a letter from a broker they will take your offer more seriously cuz you’re not wasting their time.

I would offer $100K then you could negotiate... it’s an acre lot. I don’t think they will go lower than $120K tho.

Good luck, Opie!

[link to www.zillow.com (secure)]
[link to www.zillow.com (secure)]
[link to www.zillow.com (secure)]

Wow!

This house was a good deal ...
[link to www.zillow.com (secure)]

It doesn’t have a driveway. It has a well. Is that the only water source? Has the water been tested if it is? The roof looks pretty old. Part of the square footage is an add on of what was a carport. I might offer 85-90k tops.

$40,000 tops

If you can wait to buy a house wait. Market is going to drop out. Just like everything. Then again interest rates will be high but price of houses very low. I was just looking at condos in Myrtle beach. The hoa fees are the killer there.

You shouldn't offer shit for a dwelling. You are buying a part share in the land. Your other partner is the government.

So offer those comps to your realtor and get him/her to justify the asking price.

I don't know anything about the area so I would just be speculating but they are not close enough to your proposed property to be relevant.

Based on those 3 your average price per square foot should be around $70 instead of $117 they're asking (and that's a reduction). There's got to be more info we are missing.

Like I said real estate is full of shysters.

Kinda plain but its sitting on an acre.....I'd offer 100K.....How motivated is the seller? how hot is the local RE market?.....adjust from there...

calculate the price per square foot and it's $66.6.

No thank you.



Last Edited by Bright Side on 05/29/2020 08:33 AM

WOW that is a low price for that one... AMAZING.$4,500,000.

Whatever you do don’t listen to the real estate agent. You paying less money is not in the agents favor. Real estate agents are not concerned about you and your interest in the deal. Do your homework on what the market price should be. Forget the real estate agent.

For 15k more there are newer homes on more land close to the one you are looking at. If you are stuck on the one because of price point then I would offer 110k.

Do not knee jerk on a dwelling. Sometime waiting is better. The home you are looking at will require work.

I went through this last year with my daughter.

Never catch a falling knife. It will be a buyers market come this fall I predict.

It is a buyer's market. Keep that in mind.

The house has been for sale a long time, since there was a price drop. The fact that it was lowered $15k, shows that the sellers really want to unload it.

If you are serious about it, hire a building inspector to check it out. Every home has multiple flaws that an inspector will uncover.

Use the estimated costs of the repairs as the basis for a price offer.

There is no landscaping and the curb appeal is bad. The wall-mounted propane heater suggests that the home is cold in winter, possibly meaning it is poorly insulated. Plus, the wall heater looks to have been installed by the owner, so it's safety may come into question.

The inside is nothing special and needs complete redecorating.
Single bath homes have lower resale value and it doesn't appear there is any room for creating a second bath.

Based on the outcome of a building inspection, I would offer no more than $80,000 and negotiate up to $90,000.

Otherwise be prepared to walk away.

That is the best mancave I ever seen

Seriously???

Don't just look at the monthly payment amount like most millennial do...look at the VALUE.

Here's the deal. The so-called "market price" is the max the sellers think they can get. The sale process involves generating interest from more than one person so a bidding war ensues. That property doesn't have much appeal.

THE VALUE OF ANY ITEM IS WHAT SOMEONE IS WILLING TO PAY, NOT WHAT A THIRD PARTY WITH A FINANCIAL INTEREST SAYS ITS WORTH. YOU ARE THAT SOMEONE, SO YOU, OR SOMEONE ELSE WILL DETERMINE ITS VALUE.

I don't subscribe to most advice regarding real estate.

Figure out what its worth to YOU. Then write up a sales contract (find online) and put down a good faith deposit (refundable if the seller passes) $500 or $1000 is plenty.
Make the offer but don't dicker. They have your offer in hand so its harder to counter.

SELLING IS MORE STRESSFUL THAN BUYING BECAUSE FEDERAL RESERVE NOTES ARE THE ULTIMATE LIQUIDITY.

I would write up an offer at $89,000. If they pass, they pass. Put a 30 day expiration date on the offer and WAIT.

Someone already bought it...

[link to www.zillow.com (secure)]

Buy this instead