Should I try to negotiate 20k asking price on 56k home?

Question

A man is selling his mother's home that recently passed away. He said it is priced low bc there is about 10k of work to be done to it (but nothing detrimental). We have the money and could move in tomorrow, and the house is livable. He said there are other buyers, but who knows if that is true. Should I try to get him to sell for 18k? Or does this sound like a firm price on a house w/3.5 acres?

tax info:
http://maps.cabellassessor.com/portal/record.php?TABLE=OWNDAT&PARID=06++87000300020000&TAXYR=2007
pic of house:
http://maps.cabellassessor.com/portal/photo.php?PARID=06++87000300020000

Answer 1

You'll never know until you try :o)

Seriously, the worst he will say is "No" but if he agrees -- of even lowers his price even more, then that's a great benefit to you

We just bought a house early this month, and our broker was aghast at the low amount we wanted to offer for the house. We told her to just try. While we did not get the amount we wanted, we still got the house $40K lower than the asking price. Our real estate agent was surprised.

Just try. Who knows, right?

Answer 2

Before you buy ANY used home, inspect it thoroughly. The foundation and floors, as well as the roof, are critical. But let's not forget the electrical, plumbing and heating systems either. His estimate of 10K in repairs could very well mean 20-30K before it's all said and done. Repairing/remodeling a house can be EXTREMELY expensive. If it needs a whole new roof, you're looking at 10K minimum. Even just new shingles will cost you 5-6K. New HVAC system? How about 5K? I've already put at least 8K into my house, and you can barely even tell. That said, a house with 3.5 acres for 20K sounds really low to me, depending on where it's located, so you'd have some room to spend the money on it. Start by offering him 15K cash. Be willing to walk away from the negotiations if he won't come off the 20 at all. If you strike a deal, make SURE the title is searched, and have a qualified lawyer write up the contract and do the closing.

Answer 3

When you lowball like that, you risk alientating the seller to the point where they will decide never to sell you the property. If you can take it or leave it, I guess give it a try. If it's still a good deal at the price he wants, then why not be reasonable? Don't negotiate just to negotiate or try and take advantage of someone who just lost their mom.

Answer 4

It never hurts to low ball after all you can up your offer that's part of negotiating & especially if he's from out of town & doesnt really need the money or have time to deal with it he might just take it. Remember the longer its on the market especially if an out of towner the more its a annoyance & burden to him not to mention the more money he loses anyways.