Is my first offer decent?

Question

I am trying to buy a house that is listed at $190K.
- It has been on the market for 9 months
- The front and back yard have gotten out of hand, the inside has spiderwebs in almost every corner, there is a hole in the garage wall almost a foot wide
- Other houses in the area have sold for as little as $170K in the past year but as much as $220K.

Our first offer to the seller was $175,000 and conditional on a home inspection. Would you consider this a low ball offer or is it fair? Does it matter that the listing says "priced for quick sale" and asked for "as-is offers" only? My realtor told me that just means he is not obligated to fix non-warranty items, like doors, flooring, etc.

Is there a website that can show me the asking price of other homes that were sold in the area and what they actually sold for in the end?

Answer 1

I think your offer was very generous if the house was sitting on the market for 9 months. Honestly, it sounds like your Realtor sucks. He shoud have given you a list of comps and what they sold for.

If you were my client, I would have started at $160K (at most) and went from there. I would not advise you do go much (if any) higher than $175. If the house is "as-is" it means they are not going to fix ANYTHING that is wrong. You could potentially be buying a house for 175 that needs a new roof, heating and air, with termite damage.

As far as a website that tells you the asking price of other homes and their sold prices, its called the MLS. You need to call your Realtor and DEMAND he pull the comps for you for the last 6 months. I'd also be VERY mad that this was not done BEFORE you made an offer.

ALSO, is your Realtor the listing agent? (Is his name on the sign?) If so, it would benefit you GREATLY if you got your own agent to represent you.

ONE MORE THING, the listing may have said "priced for quick sale" but if it was "priced for quick sale" at $190,000 for 9 MONTHS, then its not "priced for quick sale." No matter how awful a market is, if a house is truly priced for "quick sale" it sells quickly.

Good Luck!!!

Answer 2

The way to look at is, what is the cost of bringing the property up to a pefect condition, or at least to the standard of other properties in the area.

If the price for a similar property in excellent condition is $220k and you have offered $175k then this assumes that the work would cost around $45k, if this is the case then yes it is reasonable, but you must be loking at like for like.

Answer 3

Your realtor should have given you comps for the area. They can also tell you what things are selling for now. I don't think yours was a lowball, $140,000 would be a lowball. I think you made a very reasonable offer given the fact the property has sat on the market for 9 months. That tells me it is overpriced.

Answer 4

To much How long did they have the house? not just how long it been on the market. Did they buy this to flip? if so i would low ball big time. Also check out this web site it tell how they made the housing bubble.


http://www.breakingbubble.com/

Best of luck

Answer 5

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