My husband and I are looking to buy our first home. We found one in a great location, 4 bedrooms, 1 and a half baths also with an in-ground pool. The house sits on about an acre of land. They are asking 92,500 for it, but I don't think it s worth that at all. Our agent told us to bid 82,400 but I was wondering how low is appropriate to go. It is bank owned, been on the market for about 4 months, needs all new carpeting (there is none, they ripped it all up) It also needs some patch work on the drywall, none of the bedrooms have doors, new kitchen cabinents, etc. Could anyone tell me what would be the right price to bid?
2007-03-24 03:44:49 · 5 answers · asked by Jessica R 2 in Business & Finance ➔ Renting & Real Estate
Follow your real estate agents advice, that 82,400 is likely what is owed (he knows the exact amount). The bank doesn't barter and doesn't really care if it sits vacent for years, they just write it off.
2007-03-24 05:20:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Hi, Although bank repo's seem to be the best deal out there, when the math is done, most aren't. The bank want's market value and from there they will lower the price.
As someone above mentioned make an offer based on what you think it is worth.
Ask yourself these questions,
1. What are the comps for this home. (ask your agent)
2. What will it take to get the home to what your standards are?
3. How much will that cost? (go with a handy man)
4. After all is said and done will I have spent more on the house than it's worth.
Your agent should work these numbers into the offer and that is what you should offer. There are a number of factors that will determine how much they'll accept, from where the property is located, how many they own to how long they've had it on the marketand how much is owed.
I hope this helps.
Please do not hesitate to contact me if you have more questions.
2007-03-24 11:44:54 · answer #2 · answered by Anonymous · 0⤊ 1⤋
wow, I wish I had your problem, I live in B.C. Canada.
I have a 4 bedroom home, 2 1/2 bathrooms, 1 acre and no pool, And it will sell for $700,000 this spring
2007-03-24 11:02:32 · answer #3 · answered by bob shark 7 · 0⤊ 0⤋
bid only what you think it is worth. they will come back with a counter offer and then you go from there. not knowing where it is or how many square feet. can not tell you exact
2007-03-24 10:53:58 · answer #4 · answered by swimmyfishy 4 · 0⤊ 0⤋
yes
2007-03-24 10:51:49 · answer #5 · answered by Anonymous · 0⤊ 1⤋