It is 6 yrs old, 3 br, 2 bath, 1750 sq ft. Listed at 175,000 but county records say assessed at 160,000. How much should I put in as an offer? I have never purchased a home before and do not know the normal procedure of how far under asking price a house usually sells. Is it rude to offer 150,000-155,000? (I can not go over 160,000.) Is this a long shot or doable?
2007-06-11 13:55:31 · 6 answers · asked by Sahmantha18 2 in Business & Finance ➔ Renting & Real Estate
offer $147,500. seller will counter. then you counter up to $153,000
2007-06-11 16:38:13 · answer #1 · answered by Nancy 4 · 0⤊ 0⤋
Find a realtor from a different company that will represent you and only you. They are not paid until closing anyway and they are paid by the transaction, not the buyer. This realtor should do a CMA (comparative market analysis) of similar homes and will give you a range of values. Your offer price will vary depending on the condition of the house, what you can afford, and most importantly "at what price are you willing to lose this house". County records are not a reflection of current market conditions, although they strive to be 100% at market value. Your best bet is the CMA which includes local market conditons. Your local real estate agent will hold your hand thru the entire transaction from offer to closing. You can lowball if you want but risk losing the house to another person with a much higher and better offer.
2007-06-11 23:06:58 · answer #2 · answered by Dock 1 · 0⤊ 0⤋
If the home is listed with a realtor, I owould find a realtor with a different company to represent me since the sellor is payinq the real estate fees but it already is built into the price of the house so you are paying for it no matter what.
This way your realtor can negotiate for you. Just tell your realtor how much you want to offer and they'll hopefully advise you as to whether that is a reasonable offer. In any case you'll need someone to help you negotiate with all of the paper work.
2007-06-11 21:17:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Assessed county value may or may not have any mathematical relationship to market value of the property. I've seen some areas in the nation where homes which sell for $150K carrying a tax assessment value of $40K. Tax assessment values are only of value to the municipality which uses them to determine a fair taxation rate for all homes in the municipality.
Without knowing your market, it's impossible to say how homes are prices and how much haggling brings down prices. In my particular market, I would advise you to not even look over $165K if your top end is $160K. This area prices homes at very close to what a buyer is expected to pay. In other markets that practice varies.
2007-06-11 21:02:07 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Try it. What's the worst they can do, say no? They should at least counter. This is a buyers market most anywhere, so it's the best time to be low balling. Don't forget to make the sale contingent on a housing inspection.
2007-06-11 21:02:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Go low and work up if it is not your dream house...if it is go right your high end and see what happens. The market is slow right now it is a buyer's dream.
2007-06-11 21:16:51 · answer #6 · answered by CC 2 · 0⤊ 0⤋