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Ok so we saw a house in CLT we both liked. Let me give you info on it first. It's about 2500 sq ft, 3 car garage, full storage above garage, one workshop and 4 acres. The kitchen needs new appliances, new carpets and paint, garage/storage and workshop need to be finished. It's been sitting on market since Dec with asking price of 279K.
Now, we are thinking of making an offer but don't want to totally lowball them but want to What do you think is a fair offering price without offending them? The tax value is 248K. Thanks
Sorry let me add that it would need new windows as well
Ok so we saw a house in CLT we both liked. Let me give you info on it first. It's about 2500 sq ft, 3 car garage, full storage above garage, one workshop and 4 acres. The kitchen needs new appliances, new carpets and paint, garage/storage and workshop need to be finished. It's been sitting on market since Dec with asking price of 279K.
Now, we are thinking of making an offer but don't want to totally lowball them but want to What do you think is a fair offering price without offending them? The tax value is 248K. Thanks
Sorry let me add that it would need new windows as well
Can you give me a clue as to what area . . . don't have to be specific . . .
How old is the house approximately
All brick? Brick and siding?
Kitchen appliances - Original to house? Does fridge convey but you don't want it?
Septic or city?
When you say paint - interior or exterior? If interior - painting needed b/c it is dingy/dirty or paint b/c it is just a color you don't like?
Ok so we saw a house in CLT we both liked. Let me give you info on it first. It's about 2500 sq ft, 3 car garage, full storage above garage, one workshop and 4 acres. The kitchen needs new appliances, new carpets and paint, garage/storage and workshop need to be finished. It's been sitting on market since Dec with asking price of 279K.
Now, we are thinking of making an offer but don't want to totally lowball them but want to What do you think is a fair offering price without offending them? The tax value is 248K. Thanks
Sorry let me add that it would need new windows as well
"Fair offering price"? Fair to them( strangers) or to you and your family? "Offending them"? Go in with the attitude that they are lucky they a getting an offer from ANYBODY on this run down, falling apart Mr. Blandings house.
What else can you find out about the house in order for you to submit an offer? Are they in foreclosure or pre-foreclosure? Have they had offers that they turned down? Are they still in the house? What are the last sale prices in their nabe or sub-division? What is their reason for selling? In a nutshell--where is the weak spot? The skelton in the closet?
Do a search and find out how many houses in the past 6 months have sold over tax value in this area. What % over and under. Ask the real estate agent "How did the sellers come to this asking price?" Say what? Yes. How did they determine the price? You would be surprised how many sellers are sckocked by this question.Listen carefully to their answer and then prepare a response to your advantage. Typical answer--"well we paid xyz three years ago". So? Madame, don't you know this is a whole new world since the sub-prime crisis? (Yes, I know it hasn't affected CLT but maybe the seller doesn't know that)
Never feel embarassed to make an offer. What is the worst that can happen? There is a thread on this forum that is entilted something like "WE are getting an offer tomorrow" Read this thread and imagine the seller of your property is this poster. Get a sense as to how happy this seller will be to get your lowball offer! Believe totally in your offer and if it is going to be a lowball offer make it a real good lowball offer. No holding back and.......
Good Luck,
j
Ani-I'll try to answer all your questions in order:
Concord area, 1978, brick bottom and wood paneled siding (not vinyl), I don't believe all appliances are original to house but can use updating, I believe septic (not sure) paint inside is just crusty, outside, the wood is medium color but dark brown shutters, windows and garage doors,(makes it very dark and needs to be lightened) Roof and gutters look pretty recent,(maybe a few years), just a couple of trees and bushes,(no big deal) no fencing(needs) and finally the house is empty except a ton of stuff in the garage and workshop (tractor for mowing and an very old crusty truck and miscellaneous items-waiting to find out if they stay-hope not)
John-Original owners since 1978. The house isn't in too bad of shape just needs updating to 2008. Weird thing is that they put in a a very modern master bathroom. jacuzzi tub (at least 1500-2K) custom shower and all that jazz. I'm wondering if they started to redo the house and then stopped??
This is my first time purchasing a house and I don't want to offend anyone. Heck, I'd offer them 175K if I thought they would bite on it. I'm thinking to bring up to date without going crazy is about 50-60K. I really don't want to **** them off so they won't consider doing business with us either..
Ani-I'll try to answer all your questions in order:
Concord area, 1978, brick bottom and wood paneled siding (not vinyl), I don't believe all appliances are original to house but can use updating, I believe septic (not sure) paint inside is just crusty, outside, the wood is medium color but dark brown shutters, windows and garage doors,(makes it very dark and needs to be lightened) Roof and gutters look pretty recent,(maybe a few years), just a couple of trees and bushes,(no big deal) no fencing(needs) and finally the house is empty except a ton of stuff in the garage and workshop (tractor for mowing and an very old crusty truck and miscellaneous items-waiting to find out if they stay-hope not)
John-Original owners since 1978. The house isn't in too bad of shape just needs updating to 2008. Weird thing is that they put in a a very modern master bathroom. jacuzzi tub (at least 1500-2K) custom shower and all that jazz. I'm wondering if they started to redo the house and then stopped??
This is my first time purchasing a house and I don't want to offend anyone. Heck, I'd offer them 175K if I thought they would bite on it. I'm thinking to bring up to date without going crazy is about 50-60K. I really don't want to **** them off so they won't consider doing business with us either..
What did your agent say? Have you looked at comps in the area?
Before you even consider making an offer you need to know what the home is worth. Have a real estate agent that is familiar with the area do a market analysis for you. A property owner can list a home for any price and tax values are not always accurate - the value of the home depends on what the homes around it have sold for.
That's what I figured about the tax value and I know about comps and stuff. However, I just figured with the market the way it is, I could get away with a much lower offer. I just wanted others opinions to see what they would do or offer if in same position. I should know comps in a day or two. I will keep you posted.
That's what I figured about the tax value and I know about comps and stuff. However, I just figured with the market the way it is, I could get away with a much lower offer. I just wanted others opinions to see what they would do or offer if in same position. I should know comps in a day or two. I will keep you posted.
Here is my answer, based on what you have given us and throwing some numerology into the mix.
$261,000 or if you want to go lower, try $252,000
Any offer is a good offer. To me, an offer is simply a place to start negotiating.
Himan-The fact that they have owned the house since 1978 is going to make the offering dance a little harder to do. This house is their"baby" and I think they are going to be a little sensistive to "lowball" offers. However you can't let that get in the way of getting the house at a great price for you and yours.
Being on the market for 4 months or so is not a big deal. You need to get some solid information so that you can make an offering that makes sense from a financial side and not based on emotional factors.
They have owned the house for 30 years so chances are they retiring and down grading to a smaller property. Can you find out if this is the story and if they have committed to another house? Find out from your agent how many showing the house has had since it was put on the market? Get those comps you mentioned BUT be very careful in how you analysis them. How unique is the property you want? Is the information you have in hand truley a comparative property (comp) ?
If you want to be very aggresive about you first offer put the available information together and don't look at the tax value information. The TV become a starting point to too many people's minds. Don't let that number affect you thinking for your offer as the sellers might just come back and use the number in their counter.
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What do you think is a fair offering price without offending them? The tax value is 248K. Thanks
Low ball offers and guilt complexes.
and tax values are not always accurate - the value of the home depends on what the homes around it have sold for.
