Owner "Extremely Motivated" (for sale, mortgage, new house)
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Thinking about putting in an offer on a house in Suffolk County. The house has been on the market over a year, and the listing states the owner is " Extremely Motivated". Looking for opinions on what to come in with on my first offer? 10% under, 15% under? 20% under offering? Not many houses sold or even listed the last 2 years on the surrounding blocks to compare recent sales to.
The owner of the house had a deal on the table in may, fell through due to buyers not getting a mortgage comittment. He purchased a new home out of state after going to contract, and now has two mortgages.
And it sounds like the ball is certainly in your court then. Still I can't really say without knowing the details - they may already have the house listed at a relative bargain. you could low ball an offer but someone could come in higher than that if it's already 'priced to sell'.
A possible reason why you don't have comparative sales figures for the immediate neighborhood is it could be a stable neighborhood where people stay in their houses for a long time - that's how it is where I am - very few houses up for sale in any given year.
So, no recent sales, no numbers to use as comparisons.
A possible reason why you don't have comparative sales figures for the immediate neighborhood is it could be a stable neighborhood where people stay in their houses for a long time - that's how it is where I am - very few houses up for sale in any given year.
So, no recent sales, no numbers to use as comparisons.
This is an issue in many neighborhoods today, not because they are inherently stable, but because there just have not been many sales due to market conditions. You may have to look at sales from a year or two ago and then adjust downward accordingly.
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