Owner "Extremely Motivated" (mortgage, relocating, for sale)

[Danomul]

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.

[Kbinspections]

That sounds alittle scary as in "what don't I know about this house". Why on the market so long when the buyer is "motivated"

Offer what you think its worth.........

[Arron]

it would be helpful to know the details - where the house is, the size, condition, and of course, the current asking price.

otherwise there is no way to tell if it's priced right or not..

'extremely motivated' could mean a number of things. relocating, already found a new house they really want, at risk of forclosure etc.

[Danomul]

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.

[Arron]

Well that would explain the motivation!

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'.

[nancy thereader]

Remember....location, location, location.

[AndreaII]

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.

[TomMoser]

Originally Posted by AndreaII

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.