Realestate: List Price overpriced. What would be a good 1st offer? (short sale, real estate)

[ICAMBLUE]

I have found a house that I like in a rural area(very small town) I feel the list price of this home is overpriced due to the sq ft on the home which is just under 1300 with a list price of 125000. It's a nice home yet small for that price fairly new home a few years old now. Patio garage no porch in which I would have to build if I end up purchasing this house.

So my question is how do I know what a good offer to start with ? I like the home but am not planning on living there forever because it is so small and planning on family in near future.


Zillow.com zestimate: just over 90000 My realtor advised 99000 to start (did not want to go over 100000 and 105000 at the most) My Husband said to start with he thought 90000 or 95000 yet neither of us know much about realestate I'm thinking we should go with the 99000 and they would probably counteroffer at 115000 or 118000 yet we like this house and didnt want to go over 105000 to purchase it .

What do you think is a good offer in order to come to an agreement to purchase the house ? (house new on market less than a month)

any replies greatly appreciated Thankx!

[Butterfly4u]

Why are you looking at a home that is 125K if you can only afford 105 at the most?
If the home is almost new, keep on looking.
Mortgage rates are low, the interest, and someone will buy it over 105K, so
look on.

[ss20ts]

I agree with Butterfly4u. Why look at a house that's out of your price range? Your max is $20K BELOW they're asking price. Just because you like it and think it's cute doesn't mean a selling is going to take a dive on it. Oh and Zillow's estimates are all over the place. It is NOT a reliable source. Sometimes it can give you a ballpark figure, but nothing exact.

[klmquiroz]

the real estate in the CSRA is not over priced. if the home is listed and say you don't have the required 30% down and closing costs..forget it.


Once you have those 2 things covered don't look at home over 115,000 listed price. All home will get 90% plus of their asking price. anything below 85% is tossed away and not taken serious. your "top end is..is below the reasonable offer zone. anything below 118,5000 on that house was be laughed off.

[zthatzmanz28]

I wouldn't consider zillow at all reliable. If it is listed at 125K and you are hestitant about offering 99K "to start," you might be outside your budget? I would think you might lower your price range? When I purchased my first house it was listed at 117K and I offered 108K and the only reason ot was accepted was because it was a short sale and the bank was taking the first offer with in 85% of listed price.

This might work in your favor, but if it is a seller that is not in a bind, don't expect the price to drop more than 5K may be 7K??

[klmquiroz]

I would have to see the comparibles. How long on market..etc etc. size of lot, if you went by 70$ a square foot 100,000 may have been a reason offer. But with out all the information used to calulate the apprasail information it is hard to tell.don't use zillow..horrible and outdate information. Same with Trullia. use www.georgiamls.com it will have no brokers and same information all realtors have access to.