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Old 08-10-2010, 05:41 PM
 
83 posts, read 510,805 times
Reputation: 41

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After searching for a home in the area we asked if the landlord/owner would consider selling our rental to us. They had a realtor contact us and we just found out their asking price. They are asking almost 103 sq ft.

The comps in the neighborhood average 91-94sq ft. With one low of 78 and one high of 101. We've seen all but the highest price sold comp. All the others were in about the same condition.

We are pretty sure what our top price would be. I am just wondering if anyone has any advice or anything. We do have our own realtor to help with the negotiations. And this won't be the first house we've bought. And even though we have lived in the house a year we do plan on getting a home inspection.

Dh & I in thinking of what to offer have always offered the first time what we thought was a fair price. We have never started low with the intention of moving up. We always start with our best and end up getting pushed up.

Any advice for us?
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Old 08-10-2010, 05:51 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,552,198 times
Reputation: 2201
Does your landlord need to sell, or is it just a case if he gets his price then he'll sell, otherwise will continue to rent it?
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Old 08-10-2010, 06:29 PM
 
Location: NJ
17,574 posts, read 46,053,899 times
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I'm guessing you are at a bit of a disadvantage if you asked your LL to sell. But at the end of the day figure out what your top offer would be and don't go over it.
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Old 08-10-2010, 07:05 PM
 
83 posts, read 510,805 times
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Quote:
Does your landlord need to sell, or is it just a case if he gets his price then he'll sell, otherwise will continue to rent it?
Don't know if they need to. I know from a neighbor they are military and that its been a rental for about 10yrs. They have only done very necessary repairs, its all original from 80s. And from their realtor they are in between houses right now.

Quote:
I'm guessing you are at a bit of a disadvantage if you asked your LL to sell. But at the end of the day figure out what your top offer would be and don't go over it.
You're right. They do have an advantage. But we are ok if we continuing renting it until something else comes along.

Thanks.
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Old 08-10-2010, 09:13 PM
 
Location: Blue Bell, PA
118 posts, read 283,316 times
Reputation: 65
Hi, Catlady, here is a suggestion:

Forget about price per sf. It doesn't take into consideration lot size, view, condition, etc. What you really want to know is MARKET VALUE. Is the landlord pricing the house within the market value? How can you know this? You can get the house appraised, ask a real estate professional for a market analysis or go to Zillow and get a Zestimate. I'm not fond of the Zestimate thing, but it will give you an idea of what values are in your neighborhood and marketplace. Good Luck!
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Old 08-10-2010, 09:33 PM
 
83 posts, read 510,805 times
Reputation: 41
Quote:
Originally Posted by rmxcarol View Post
Hi, Catlady, here is a suggestion:

Forget about price per sf. It doesn't take into consideration lot size, view, condition, etc. What you really want to know is MARKET VALUE. Is the landlord pricing the house within the market value? How can you know this? You can get the house appraised, ask a real estate professional for a market analysis or go to Zillow and get a Zestimate. I'm not fond of the Zestimate thing, but it will give you an idea of what values are in your neighborhood and marketplace. Good Luck!

Really? I thought that what really gave us the value (besides what it would be to us personally) was the sold comps in the neighborhood for the last 3 months. All of the comps that we saw (we have been looking for a while) were originally listed 25 or more thousand dollars. Hence the reason we didn't offer on any of them even when they finally dropped to the prices that they finally sold at. None of these houses that are comps sold anywhere near what zillow/housevalues and such said.

I do know our realtor was afraid they would ask more than he figured it would appraise for, and others we have seen (sale price matches zillow etc...) he wondered if they would appraise for enough.

Thanks.
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Old 08-11-2010, 02:31 AM
 
10,875 posts, read 13,784,969 times
Reputation: 4896
Zillow/housevalues and those other online sites to the extent are usually way off on their values and shouldn't be taken for more then entertainment purposes only. It sounds like the owners don't need to sell and are fine renting, but would sell if they go top dollar for it. I'd look elsewhere or just keep renting if you are happy.
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