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So we found a home we're looking to make an offer on. Really like the overall feel and great bones, great location, etc. Price is currently about $50k-$85k too high from Asking Price based on 3-6 month comps. Now on the market 2 weeks.
Beyond the comps, the missing elements that we're not crazy about is the lack of central air and a shared driveway with a 2 car 'shared' garage and needs some, not a ton, of updating. Next door neighbor gets one side of garage and we get the other. Hopefully, that's not too much of a mess?
The comps in the other homes do have both private garage and central air and are pretty much updated - although to be fair I'm only making that comparison based on Zillow photos. What would you consider a fair 'deduction' from the comps, if any based on my situation?
Also, if the initial offer falls within comps with our 10% below AP offer, would you consider this in the "low balling" arena if you were the seller? Appreciate your advice?
Why not make an offer on some of the other properties that have the features you're looking for, instead of trying to figure out the proper price of this one?
You're not using Zillow as your valuator, are you? Zillow notoriously under-values homes.
Why not make an offer on some of the other properties that have the features you're looking for, instead of trying to figure out the proper price of this one?
You're not using Zillow as your valuator, are you? Zillow notoriously under-values homes.
we've been looking for homes for the last 2 months. Poor Weather unfortunately sort of slowed the market down as snowfall can kill much of the curb appeal. There just simply hasn't been much inventory in the areas we are looking at. Looking at last year's inventory pool of sold homes there seem to have been a bigger pool of options.
So with that in mind, this is the only one so far, that we can see ourselves living in. And no, I use Zillow as a tool but not as the main source of info. The comps I have are based on homes sold 3-6 months ago. In this type of neighborhood, so 2 homes are exactly alike, unless it's on a given street.
Just a suspicion......They owe more than the home is worth. They don't want to accept that a short sale is in their future. Unfortunately, you're going to be the messenger. Make your offer and when it's rejected, play nice. Ask your Realtor to deliver a note to the seller via their agent. In your note, tell them you really like their home, but at this time you can't justify paying their list price. If by chance, they find themselves in the short sale market and you're still looking, to please have their agent get in touch w/ yours. Of course, only do this if you really want that house and are willing to wait it out. Otherwise, move on. Getting the homeowner to accept their fate isn't something that can be forced - they have to work thru it in their own way.
Now, if I am way off and they're just being unreasonable, you can try the same tactic, just leave out the empathy and blame it on your budget. I'm finding people that get personable, addressing sellers directly are winning the contracts. One of mine, last night, was accepted just because the seller was a veteran selling to a Iraq disabled vet.
Just a suspicion......They owe more than the home is worth. They don't want to accept that a short sale is in their future. Unfortunately, you're going to be the messenger. Make your offer and when it's rejected, play nice. Ask your Realtor to deliver a note to the seller via their agent. In your note, tell them you really like their home, but at this time you can't justify paying their list price. If by chance, they find themselves in the short sale market and you're still looking, to please have their agent get in touch w/ yours. Of course, only do this if you really want that house and are willing to wait it out. Otherwise, move on. Getting the homeowner to accept their fate isn't something that can be forced - they have to work thru it in their own way.
Now, if I am way off and they're just being unreasonable, you can try the same tactic, just leave out the empathy and blame it on your budget. I'm finding people that get personable, addressing sellers directly are winning the contracts. One of mine, last night, was accepted just because the seller was a veteran selling to a Iraq disabled vet.
SM, I think you usually give great advice IMO. As it turns out thanks to CD, and the thread about 'disclosures', we realized the home was not lived in. Asked the agent directly and she didnt know of anything bad having happened in the home. Well, thanks to Property Shark, put in the address and found the name of the homeowners. Then googled a bit more. As it turns out, the husband passed away four years ago...pretty young at 57, RIP. So this home is likely more of an estate sale or the wife that just wants to move on. So to your point SM, I think if we had our realtor inform the listing agent more about our young family they may also be incline with our situation --family of 5 that lost their home in a fire last summer
Instead of a letter relating a lot of personal information while at the same time assuming you know personal details about the seller, your agent should include a cover letter that describes good comps and their sales prices for the past few months, briefly comparing them in a narrative paragraph that concludes with why you believe your offer is a fair one.
I have always found it best to treat real estate transactions as a business deal without using emotional issues to make a point. Backfires a lot.
SM, I think you usually give great advice IMO. As it turns out thanks to CD, and the thread about 'disclosures', we realized the home was not lived in. Asked the agent directly and she didnt know of anything bad having happened in the home. Well, thanks to Property Shark, put in the address and found the name of the homeowners. Then googled a bit more. As it turns out, the husband passed away four years ago...pretty young at 57, RIP. So this home is likely more of an estate sale or the wife that just wants to move on. So to your point SM, I think if we had our realtor inform the listing agent more about our young family they may also be incline with our situation --family of 5 that lost their home in a fire last summer
How awful, I can't imagine. I saw my old neighborhood get hit by a very windy day and fires kept igniting the dry leaves......over 22 pieces of equipment and every station in the county and neighboring counties provided mutual aid to fight at least a dozen fires. Fortunately only one home was lost. Fire was never more real than that day - I just can't imagine - it's my worse nightmare. I think you should definitely put a personal letter of appeal with any and all offers.
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, and the thread about 'disclosures', we realized the home was not lived in. Asked the agent directly and she didnt know of anything bad having happened in the home. Well, thanks to Property Shark, put in the address and found the name of the homeowners. Then googled a bit more. As it turns out, the husband passed away four years ago...pretty young at 57, RIP. So this home is likely more of an estate sale or the wife that just wants to move on. So to your point SM, I think if we had our realtor inform the listing agent more about our young family they may also be incline with our situation --family of 5 that lost their home in a fire last summer
