We'd like to make an offer on a FSBO. This house is in a small community where one single real estate agent "rules". It was for sale through the agent last fall and did not sell. Now that it is a FSBO, the sellers are going by the price listed last fall for their asking price, less what they would have paid the agent. We're no experts, and are not from that small community or even the same county, but here's what we have learned:
Another house (100 yrs old, big, framed, small lot) had been listed last summer at some price, got an offer for 130 which was turned down by the seller. Relisted a couple months ago at $99,000 and they took an offer of just $89,000!! We have thought that houses are overpriced there and that proved it at least to me. That and only a few houses have been on the market and stayed there for many months. Plus, when driving through town this week, I noticed the one small new housing development in town had both houses and lots for sale by this one real estate agent that has a monopoly on listings. So wouldn't it make sense that they overprice existing property so buyers would buy new in their new development? I think so and I know nothing about real estate. So -- all that to ask this
-- We'd like to make an offer on the FSBO but are making it contingent on selling our home first. Can we also make it subject to appraisal and get an independent appraiser to do one? What do we do if 1) the appraisal comes in over their asking price? (I can't imagine that happening) - can the seller up the price or are they obligated to accept our first offer? also
what if 2) the appraisal comes in much lower than their asking price? Do we submit an entirely new lower offer?
Any advice is greatly appreciated!