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Where is your buyers agent?!
a good price would be under the market value, minus the cost of the work to be completed. An even better price would be under market value, minus cost of work and a seller credit towards repairs.
Also, if you plan to live in the home for at least 7 years, $5,000 - $10,000 dollar difference may not be an issue.
But, it's not that simple. The selling price of the home should be based on sales only 3 - 6 months out. Theres no doubt that Zillow is a great tool, but please - hire a Realtor to do a "reverse" CMA for you!
The cost of the repairs / remodel can be determined by getting a quote for the work and submitting that to the seller. The seller may opt to get his own quote to compare.
Your desire for the property and the seller's needs will ultimately determine price. Every seller is motivated differently and you will need to find out what that is. Do they need a quick sale? Do they need to find suitable housing themselves? Do they want to sell the home "as is" so that they do not have to make repairs?
The seller, if motivated, may agree to contribute a credit towards those repairs (as long as your bank agrees with the addendum) thereby reducing the price to you.
- Notes - I wonder if this kitchen is usable as it is? The seller may have had no problem with it and think that your remodel is something you want and not need. The floors though sound like a material defect that maybe the seller should have taken care of on "his watch"
Hope this answered your question - let me know w/ a "thumbs up"
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Bidding on house needing repairs
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There have only been two sales this year for comparable properties, one for 270 and one for 300. Right now, I have the seller down to 250. The house needs a new kitchen (galley style) and floors in two rooms. Besides that, it's in good condition.
Do you think fair market value minus the cost to make it livable is a good price for the place?
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