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How do we figure an offer price?

We live in a small rural area and are looking at a house that was built in 1972.  It has been sitting on the market for 76 days.  It seems someone started to renovate it, strip wallpaper, do some minor repairs, etc.  But, the lot is way overgrown, there is a small amount of water damage from an overflowing bathtub (an assumption that it was a tub).  No mold, some old rough hewn paneling needing to be removed, a small section of the bathroom floor needs to be redone.  Just don't know how to decide what to offer.  Nothing on the market is comparable.
  • August 06 2012 - US
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Answers (3)

First of all, you should definitely contact a local realtor who can add their expertise and help you pull up comps from the past 6 months if possible. You should be able to use those as a starting point, and perhaps pull up comps for a year if you need to dig a little further. A local, experienced realtor will be able to add thier experience to the equation to help you determine the approriate offer based on the condition of the property. Also remember that once you submit your offer and get it negotiated you will want to hire a licensed inspector to investigate the repair issues. If any "surprises" arise in regards to repairs you can negotiate that during your option period (might be known as a inspection period in other states).
  • August 06 2012
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Hi there, 

Yes, I definitely have to agree with a previous reply in regards to getting in touch with a realtor. When it comes to figuring out an offer price, negotiating on a price - you need a realtor to represent you. Why would you do it on your own? Keep in mind that buyers don't pay a cent when it comes to a realtor fee. So, do your homework, research a good realtor in your area and work with him/her. Trust me, you don't want to do it on your own! 

Give us a chance to do what we do best !!!

http://www.assistfirsttimehomebuyers.com
  • August 06 2012
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Profile picture for Ofe Polack
Get in touch with a buyer agent, who can assist you with a comparative market analysis an his/her expertise.  Sometime the issues are cosmetic, but other times they are structural, so many things have to be taken into consideration when an offer is written.
  • August 07 2012
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