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How do you bid on a house that is overpriced for that particular neighbor?

priced at $435,000.00, had $135,000 in remodling upgrades, but the surrounding houses go $270,000.00 and it is next to railroad tracks. The upgrades really make the house but not the neighborhood.
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April 02 - Fresno
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Answers (5)

Hi,

You can get an appraisal up front as a negotiating tool.

All the best,

Arpad
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April 10
When putting a value on a property, the neighborhood is taken into consideration, as well as surrounding current sales. It serves no good purpose to overprice a home, because this information is available to all parties concerned. I would have your Realtor print out a current CMA to present along with your offer, proving your offer is within range of current sales.
Hopefully, this will work but I have seen that there are times when a listing will actually "expire" before you can get a price reduction on it.
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April 10
As a lender, I never suggest getting an appraisal on a property until you have an accepted offer. #1 It will be hard to gain access to the property before then and #2 (more importantly) the lender will have to order their own appraisal regardless of your finding so now your stuck paying for two appraisal reports. I'd suggest working with your realtor to pull comparable home prices or "comps" in the area. This will give you a pretty good idea what has recently sold near the property in question and what the prices were. You can also work out a price per sq/ft calculation to help get your numbers more accurate. The submit your offer based on those findings and follow Tim's advice regarding the negotiations. I hope this helps, good luck!
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April 03
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Tim, 
Thank you, would it be a good idea to base my offer off an appraisal of the propety before going thru negotiations?
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April 02
You make an offer of what you want. The seller will look it over and accept or reject and they may or may not counter the offer with another price. You can say yes or no and could counter with an offer. That's how it works. Once you arrive at an agreed number the lender hires an appraiser to come check the house vs the offered price to make sure the lender is loaning money on a good property worth the offered price.

Will the buyer and seller always agree on a price? NO
Will the seller sometimes feel their price is not high enough? YES
Will the buyer feel it is too high? YES
Will they never agree to agree on a price? YES
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April 02
 
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