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How much should I offer

Contributions: 1

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Hi Everyone,
My fiance and I have found a property in Northern New Jersey that we would like to make an offer. I just do not know what that offer should be. The property is located in Hackensack, NJ and it is listed for $325,000.00 is a short sale the town appraised it at $415,000.00. We do not know how much to offer, since the house is in a good location but does need a lot of work.(It's a big old house).

Thanks in advance.

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May 25 - Hackensack

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Laura Giannotta, "Laura G in NJ"
Contributions: 27

Laura Giannotta, "Laura G in NJ"

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Check with a local Realtor, and ask for a Comparative Market Analysis. Then figure the cost of the repairs necessary, and deduct that from the market value of a similar home on the market. Find an agent with short sale experience, since this can be a very long process.

Remember, the property is priced the way it is because the bank knows it needs work. Also remember that in a short sale, the homeowner still owns the property and must approve the offer before it goes to the bank.

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May 26

Irene Thiel, "EncoreRealtor"
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Irene Thiel, "EncoreRealtor"

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SInce I am in California and don't know your market, I would suggest you find a good Realtor who does. They can provide you with great informaton as to what homes have sold in that area, what condition they were in, and most important - how much did they sell for.
Then if you are comfortable with that person, use them to guide you through the offer process - short sales are a lot of work, this isn't something you want to do on your own.
If you need a local referral, and your friends can't provide one, let me know and I will try to help.
Good Luck!

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May 25

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