Profile picture for zuser20140617135013869

How much to offer on a home

If a home was previously listed in 2012 for $165,000 then removed after 4 months (Not sold) just removed then re listed in the same condition in January 2014 for $190,000 then lowered to 180,000 then again to $169,000 would a offer of $150,000 be reasonable?
  • June 18 - Roy
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Answers (6)

Profile picture for Hannah Tai Homes
If you like the house, then give it a try! They can always give you a counter offer, and at that time you can decide what to do.
Just make sure that you have your inspection contingency period in place so you have adequate time to do your buyer's investigations.
They sound slightly desperate, so submit the offer and see what they say.
  • June 18
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Profile picture for zuser20140617135013869
I guess I should add the home is 1,200 sq ft 3 bed 1 bath single level built in the 50's so it's a little smaller it was remodeled a few years ago but not the greatest
  • June 18
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Profile picture for MarqueRoybal
Seems to me that the seller would have some reason to justify their perceived increase on value. Did any of their marketing disclose that information? In any event the price needs to be set based on comparable values of similar homes in similar condition in nearby areas. If those comps tell you 150, then fire away.
  • June 18
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Greetings, this is a great question and one that I get regularly.  A purchase offer on a home should take a few things into consideration.  This property has obviously not been priced correctly.  The best indicator is to compare recently sold (3 months) similar houses (age, type, sqft, lot size, upgrades, finishings) in the area.  If this is not possible or is not helping you decide on a fair price on the house then you need to look in "similar areas." Another consideration is condition, is the house in similar condition to the same priced recently sold houses in the area.  Is it better or worse?  A great resource is online pictures, these can be misleading but should give you an indication.  Another indicator is the property history? Have there been offers on it, did it ever pass inspection?  Have you reviewed the disclosures, these can give you additional information.  Also a big red flag may lie in the title, there may be easements, limitations, incumberances, conflicts, etc...  

This sounds like a unique situation and I suggest that you work with your agent to dig deeper into this, your agent may be able to get some information just talking to the listing agent.  Your agent may even be able to get a previous inspection or you can decide to request access to do a pre-inspection prior to submitting an offer.

I hope this is helpful.  I'm happy to answer any additional questions that you may have.  All the best.
  • June 18
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They won't accept it, probably, but, what the hay?

  • June 18
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Profile picture for wetdawgs
There is no magic formula.  You need to get comps on the house, sold comps not listed comps, to identify a reasonable price.      Prices in Roy are up about 10% since the house was listed previously.   I suspect $150k wouldn't fly, but it never hurts to try.
  • June 18
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