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How to avoid overpaying for property?

We are trying to buy a foreclosure property. It was listed by bank for 300000$ is the corner house by the train rail and high voltage power line(800 feet away from the property! Our best offer was 270 000$, we received a counter offer for 295! Im afraid that if im gonna buy this house for example for 280 I would overpay! But I want this house!!!
  • August 22 2014 - US
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Answers (1)

Best Answer

Have you or your agent pulled any comps for the area ie what similar houses are selling for.  
Being near the RR track, is it active?  and by the power lines are generally not desirable features of a property.   Have you been in the house to inspect it?  Some owners leave peacefully while some can really do a number on the place. If there is a lot of damage then you might want to figure the repairs into your price. 
 Falling in love with a property is good but it can also cloud your better judgement.   If you fear you will pay too much take a look around at other similar houses, maybe you can get a better house for a little more money?    you could counter the banks offer at $275,000 and stick to it but would you want to lose it for $5000 or even $10,000?  
 Good luck.     
  • August 22 2014
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