What's a reasonable offer to start with on this home?

I'm getting ready to view a home tonight and I can tell an offer may already be in sight for us.  The house is city assessed at 195k in Kenosha, Wisconsin.  It is in a great neighborhood.  The house was originally listed at 174 and now it has dropped to 164k.  It has been on the market about 5 weeks I believe.  What would be a reasonable offer to make on it?  The taxes are higher per year than I originally was targeted on.  It would be good for me to make a combination of a lower offer plus seller paying some closing costs of mine.  Advice Please!
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May 20 2009 - Kenosha
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One thing you will want to know is what the list to sell ratio in your area for similar homes. This will give you great insight on where the seller may accept an offer. Every seller's situation is different so you just never know. What I always tell my buyers is don't start with an insulting offer if you really want the home. Everyone wants to get the best deal possible but if it ultimiatly is the home that you want to live in then whatever price you pay was the "right" price!
Good luck with the negotiations!

Duane Murphy
www.duanemurphy.com
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May 20 2009
"whatever price you pay was the "right" price!"


What a crock. Glad you're not my agent.

Buy at or preferably below the Case Schiller trend line. The index is flawed on many levels but is the best we've got currently.

Therefore, look up a historical sale in the 1990s and count the number of years, multiply by 3%, add that to the 1990's price. Example: if the house soled for $200K in 1999 bid $260K. If that price is below 85% of the asking price, find another house to bid on.

The list to sell ratios are hideously skewed when it comes to REOs.

I think most REAs better start working on their property management certs.
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May 20 2009
 
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