Profile picture for ozerna

fair offer / northern nj

can anyone (familiar with Denville, NJ real estate) advise what should be a fair offer for the following listing
http://www.zillow.com/hom ... 455_zpid/
thank u
  • September 03 2011 - Summit
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Answers (6)

This house has been on the market for 146 days without a price reduction.  The underground oil tank is a huge issue and if the seller doesn't deal with it, it could make financing for the house virtually impossible.

The agent living in the same community should absolutely have no bearing on the list price for the house.  If that is a consideration than she is doing her clients a huge disservice.  That being said, it could simply be the seller is unrealistic about market value and is refusing to lower the price.  This is an issue agents deal with all the time.

I would price out what it would cost to resolve the house's issues (with the oil tank obviously being costly and I will assume you don't know if it has leaked or not- soil contaminaton is ridiculously expensive to resolve) and make an offer with that in mind.  Submit the offer along with estimates to resolve the issues to justify your offer (please use your own agent to do this because there is no advantage, especially in this situation, to go it alone).
  • September 04 2011
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Profile picture for ozerna
Thanks again for the replies,
we have been following the listing for a past few months after seeing it at the open house. the community is very nice, but the house has number of obvious issues such as inground oil tank, no gas (never was hooked up), a small lot, no garage.   it it doesn;t  really help that the realtor also lives in the community  and the price reduction is not in her neighboors' best interest
ozerna
  • September 04 2011
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Lakefront in Denville is usually pretty pricey and without knowing all the details any agent would be making a guess as to what a fair offer would be.

However, this house has been on the market for quite a while without a price reduction and obviously no accepted offers so I would say that it is great indication that it is overpriced.   I unsuccessfully tried to open the seller's disclosure which is posted on the mls which would give me a much better indication of the condition of the house since I haven't been there to see it myself. 
I'll continue to try and see what I can find out.


  • September 04 2011
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Profile picture for ozerna
thank u all for the reply
  • September 03 2011
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I can tell you that the market has always been about not what you ask for but what you can get.  To be honest, I would be most interested in making sure the buyer is a strong buyer.  I agree with the previous poster.  Educated advise is your best bet. 
  • September 03 2011
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Profile picture for genjopo
Well I would have to see house and compare to what has sold in the area.Do you have an agent? They should be advising you. if not, let me know if you need assistance.
  • September 03 2011
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