Profile picture for DanielKcira

someone is advertising the wrong square footage on there home, and the house is overpriced??

home is advertised as 5400 sq ft including the finished basement, when without the finished part of the basement it is actually around 3900 sq ft. The basement is 3/4 underground, with no exit doors to either the garage or outside, and has one mini window in the unfinished part of the basement..,,it is for sale by owner, and I know if I bought the home and tried to resell it in the future with a Realtor I would not be able to advertise 5400 sq ft. My family and i like the house, but feel it is overpriced due to some false advertising, which sq footage was confirmed by owner, without the extra sq footage it should be valued at around 120000 less than it is, is it wrong to submit a low ball offer, on the over marked price tag?
  • October 14 2012 - Rockland
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Best Answer

Profile picture for pmzsteve
Submit your best offer. FSBO sellers are always "fun" to work with and I doubt they will have many offers to review. Worst thing that will happen is they use your offer as kindling in the coming winter months. If I were you, write an offer at market value and keep looking. You could always attach a list of comps and also write I an appraisal clause not the contract. Or maybe even see if the seller would pay for an appraisal as a pre contract negotiating tool. Most likely they won't. So your best bet would be to talk to the sellers with your offer and a list of comps In hand.
  • October 15 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Yes, you are right and I agree with my earlier statement.   Basement vs above grade is usually called out separately.  finished Basement does add value but not at the same rate as above grade finished area.  (Zillow isn't vetting all advertisements people place on the site, but you can report errors in listings by clicking on  the "report problem with listing" and it may or may not get edited).    But, at this stage was your intent to put an offer on the house, or was your intent to ask the listing party to correct their listing?   My previous response was related to the first possibility.   (I'm not Zillow, and can't edit people's listings.)  

  • October 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for DanielKcira

Usually it is called out separately because the dollar/square foot is considerably less than above grade values. This is what you said in 2011 wetdawg, called out separately 

  • October 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for DanielKcira



Its called out separately ,, do i think it should be included? my opinion dose not really count. In my area an appraiser wont say okay you have 5400 sq ft., he would say you have 3900 sq ft. with a finished basement, and the appraisal will come in lower. Do I think it would add value to the home? I sure would hope so considering the fact that my current homes finished basement is huge and actually has a lot of windows, and natural light. Where in the case of this home it is like a bunker, if there is a fire good luck getting out since there is only one exit. Also this home is advertising the basement with the exact dollar amount of the rest of the home. As for how much do I like the house, I obviously do like it, am I emotionally attached, No. After being realistic with the current market value I submitted an offer and got a response,
and am gonna take it from there.



  
  • October 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Tom at the Lake
I would ask you "why do you like the house?"  If you can get a similar size house that you like just as much, you should buy it.  If you are stuck on this one, then why?  What ever the answer to that question is, is probably the reason it is priced like it is. That being said, if you love it, then make an offer that you are comfortable with working with your REALTOR.  The risk of low balling is the Seller is offended and doesn't respond at all. In my market homes are selling at 93% of asking price on the average. 80% offers will typically at least get a response from the Seller.  Find the number for your market and work closely with your REALTOR.  If you have  a lot of options, you can afford to offend this seller and move to another house.  If this is "the one you have to have", you should go in closer to asking price and feel good that you are getting your dream home.
  • October 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

First of all an unfinished basement verses a crawl space is worth more.  A finished basement regardless of windows or access is worth something.
Wetdawg says 50% - I'd use that as a rule of thumb. 

How the basement is finished determines whether it's 50% or 25%.

If the owner is advertising bedrooms which happen to be in the basement there are usually requirements that the room must have a closet, a window with a sill no higher than 42" from the floor, large enough for an adult to get out of.  Otherwise, in my market - it's not a bedroom.
  • October 17 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
So, you are saying a home with no basement has exactly the same value as a home with a 2000 square foot finished basement with all other factors being equal?   As a buyer, do you agree?   

  • October 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for DanielKcira
IDK where you you live or got your info about basement square footage being a factor, becuase i spoke with the buyers agent in my region and he explained that its is not included in a sale due to its situation, and why should i go for what is advertised when i am not allowed to sell my own home in the same region with a huge finished basement with all upgrades. If i was able to sell my home with a finshed basement it would drastically increase my home value since it is roughly 2000 sq ft.<<????????
  • October 16 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Basement square footage does add value, but if finished it is perhaps 50% of the value per square foot of above grade square footage (finished living area) .  

Only you know what it is worth to you, so make your offer appropriately.  If you  have some comps to justify your offer price, that may be to your benefit in your negotiations.
  • October 15 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.