Profile picture for jbrown6979

what is good "offer" on house?

House listed for $85,000 but was appaised for $78,000 earlier this year. Not trying to rip off the seller or myself, what is a good offer for the house?
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July 14 - US
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Answers (2)

Let me add.  If a bank appraised the house then $78,000 might be all they are willing to loan on it so you would need to come up with the additional money if you paid full price.  
  of course if you will be gettign a mortgage your own bank will want theri own appraisal and that may change the value either up or down when compared to more recently sold properties. 
  How is the market in your area?   If you weigh the location, options, conditions and overall appeal of this property how does it stack up to other houses you ahve looked at?  it is possible that the hosue is well worth the asking price.   I wouldn't worry about that past appraisal if the house is what you have been nlooking for. Why not offer $78,000 and let them know why.  It doesn't hurt to try. 
Good luck. 
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Profile picture for wetdawgs
When you say "appraised" are you referring to an appraisal by a lender's appraiser or by the tax assessor? 

The best way to figure out fair market value of a home is to compare the home of interest to similar homes that have sold in the last couple of months in the area. 

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