Home Buying in Minnesota>Question Details

ZZ, Home Buyer in Marshall, MN

Bidding on a home...

Asked by ZZ, Marshall, MN Mon Jun 16, 2014

I am interested in bidding on a home that needs extensive cosmetic work. The carpet, fixtures, wallpaper, etc... are all original and stuck in the 70's (not in a good way), but the home is in an amazing neighborhood, near local schools, and the home has been well-maintained just not updated. It looks like a great house to update and really be able to make it "ours". However, the home is currently listed at or above the price of the rest of the homes in the neighborhood.

My question is since it needs work, is currently not lived in, and is already listed at or above the rest of the homes in the neighborhood... what would be the advice for a low bid? The home has been on the market for 2 mths, has not received any bids, and is currently listed at 135K while other comparable homes (that do not need nearly as much work) are hovering at 132K - 134K.

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What is your agent advising...In order to determine a fair offer review a cma with your agent, comparative market analysis, see what the data suggests and go from there; don't simply rely on list price, be mindful that each property is unique in it's own way.....
2 votes Thank Flag Link Mon Jun 16, 2014
Have your agent take a look at the most recent sales in the area and then base your offer on closed prices. You don't know what any of the active listings will close for so they will not be considered comps until they close.
1 vote Thank Flag Link Mon Jun 16, 2014
Is it an REO? Are you bidding online? Is it HUD or homepath? As an example, HUD homes are listed at their current market value. In other words, the current condition of a HUD home has already been factored into the value. Hope this helps....find yourself a good experienced agent.
0 votes Thank Flag Link Tue Jun 17, 2014
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