Does it make sense to offer on a $400k house, when the sellers are asking for $650k?
We saw an open house we like, in a neighborhood we like. Unfortunately, the owners are asking for WAY more than the houses are selling for in that neighborhood. A reasonable price is $250k less than they are asking. It wouldn't even appraise for anywhere near their price. Does it make sense to put in an offer, given that their expectations are so off-base? There is nothing about the house (size, amenities, etc.) that sets it apart. Everything--the comps, Zillow, Cyberhomes, my own knowledge of the neighborhood--says this is a $400k house. My spouse says "don't bother"--I say, we would be offering a very fair cash price (and not even trying to offer less than what it's worth--a really fair price). What are they thinking?!? Oh, and this is supposedly a traditional sale--not a short sale.
Absolutely. You have everything to gain and nothing to lose. If you have done your due diligence, you may increase your bargaining power.
My motto is: you won't know if you don't try. Especially if this is a cash purchase. I would have your agent include in you offer the comps and appraisal issue and justification for offering what you are. You could even offer to pay to have the house appraised in an effort to find a fair value. Your agent can probably do this in a manner which will be the least offensive to the seller. If they turn it down - you won't be able to buy the house. However, if you don't try - you won't be able to buy the house, either.
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