No one wants to pay more than the property is worth and in today's market you shouldn't have to... Are you working with a Realtor? It is easy to look up for sales and past sales in any neighborhood here in the Myrtle Beach area. We can use the Multiple Listing Service and the tax records of past sales. This information should give you a good indication of the worth of the house in todays market. If you are not already working with a Realtor, feel free to contact me. I will be glad to help you.
Your first option should be to work with an experienced real estate professional that can provide you with the information you require.
As a side note. Check out the http://www.zillow.com website. enter the known address and the program will provide comps of homes recently sold in the area...it will be up to you to match the homes based on similarities.
Everyone seems to have given you the best answer and that is to encourage your mother to find a REALTOR that she can trust. The simple answer on how much the house is worth is whatever someone is willing to pay. The best way to determine what to offer is to compare what has sold in the last six months in the same square footage and neighborhood. A local REALTOR has easy access to this information. The last six months is important if your mother plans to deal with a lender. A lender will have the house appraised and the appraiser is limited to sales over the last six months. On any offer make sure you have the contingency that the house will appraise for the offered amount. That way you are assured that you're not paying more than the market value. Again, a REALTOR is a good place to get this solid advice. Good luck and if I can help in any way at any time, please let me know. John
For an honest approach, please feel free to call or e-mail me directly with questions.
Denise Thompson, EA, Realtor/Owner
Myrtle Beach Real Estate, LLC
Cell Phone: (704) 806-6163
Office Phone: (843) 477-1777
Fax: (843) 477-1779
The best thing to do is ask your Realtor for a Market Analysis on the home. There you can find out what other comparables have sold for that meet the same criteria. Also ask for the tax roll on the home. You may be able to look it up in the county tax records. The tax roll should show how much the seller paid for the house and any improvements made using permits (if renovations are an issue or are in question). If the seller has bought the house for considerably less than they are selling with little to no improvements in a shorter amount of time (2 yrs or less), then you might be able to leverage that for negotiations.
A Market Analysis will be able to tell you everything through numbers, what is on the market, what has sold, and what has expired and why. This should shed some light on the real value of the property, and remember numbers don't lie.
In order to answer your question more specifically, I would need a little more information. As it is now, it is a very generalized question. Depending on what the fair market value is of the property, you may be able to purchase close to that range. However, if the home is already the lowest price in the neighborhood, the sellers may hold to the 300k range price. In order to answer this question more effectively, I would need to do a full Comparative Market Analysis. This is something I do when I am acting as a buyer's agent that is representing someone who is purchasing property. What I do is search the MLS for all actives & solds to do a full analysis of similar properties in an area to determine a good value for a property. If you would like more assistance, feel free to contact me at firstname.lastname@example.org. I would love the opportunity to assist you & your mother in purchasing here in the Myrtle Beach Area. I look forward to your reply.
Your mother really should have a Realtor working for her as her buyers agent. That insures her the piece of mind that someone is looking out for her best interest and working to get her the best deal possible. It is the job of the buyers agent to do the research before she puts an offer in on a property and make sure she doesn't pay too much. My partner and I would be happy to help if you would like. You can visit our website at http://www.myrtlebeachhomepro.com to learn more about us or give me a call @ 843-503-5500