Home Buying in Cordova>Question Details

Ebony Love, Home Buyer in Cordova, TN

How much to offer. Brand new bank owed home asking price $145,900. This house has been on the market over a year. I was thinkin $130,00 Is that to

Asked by Ebony Love, Cordova, TN Sun Feb 28, 2010

that a low ball offer.

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7
Terry Longmire’s answer
Blackluv757,
Who appraised it in 2009? If you have "multiple" comps in the last 30 days that support 130K to 135K that should be your price range. In the Memphis market 2 or 3 sales in a 30 day period that could be considered comparable is strong for todays market.
0 votes Thank Flag Link Sun Feb 28, 2010
The home was appraised for $156,600 in 2009. The price dropped $12,900 as Oct 2009. This home has been on the market for year. The comps are from $130 to $135 within the last month. Thank you for all your inquiries.
0 votes Thank Flag Link Sun Feb 28, 2010
I hope you're working with a realtor who is familar with the neighborhood where this home is located. He/she will be able to pull comps to get a good idea of the property's value considering it's condition. If the price was recently reduced, it may have triggered a flow of offers in which case several potential Buyers may be competing for the home. In cases such as this, it is not uncommon for the home to sell at full-price, or slightly above. Your $130,000 could end up being way off the mark. Consult with your agent to determine the best course of action that will best position your offer and increase the possibility that yours will be the sinning bid. Good luck.
0 votes Thank Flag Link Sun Feb 28, 2010
How much is the home worth? What are the comps?

If the home is worth $170,000, then $149,000 is a bargain.

If the home is worth $150,000, then $149,000 is a reasonable offer.

If the home is worth $125,0000, then $130,000 is offering too much.

You need to know how much the home is worth. Then pay no more than that. Probably offer less.

Hope that helps.
0 votes Thank Flag Link Sun Feb 28, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
No Barbara it is not a Home Path. The Seller is willing to pay 3% towards closing with full price offer though so does that mean if I put a lower offer the Seller won't paying toward closing or is it still negotiable?
0 votes Thank Flag Link Sun Feb 28, 2010
Your agent can help you with that. It is impossible for someone to give you anything other than general adivce without knowledge of the property or area.
0 votes Thank Flag Link Sun Feb 28, 2010
Blackluv757 - It's a reasonable starting point. Is it a Home Path Home? Because they are offering 3.5% concessions toward closing costs and appliances. Ask your agent because this could make a difference in your initial offer.
Good Luck!
0 votes Thank Flag Link Sun Feb 28, 2010
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