Home Buying in Liberty>Question Details

Arianna, Both Buyer and Seller in Bergen County, NJ

I am looking at a property in Liberty,KY. No realtor involved. How can one get info. to determine if Seller's ask. price is on par with FMV?

Asked by Arianna, Bergen County, NJ Thu Dec 16, 2010

Seller is asking $125,000 for 17 acrs. with a home of approx. 900 sq. ft., barn, garage, pond on property. We would like to make a counter offer but need to know what if any resources are available to buyers in order to pull info re: the area to come to a reasonable $$.

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Answers

7
Sorry to be blunt, but you've already made two bad decisions.

The first is not using a Realtor. Other than paying an appraiser (probably $300-$500) for an appraisal, a Realtor is about the only way to really determine the value. Either way is fine. In your case--I'm just guessing--a lot of the value is in the land. It's a small house on a lot of land, so you need to know not just what other 900 square foot homes with a barn sell for, but what the value of 17 acres is.

The second bad decision is that you would like to make a counter offer. You're already assuming: (1) $125,000 is a reasonable price (it may or may not be), and (2) the property isn't worth $125,000. Hey, what if it's worth $175,000? It could be an absolute steal at $125,000. In that case, why risk losing the deal; you should consider paying the asking price. On the other hand, what if 17 acres and a small home are only worth $80,000? You might counter at $115,000, get your offer accepted, and end up overpaying by $35,000.

Either get a Realtor or pay for an appraisal.

Hope that helps.
1 vote Thank Flag Link Thu Dec 16, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Good Morning Arianna;
Great question!!! In your best interest, the answer is going to be the same with the following questions:
How do I prepare a contract with the proper contingencies that protect my interests in this transaction?
Who's responsible for the title work, the survey, the inspection, the appraisal, etc.?
Who will help me understand the closing settlement statement and the paperwork involved?
.
Hire a local Professional Real Estate Agent to represent you for the transaction. In most cases, the seller will pay a Real Estate Agent a commission to get their home sold.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Thu Dec 16, 2010
Hello Arianna,

You might call the Casey County PVA office and see what the property is asessed at ? You can always give me a call again and I can work for you as a buyers agent which does involve you paying a fee. Just an idea...I am sorry what we looked at did not pan out for you. Please let me know if you decide on anything else on our website.

Kathleen
0 votes Thank Flag Link Mon Jan 3, 2011
Arianna,
I am a realtor here in Somerset, KY which is close to Liberty. I would be glad to represent you as a buyers agent. I can do a CMA on the property and help you through the rest of the purchasing process. I have represented other clients buying For Sale By Owner homes. Otherwise my only suggestion is to have the property appraised. I have seen alot of buyers pay too much for property when they were FSBO'S, so make sure you do your homework.
Lori Johnson
Key Associates Waterfront Realty
606-875-1263
0 votes Thank Flag Link Thu Dec 16, 2010
Arianna

Thanks for your question! You may want to see if Liberty has an internet accessible PVA (property valuation administration). This may help you determine many things, including what this property was originally purchased for and what it's tax value is as of today. Go to http://www.google.com and search "liberty kentucky pva." If it's not online, you would have to go to their office to search the records.

If I may, is the property listed with a Realtor? If so, you may want to consider using the services of a Realtor such as myself. It is free for you to use me as a buyer's agent and I would be more than happy to help you with the contract or direct you to someone in the Liberty area that could.

Thanks again and Merry Christmas!

Clark Shuman
Rector Hayden Realtors, Lexington KY
(859) 396-1135
clark@rhr.com
http://www.clark.rhr.com
Web Reference: http://www.clark.rhr.com
0 votes Thank Flag Link Thu Dec 16, 2010
In order to make an informed and educated decision, it's in your best interest to work with an agent of your own, or you can always hire a professional appraiser--when searching online for sold properties, keep in mind that some of the information may not be accurate nor current.
0 votes Thank Flag Link Thu Dec 16, 2010
Understanding values is not an easy task. You need to start by really getting familiar with the area. Personally check out recently sold houses that are close to the one you are considering. After a while you start to understand what things will likely sell for.

Of course you could also hire an appraisal but at $300+ thats a bit of a financial commitment considering you don't know if and to what extent the seller will negotiate.

Good luck.
0 votes Thank Flag Link Thu Dec 16, 2010
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