Home Buying in Seymour>Question Details

Marinabdn, Home Buyer in Seymour, IL

I'm buying a house for the first time. The current owner, according to my records, paid 377.500 for it in 1999. How much should I offer today?

Asked by Marinabdn, Seymour, IL Sun Oct 23, 2011

I will need to do some remodeling of the features I don't like: kitchen, bathroom and closet spaces, etc. The house is 30 years old. You can move in now, but to have it as I like it I'll need to put on some remodeling of the bathroom, masterbedroom, closet spaces.

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Answers

9
You should offer what the property is worth. Or a bit less, depending on your negotiating strategy.

What the owners paid for the house is irrelevant.

When the owners bought the house is irrelevant.

The age of the house is irrelevant.

The needed fix-ups are relevant only when you know what the house is worth. Otherwise, they're irrelevant.

How many houses you've bought is irrelevant.

What you like or don't like about the house is relevant only when you know what the house is worth. Otherwise, that's irrelevant.

See a pattern here?

Hope that helps.
1 vote Thank Flag Link Sun Oct 23, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hello Marinabdn:

I can only echo Anna's reply to your question. "Keep in mind that whatever the current owner paid for for the property has no bearing in today's market; therefore you really should review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there."-

Maria
1 vote Thank Flag Link Sun Oct 23, 2011
Keep in mind that whatever the current owner paid for for the property has no bearing in today's market; therefore you really should review comps with your agent, recently sold similar properties in the immediate area, see what the data suggests and go from there...
1 vote Thank Flag Link Sun Oct 23, 2011
You may also looking at the assessed value of your house
for your reference, but the best way is hire a Realtor
who can give you recently sold/sale pending prices
in your area.

Thank you~!

Cindy Wang Do Yim, Broker/Owner
Tel: 217-359-2310
Cell: 217-390-4351
http://cindyyim.topseller.net/ (For All MLS active listings, click to Search for Homes)
http://www.1-1Realty.com
Cindy's Residential & Commercial Realty
0 votes Thank Flag Link Wed Apr 18, 2012
The best place to start is to have a Real Estate Agent run comparables in that area in today's market, because whatever the current owner paid for for the property has no bearing in today's market. Then the home can be compared to others that already have updates to help consider what the price of this one will be based on the work it needs to have done to it.
We would be happy to help you with that since we have worked with homes in and near this area.
Thank you,
DeAnna Williams
Team Gauze, Inc.
deannaw@teamgauze.com
(217)841-1487
Web Reference: http://teamgauze.com/
0 votes Thank Flag Link Mon Oct 24, 2011
Do you really want the house? Follow your real estate agents directions.
If you don't care, go ahead and offer $377,500. But please pay your agent for wasting their time.

If I were representing the seller, and the home represents a good value, I would advise the buyer to kick your low ball offer to the curb and wait for 'the' buyer. With decreasing inventories, sellers are not in the bind they were in just 18 months ago.

What should you offer? Look at the comps, adjust for tangible imbalance, evaluate average discount, then have your agent write a offer with as few contingencies as possible.
0 votes Thank Flag Link Mon Oct 24, 2011
You should find a trusted and experienced Broker in your area to provide you with a comparative market analysis. The condition of the home, location, number of days on the market and listing history also should be considered. There are many factors to take into consideration in pricing a home and determining how much to offer, but this would be a good start.

I work the Seymour IL market and would be happy to to provide you with a CMA. Let me know if I can help.
0 votes Thank Flag Link Sun Oct 23, 2011
Well, you don't say what the asking price is, and whether you have an agent to advise you! Two critical pieces of the puzzle! What they paid only comes into the equation, when your offer would leave them little equity. The remodeling and what is called "deferred maintenance", can also come into the equation as a reason for your low ball offer. If the house has been on the market a long time and hasn't sold, you can make a low ball offer, but keep in mind what I said about their equity, which in this market may be very minimal. Best, Terry Bell, Realtor, Santa Rosa, CA
(Your thumbs up to my answer would be greatly appreciated!)
0 votes Thank Flag Link Sun Oct 23, 2011
Marinabdn,

Your real estate agent can prepare a Comparative Market Evaluation for the property you are thinking of preparing a proposal. Review the comparable homes for sale and sold properties to come be able to assess the current market value. Also it is helpful to find out how long the home has been on the market? If it’s been for sale for a while, the seller may be willing to accept a lower offer.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
DRE 985176
0 votes Thank Flag Link Sun Oct 23, 2011
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