And as others mentioned, you need representation, because after the contract is written is when the real work begins.
Hope this helps.
Lifetime Top Producer
From its listing, and from the one down the block on Brimstone, that other one looks a lot nicer--inside and out--than the one you're interested in. True, there aren't other great comps, either, but just looking at other recent sales in the same area--and the withdrawn properties, the listing agent was, let's say, optimistic in what he was expecting.
A property--4 bed/2.5 baths, slightly older--on Streamwood sold back in June for $612,000. A 4/3.5 on Highridge is under contract; the list price was $574,900. A 4/2.5 on Hearthstone was withdrawn after being on the market for 151 days; it was listed at $639,000. So these numbers suggest that $777,000 might not be the right figure, either. You really, really, need a Realtor to run a CMA on the property.
Another area of consideration: It's the original sellers. The property probably is paid off or close to it. I'm guessing they're retiring, probably moving south or west. So, while they don't have a huge mortgage to pay every month, they probably want out, and pretty quickly. So they're probably motivated. The weather's turned colder, and the market usually slows down until at least January. So they're probably looking at a couple of months, at least, of the house not selling. And if it's priced $250,000 above the comps (roughly), then it's not likely to sell any time soon.
Problem is, they may accepted the idea that their home is worth around $900,000. So they may not be mentally prepared to accept a more realistic offer.
And if it's the house on Brimstone, I know the area well. My office is on Burke Centre Parkway. My cousin lives right across 123 from the development. One of my son's best friends lives on Chapel Road about half a mile from that house. And--with the disclaimer that I haven't been in that particular house--I repeat: You really need a CMA in order not to make an offer that, while below the listing price, might still be too high.
So, get a CMA. Then make an offer.
Long & Foster Realtors
My colleagues below have offered some good insight. The one thing not mentioned..is how much is the house worth to you? You have seen others and obviously this one is peaking your interest the most. Some will overpay because it's the house they want..and they are Ok with that. Value is in the eyes of the purchaser first..but then there is the appraiser! A few years ago..I listed and sold a 3br home in Vienna for 1.2 million...so...every situation is unique!
A good buyers' agent will be able to give you the peace of mind you need to structure your offer. Note I say "structure" the offer. Filling in the blanks...is NOT what I am talking about. Feel free to contact with any questions.
Erik J. Weisskopf, ABR,CRS,GRI
Real Estate Consultant/REALTOR
Hope this helps.
Stan Reed, Realtor
Keller Williams Realty
The other agents are correct in advising you to make an offer. However you should check with a Realtor to make sure that you would be getting a good deal at $777. It might be much lower than the asking price, but you don't know what the actual value of the property you are interested in is without a CMA, comparable market analysis, and keeping in mind the specific attributes of the home you are interested in has. I dont know the area you are looking in, but a 3 bedroom single family home for $777, sounds expensive to me...You generally can not add more bedrooms on the upper level and you might want to consider that when thinking of re-sale value down the road... If you do not already have a buyer's agent working for you, I would be happy to speak more with you and work for you on your behalf as a buyers agent to make sure you get the right deal for you. I work primarily in Fairfax County and would like to share what I can do for you as a buyer's representative.
Long and Foster Realtors
Licensed in Virginia