Home Buying in 28326>Question Details

Katrine.guinn, Other/Just Looking in Cameron, NC

If house is priced at 160,000 and has been on the market for over 160 days, what is an acceptable offer????

Asked by Katrine.guinn, Cameron, NC Mon Feb 15, 2010

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If the home has been on the market for 160 days and the price has not been reduced it could mean
a. the seller is inflexible on the price
b the seller may have said he would be willing to negotiate if the agent brought an offer in,
c.the seller is not motivated enough or owes so much that they need the amount they are asking.

You should make an offer based on the market value and have your agent do the comps.
The fact that it has been on the market for so long may mean it is over priced.
You can offer any price you feel is fair and it is up to the seller to accept it.
Web Reference: http://www.gitabantwal.com
1 vote Thank Flag Link Tue Feb 16, 2010
Katrine, The fact that it's been on the market for 160 days MAY make the seller's motivated to sell, but it DOES NOT necessarily mean that they're very motivated. Looking at the sold comps, properties in Cameron that were priced at market value, averaged 195 days on the market anyway. So take the days on the market with a grain of salt. In 2006, when things were rolling along the average days on the market there was around 90 days. That's not the case anymore. So, in short look at this particular home based on the facts. How long have they owned the home?(Could have potential tax implications), What do they probably owe on the home?(Looking at recorded deeds of trust in county records), Is it an individual or is it in an estate where kids may want to liquidate the property. is it in danger of going into a foreclosure situation or not? And finally and most importantly, What is the true market value, per the comps. Then make an informed decision on what the property is worth to you. If you need help with this, give me a call.
Web Reference: http://www.sandhillsnc.com
0 votes Thank Flag Link Tue Feb 16, 2010
Acceptable to the Buyer is what the Buyer is willing to offer. Acceptable to the Seller is what the Seller is willing to accept. Sometimes a little negotiation will bring the Buyer & Seller together on price and terms.
0 votes Thank Flag Link Tue Feb 16, 2010
Hey Catherine. An acceptable offer should be based on the value of the home and sold comparables within the area. Secondly, acceptance by the seller of an acceptable offer will still be based on their unique situation. Market value of the property may be $150K but if the seller still owes $155K then they would be unable to take an offer of $150K. If you'll give me a call, I'll do a title search on the property, pull some sold comps, research it and find out what I can for you. It will go along way towards negotiating the right price for you. 910-528-6367.
Web Reference: http://www.sandhillsnc.com
0 votes Thank Flag Link Tue Feb 16, 2010
Katerine
As others have stated you need to know the value of the house, not list price. Your Realtor would be able to show you comparable sales in the neighborhood and help you analyze the best price to come in at. That being said 160 days is nothing if it is a short sale, therefore days on the market has little meaning. Short sales can at times be over a year. Not due to any other fact that the bank feels it needs to give molassess an edge up from it's current reputation.

Dan.... 78 trillions... laughing

Good Luck Katerine
0 votes Thank Flag Link Mon Feb 15, 2010
Hi Katrine
A CMA should be done to see if the house is priced right for the area. If you are working with an agent this is a service they should be happy to provide for you. If you are not working with an agent, i would be happy to take a look.
0 votes Thank Flag Link Mon Feb 15, 2010
At, or less than the value of the home. Of course, that applies to any home, any days on the market.
0 votes Thank Flag Link Mon Feb 15, 2010
In theory you could offer $120k for that house. When the appraisal comes back you would find out it is only worth $89k.

Asking price and true value often have almost nothing on common.

To answer your direct question, you can make an offer of anything you like. Offer $32.78 Offer $78 trillion
What is acceptable is what you think it is worth and the seller accepts as payment. No one here can say what the number will be.
0 votes Thank Flag Link Mon Feb 15, 2010
Hi Katrine,
There is no one answer to that question. Many factors determine the homes value...location, age, condition and sometimes most importanly...supply and demand. Local home sale statistics can vary greatly from market to market and what is an average days on market will vary from region to region. More importantly, your question should be WHY has this home been on the market 160 days? What is the average days on market in your area? How does this home compare with others that have sold or are currently on the market? If you are working with a buyer's boker, they should be able to do a CMA - Comparitive Market Analysis for you to determine this homes fair market value.
If you are not working with a buyer's broker, you should seek one out, interview them, get references and sign up! There is no cost to you in most markets and it will save you thousands on your purchase.
Good luck!
Linda Gardiner
Town & Country REALTORS Bangor, Maine
0 votes Thank Flag Link Mon Feb 15, 2010
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