As what most of the agents have said there is no way someone can tell you where to start without knowing anything about the property. The city assessed price means nothing as related to making an offer. If you dont have a realtor I would highly suggest hiring one so they can give you a detailed report on what properties are selling for and where your offer should start. Good luck.

Each of these answers holds interesting information; however, Susan is the most correct, because she points out that no agent can tell you what to offer and MN real estate law requires that agents help gather information, write up offers their buyers want, and are obligated to present all offers. I do hope you have an agent representative; agents cost you nothing and save you everything! A skilled agent is accustomed to finding and presenting information from all public sources and can be enormously helpful. It is also true that the tax-assessed valuation is just that and that only - price depends on when the property is offered, where it is located, its condition and the perceived value to the group of people who are interested in it.

No disrespect, Cb, but why aren't you asking your agent this question? If you are dealing with the bank yourself, then I would tread with caution, especially if the bank has an agent representing them. They are in the business of taking care of what's in their best interests. They have no responsibility to help you figure things out.

And, is it a City assessment or a County assessment? Seriously, unless you have a great deal of experience and savvy, you should consider hiring an agent. Or at LEAST talk to an agent to see what they can do for you to help you figure things out. Getting answers on this forum is just too generic to really help you.

That is really a question that can only be addressed by your agent. For an agent to offer an opinion would be unethical.

Ron Gorman

Cb,

Your starting point will be based solely on YOUR and your agents perception of the price and value of the home. If you think the house is only worth $1, then offer $1, but be honest and realistic in your approach.

Forget the county assessment it is not a realistic determination of value and should mean absolutely nothing to you.

More than anything it seems like you need an agent to guide you through this process right now. Find one with more than 5 years of experience that you can trust and lean on them for their advice.

Cameron Piper
#1 Trulia Agent in MN

If the home is new on the market then the asking price is probably at or near what they owe on the home. If you really want this home I would suggest a full price offer. Banks in my area turn down full price offers all of the time and counter back with a "Bring us you're highest and best offer" response. In other words, the full price offer was'nt good enough. I would also like to offer a word of caution about short sales. Many people have written FULL PRICE offers with good sized down payments and excellent credit only be turned down and strung along for months (6 w/one of my personal clients) without response from the bank. Short sales can be good deals if you are patient, but they can also waste a lot of time.

Hi, ask your Realtor for a CMA, that will be a great offer price since the lien holder will do almost the same.
Maybe some dollars off the CMA estimate sales price. If seller did a CMA, the current price is a reasonable price.
City assesments values are off the market.

If you offer is very low, it might get rejected and you will need to restard the process again with a new price.
If you offer listing price, it could be approved and go to closing. Also, a good offer most probably will get tisgned by seller. Short Sale Seller could denied the signature of a "bad" offer.

Benito.