Home Buying in 60608>Question Details

Selina, Home Buyer in Chicago, IL

I am looking for information on a home for sale on the 3235 S. Throop. Does anyone know how much was the?

Asked by Selina, Chicago, IL Fri Jun 27, 2008

price when the current owner had it? The current listing prince is $289K. How much should I offer? Thanks for your help.

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Selina,

Now that I know that you're working with a Realtor, the last thing I want to do is to step on their toes. I will tell you though that the past sales and prices are easily available on the MLS. Your Realtor should have access to that, in order to give you exact prices. Those prices I gave you are right on the tax data base, through our MLS.

As for the condition, I haven't seen that property, but my suggestion would be to go back and ask the seller what repairs or remodeling was done since they bought the house. Your agent can archive the search.

I was actually able to go back as far as 2002 and I seen that the building was sold back in 2002 for $180,000. The listing sheet back then says the building was totally rehabbed at that time. If the building was totally rehabbed in 2002, I can't see these sellers doing much more. Be careful because sellers can tell you that they did the updates and they were really done when they bought the house. This is why you need to get educated on the property before you write an offer. One more thing ... the market values are down since 2004.

I also disagree with Tim, from Portland Oregon. It's the agents obligation to you, the client, to do this research and to "advise" you as to what a far market value would be on this property. Ultimately, it's your decision, but your Realtor has a obligation to advise you.

Hopefully that helps but your agent has access to this information as well.
0 votes Thank Flag Link Fri Jun 27, 2008
Thank you and ..... good luck!
0 votes Thank Flag Link Mon Jun 30, 2008
Brandon,
I definitely will ref. your pro. service to all my friend.
0 votes Thank Flag Link Sat Jun 28, 2008
You're very welcome Selina. Good luck with the house and if you know of anyone who I can help just keep my information.
0 votes Thank Flag Link Sat Jun 28, 2008
Tim, thank you again for your advice. Have a good weekend.
0 votes Thank Flag Link Fri Jun 27, 2008
My apologies on the % quote it is usually around 93-95% of the last listed price because if sellers do not get what they are asking for; they will lower it unitl an offer comes in. Check the local numbers through your Realtor for your market and you'll know.
Web Reference: http://TimStuart.com
0 votes Thank Flag Link Fri Jun 27, 2008
Brandon, thank you for your good advice and your helpful information. I am very glad that I found out this good website and got educated right from here.
0 votes Thank Flag Link Fri Jun 27, 2008
Thank you Tim. So do you mean my offer is really too low? I think my $265K is over 90%.
0 votes Thank Flag Link Fri Jun 27, 2008
I believe Byou should offer what you are willing to pay and have your agent/Broker present it to the sellers.
Your agent should not be telling you what to offer, they are representing your best interests and if you offer too low of an offer you run the risk of loosing the property. Are you willing to walk away from this deal the avaerage sold price usually runs around 90% and the days on market are from 72-79 days this last month.
0 votes Thank Flag Link Fri Jun 27, 2008
HI, Brandon, thank you for your quick answer. I have a broker to work with, but have not signed any papaer with her yet. I asked her to check the price however she said it was around $250K but she could not got the exact amount. Do you know the condition of the property at that time? I just wondering if the current owner did any upgrade so I can determine my offer. I was considering $265K, was it too high? The broker said too low, she suggest $278K. What's your opinion? Thanks for your pro. advice.
0 votes Thank Flag Link Fri Jun 27, 2008
Why isn't your Realtor getting you this information? It's in the MLS right now for $289,000. It's been at that price for 127 days. It was on the market back in mid 2007 for $319,900. The current owners bought the house back in March of 2004 for $245,000.

Are you being represented by a Broker?
0 votes Thank Flag Link Fri Jun 27, 2008
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