Home Buying in Devon>Question Details

Ann Spooner, Both Buyer and Seller in Philadelphia, PA

Do you think there is much likelihood a seller who paid approx $900,00 in 2001 would be willing to accept an?

Asked by Ann Spooner, Philadelphia, PA Fri Jul 11, 2008

offer of $800,00o in 2008-no significant improvements were made in these years There could be a substantial cash incentive to sweeten the pie. Is it ridiculous/insulting to even offer 800,000.

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It is still on the market with another price drop couple months ago. Now $1,099,000. I believe the house can be sold between 95K - 1M. It has an old kitchen even looks nice on photo. Uneven floor when connected to first floor living area. Really, just 2 brs on first floor. Another one is a family room. 2 more brs in basement next to the louder HVAC. The real problem is that the house looks small and "short" from outside specially on a slightly downhill.
0 votes Thank Flag Link Wed Sep 9, 2009
What is it currently listed for, days on market, what are other homes in the area selling for. Not all homesellers are Distressed or in Foreclosure. Free advice at site below.
0 votes Thank Flag Link Sun Aug 3, 2008
Ann,

I think I know the house you're talking about - I saw it the first day it came on the market - the pictures show better than the house. Unless you have knowledge that the seller is under some sort of incredible pressure to sell, I'd say your chances are nil that you could buy this house for $95k more than it sold for in 1998.

I think everyone would like to get a good deal, but that house, with a bigger than average lot, in Devon?....no way. I would agree that the house (if it's the one I think it is) is overpriced and they haven't come off their original list price, but surely there are better options for you? What does your agent think? I'm sure they can find out from the listing agent if there's room for negotiation.
0 votes Thank Flag Link Fri Jul 11, 2008
It depends on the situation. If the market value for the property has dropped to $800,000 then no, it's not insulting to offer fair market value. If on the other hand the home's market value is $900,000 then a seller may find the low offer insulting. I say "may" only because it depends on the seller's specific situation and their motivation to sell.

I don't understand what you mean by "substantial cash incentive", because the seller's net is based on the sales price less liabilities owed.

Best of luck!

-Daniel
0 votes Thank Flag Link Fri Jul 11, 2008
Prices are at about a mid 2004 level right now. I would say that it would be closer to what he purchased it.
0 votes Thank Flag Link Fri Jul 11, 2008
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