Home Buying in 97477>Question Details

Jennifer, Home Buyer in Springfield, OR

Is it unreasonable to offer $115,000 for a 2 bd 1 ba house that on city-data.com they list $91,100 low and

Asked by Jennifer, Springfield, OR Mon Apr 14, 2008

$123,300 high for? They are asking $139,900 with none of the updates done and $158,900 if they do them.

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Answers

9
the worse they can do is say no.... have your agent write it up.... what do you have to loose
2 votes Thank Flag Link Mon Apr 14, 2008
Jennifer, Hopefully you are working with a realtor. They will be able to find out facts about the home that will help you make an offer that is the lowest one for you and will still be acceptable by the seller. Your realtor will be able to check on several things- 1. How long has the home been on the market. 2. What are the comparable homes in the area selling for (not the list price but the actually sales price) 3. What is the list price/ sales price ratio. What percentage of the list price are homes actually selling for on average. Armed with that information you will have a better feel for what price you should offer. Also have your agent check to see if the home is being shown alot. Do you have competition for the property. Have you also been viewing similar homes in your area so that you know what's out there and at what price?
Lastly, don't be afraid to make an offer. If your offer is low there are some things you can do to make it more attractive. Have a short escrow period. Some sellers are under the gun as far as their time frame goes and so welcome a closing date that's not too far away. Don't ask for a lot of extra items in the contract. Don't have contingincies such as - We must sell our current home first- in the contract. You must also have your financing locked in and have a pre-approval letter from a reputable lender attached to your offer. Sellers want to know first and foremost that you are qualified to buy their home. I hope that this information is helpful to you. Good luck in your endeavors to purchase a home. Warmly Debby
1 vote Thank Flag Link Tue Apr 15, 2008
I say always put your best foot forward. If you want the home offer what your willing to pay. Cut to the chase.
1 vote Thank Flag Link Tue Apr 15, 2008
Market Valuations are done by Real Estate Experts and Appraisers. Market Values are what a willing buyer is willing to pay at a given time but having said that Values are set by market comparables of recently sold homes.

Get a good agent that works the Soringfield Market closely. Making a low offer can hurt your chances of getting the home. A good agent will council you based upon market trends and conditions at the time you are making your offer.

When you are in the lower price ranges like this it makes sense to try and get the home if you truely want it. I had a buyer bid low on something this weekend because their perception was that this is what they should do. Fact is the home had come down alomst $80,000 in the past few months.

I advised them to be a bit higher and there bid was within about 6% of the ask but we lost it to a buyer that wanted it more. Now they want to out bid that buyer and it is too late. So pay what you are willing to pay but not beyond some well documented comparables for a similar home.

Sounds like these folks are willing to work on things to put a deal together. Take Chris here up on his offer to look into things for you! I am sure he is more than capable.

Best of luck to you!

Regards;

Dirk T Knudsen
Re\Max Hall of Fame
Re\Max Metro
Web Reference: http://www.nwhomecenter.com
1 vote Thank Flag Link Tue Apr 15, 2008
Hi Jennifer,

I am located in the Eugene/Springfield markets. With an address of the property, I can offer further insight as to valuation and offer strategy. I am unsure of city-data.com as a reliable source, other than a potential offer price range likely based on assessor records. Your offer of $115,000 is near 22% from asking price. Moreso, they are asking for an additional $19,000 to do upgrades...so this is confusing...is this new construction? Is the property in poor condition and even financiable in 'as is' condition (aka, $139,900).

You can search all single family & multiple family real estate in the Lane County area at:

http://www.HouseNow.com

Where we receive daily downloads from two mls's that serve a majority of Oregon (RMLS & SOMLS), as well utilize google mapping so you can see what is where, also other useful tools.

I have 15 years of local real estate appraisal experience in Lane & Douglas counties, so I know I can help.

Regards,
Chris@HouseNow.com
541-912-1405 cell
541-284-2511 office
Web Reference: http://www.HouseNow.com
1 vote Thank Flag Link Mon Apr 14, 2008
With the Economy being as it is. I would talk with an agent that is willing to be assertive in helping you with your Real Estate needs. I have found that depending on the property condition and location making a low offer with either get you a great deal or be rejected. As long as you are prepard to accept that you may loose it going too low. But like I said in the market that we are currently in it is in my opinion a buyers market and seller should look at all offers and consider how long it has been on the market and how long they can make the payments until it sells. I hope this helps. If you need any assistance give me a call.
Ronda Prewitt
Century21 Westover Realty, Inc.
541-543-6022 direct
541-747-9971 office ask for Ronda
0 votes Thank Flag Link Wed Feb 18, 2009
Many factors go into pricing. A couple of items to keep in mind are, if it is updated compared to the homes that have sold. A lot of times you need an agent for this or an appraiser. The agent would be free though. So depending on certain criteria would depend on your initial bid. Obviously you want a good deal. A good negotiating agent that will not lose the house for is what you want to go with.
0 votes Thank Flag Link Mon Oct 27, 2008
what some will seem as unreasonable can always be justified by others so there is no right or wrong answer. the only way to find out is to make the bid. you should however have a buyer agent that can work with you and assist you in making an offer. they can provide you with the infomration you need to make an educated offer and to accompany the offer with a letter letting them know why you are where you are. a good buyer broker will not cost you anything out of pocket as they get paid at closing by the lsiting agent however they willbe on your side looking out for you. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 27, 2008
Let's assume the information on citydata.com is as accurate and reliable as the resources available to Realtors. The question then becomes why offer more than $91,000? Any offer, especially a lower offer, must be supported by accurate and reliable statistical information. As a competent Realtor, I will interpret this information from a critical perspective and understand how to leverage the dynamics within the market in order to advantage you as my client.

You seem like a very saavy consumer; but unless you are on the ground working with buyers and sellers as a profession you won't have all the information you need to protect yourself. Even will all the resources available to consumers on the internet, if you don't know how to apply the information to it's highest potential you run the risk of loosing money; increasing your frustration and not get as much as you could have.

As a Realtors I have a higher degree of industry knowledge and resources that are instrumental in getting this deal to close. To further address your concern contact me. There is no obligation. I'd like to help you maximize the gains you can make on purchasing a property in a buyer's market. Now is an excellent time to buy! I can be emailed at: Churchwell@Windermere.com
0 votes Thank Flag Link Mon Oct 27, 2008
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