Home Buying in Lawrenceburg>Question Details

Amigafan, Home Buyer in Southeast USA

Seller asking $50k more than home apraised for!

Asked by Amigafan, Southeast USA Wed May 14, 2008

Looking at a particular home in the Lawrenceburg TN area, we found one we like. But the seller is asking about $50k more than what it is appraised for! Most other homes in this area are asking from  to % LESS than their appraised values. The home has been on the market for a year with no offers made on it yet. The seller thinks he will get the asking price because they were told by a realtor their home was worth that much.
Would it be an insult to offer $50k less for such a home?
Does anyone know if Lawrenceburg is growing and home values are increasing?

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Answers

2
Ever think the seller spent $50K fixing the house up since buying it? Buyers always want repairs and upgrades free of charge!

You can get snappy with us for rejecting low offers, and say we are overpriced to underprice us so agents can collect that fast commission, but not all sellers are desperate and can wait for the right price. For us it's a WIN WIN. We can sell for a good price, or we can continue to stay, pay low property taxes and low utility bills while we wear out what we had done.

Lawrenceburg is definitely growing a bit, but nobody wants it to grow too much. Peace and quiet is the name of the game. Nashville, Franklin, Spring Hill and Columbia are all getting too expensive and too overcrowded.

Many people, particularly older folks and retirees, are coming here for large affordable properties, well-bult older brick homes, nice folks, and the Amish farms in nearby Ethridge is a great bonus, great for the tourism industry.

Ethridge, Summertown, Leoma, and other places outside Lawerenceburg are also very nice places to live.
1 vote Thank Flag Link Sat Apr 16, 2016
When you say "appraised," I wonder how you know the appraisal value of the home, and whether you may mean that your own agent's opinion of value indicates that the home is over-priced. The fact that the home has been on the market so long indicates that the home may be priced over its value.

If the home appeals to you, make an offer at your price. Have you thought what you will do if you receive a counter offer?
0 votes Thank Flag Link Wed May 14, 2008
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