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Catherine Brunsell
- 2 Helpful Answers
- 9 Answers
Catherine Brunsell answered:
Cindy,
You can look at the tax records to see the pice that the seller paid, that will give you an idea about whether they are in a position to reduce their asking price. You will have to dig a little deeper to find out if they may have taken out a home equity loan or other type of 2nd mortgage that may mean they have additional debt to repay. Have you been in the property? If they have remodeled the kitchen or added a screen porch, they may well have added to the debt they owe.
Are the comparables you are looking at very similiar? Is it the same builder? Is it a neighborhood that has a variety of house styles? Is it a custom built home? Those things can affect the range of pricing. But if there are several very similiar sales, and they are 20% below the seller's price, I would make that offer. Your agent should bring all the evidence with the offer to the seller. Remember, a bank will appraise the property for the next mortgage, and they will use the comparable sales to establish the value. If the house is 20% over recent sales, it will probably not appraise.
Have your agent pull the MLS archives on the property. It will show all the price changes that have been made on the listing since it was actived in July of 08.
Good Luck!
Catherine Brunsell
Allen Tate - Steele Creek / Palisades
You can look at the tax records to see the pice that the seller paid, that will give you an idea about whether they are in a position to reduce their asking price. You will have to dig a little deeper to find out if they may have taken out a home equity loan or other type of 2nd mortgage that may mean they have additional debt to repay. Have you been in the property? If they have remodeled the kitchen or added a screen porch, they may well have added to the debt they owe.
Are the comparables you are looking at very similiar? Is it the same builder? Is it a neighborhood that has a variety of house styles? Is it a custom built home? Those things can affect the range of pricing. But if there are several very similiar sales, and they are 20% below the seller's price, I would make that offer. Your agent should bring all the evidence with the offer to the seller. Remember, a bank will appraise the property for the next mortgage, and they will use the comparable sales to establish the value. If the house is 20% over recent sales, it will probably not appraise.
Have your agent pull the MLS archives on the property. It will show all the price changes that have been made on the listing since it was actived in July of 08.
Good Luck!
Catherine Brunsell
Allen Tate - Steele Creek / Palisades
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