The list price of a property is kinda like the story of Goldilocks and the Three Bears, some are too high, some are too low and some are just right. What you really need to know is what is the fair market value of the home. From this, you can subtract for repairs and length of time on the market, and this will provide the fair market value for this particular home. A good Realtor and a comparative market analysis will be very helpful in making this determination.
Your other question is "how can we find out the accurate aporaisal for this house?" My recommendation is make an offer you are comfortable with, have the offer accepted and, only then, pay for the appraisal. You will not be allowed to overpay for a home. Appraisers are being very cautious these days and will not give the home more value than the market can support. If you and your Realtor have done your homework, you will get a good deal on this property. In my experience, homes that require repairs do not find themselves in bidding wars caused by multiple offers.
1. Determine the market price in this area, by working with a good Realtor who will run the numbers and educate you on what they mean.
2. Determine the actual repair costs.
3. Make a reasonable offer based on the above and the length of time on the market.
4. Be prepared for a counter offer or a direct rejection if your offer is very low.
5. If you really like the area and want to buy there - repeat from 1 above until you and the bank can agree on a price.
Remember, time is in your favor. Home prices are not going up right now and banks know this. Just be reasonable with your expectations, make informed decisions, and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty