Making an offer

Asked by Scott, Nyack, NY Thu Jul 30, 2009

I am considering making an offer on an older home in Delaware Co. NY. The house needs some work and has been cared for and has a little over 3 acres of land the house itself is 3000 sq ft and has seen a 40g reduction in price. The seller purchased the home in 06 for 105 and is at 149 now how much of an offer should I make? Thanks

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Elena Ferrante’s answer
Elena Ferran…, Agent, Franklin, TN
Fri Apr 30, 2010
You best bet would be to ask a Real Estate agent to run a Comparative Market Analysis, to see what similar homes in the area have recently sold for, and are selling for. Based on that determination, you can be fairly comfortable that your potential home will appraise out, and that you will be able to get a mortgage.
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Frank Macak, , Franklin, NY
Tue Aug 11, 2009
Scott, try to get a home inspection prior to making an offer if possible. It would give you a better sense of the property and its value. I think the seller/realtor might agree to it if they see that you are serious.
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Bill Eckler, Agent, Venice, FL
Fri Jul 31, 2009

Your best offer should be determined by a close review of the current sales information for similar properties that have sold recently.

This information should provide you with a range for you to consider. MOst sellers today are in touch with recent real estate trends and understand it is highly unlikely ther will get a full price offer for their property.

Good luck
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Sybil Harris…, , Charles Town, WV
Thu Jul 30, 2009
The absolute best way to decide on an appropriate offer is to contact a real estate buyer's agent who works in Delaware County. The seller, not you, pays the buyer's agent's commission. The agent can show you comprable properties that have sold recently and the selling price. Most agents can also give you a rough idea of the cost for the repairs that need to be made. The selling price of comprable properties and the cost of necessary repairs will be the best guide to the correct offer.
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