There is a house that I'm really interested in. It's been on the market 128 days on the MLS & its way over priced. How can I buy it far?

Asked by Douglas, Bloomington, MN Wed Dec 15, 2010

much cheaper? This house is I’m considering is totally gorgeous and seems to be in near excellent condition but it’s priced at least $100,000 to high compared to other nearby recent comps only a few blocks, some going for as low as $112,000. This house and its comps are in a really nice upscale suburban neighborhood.
It's been on the MLS for 128 days now and it's listed for $249,900 but Zillow says it's valued for as little as $136,000. It was built in the late 1950s. This is not a foreclosure with it being owner occupied right now and I would like to make it my new primary residence. This home could be income generating with about $5K of work I could rent out the downstairs and live upstairs. After doing some checking, the current owners are in their late 60s and I’m assuming want to move to a much warmer climate. I'm a first time home buyer planning on paying cash. How can I get it for a much more realistic price of $136,000 if not an even lower comp price like $112,000? Thanks!

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Cody Anderson, Agent, Minneapolis, MN
Mon Oct 8, 2012
I'm not sure where zillow and county tax reports get there data from, but they are rarely accurate :(
1 vote
Linda Grey, Agent, Port Orange, FL
Thu Dec 16, 2010
I agree with the buyers answer below but also keep in mind that Zillow is not known for accuracy in comps, your Realtor will get you some good comps for the home.
Web Reference:
1 vote
Steven Hong, Agent, Edina, MN
Fri Jan 14, 2011
I doubt that the house really is $100,000 over priced, otherwise it would not be on the market. There are alternatives to Zillow that could give you a better estimate on pricing. One of which is to use an agent to do a Comparative Market Analysis using sqft, style, and staging of currently active properties to help determine value.
0 votes
Doug Atkins, , Winter Springs, FL
Wed Dec 15, 2010
More than likely the seller's are upside down on the home. I suggest you find a Realtor to represent you and have them confirm this with the listing agent. If they are upside down than they have a legitimate concern that if they do a short sale than they will not be able to purchase another home for several years. I would suggest they look into the HAFA program. If you / they drill into this program it may give them the comfort they need to sell this home at today's fair market value while protecting their ability to repurchase another home. It will take a little additional work on everyone's part but it will be well worth it.
0 votes
, ,
Wed Dec 15, 2010
Don't be afraid to make an offer. All they can do is say no. The fact that you are a cash buyer puts you at an advantage. If they are set on the price they will counter and you may be surprised.

You never really know the circumstances of a Seller so don't assume you do... Go for it.

Jan Hall
Onsted MI.
0 votes
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