What percentage less, is a reasonable offer for a house that has been on the market for 18 months?! Owners

Asked by Jsw3, 12209 Wed Aug 20, 2008

put on the market for $369,000 Current asking price is $299,000.

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Jsw3, Home Buyer, 12209
Wed Aug 20, 2008
Previous owners were transferred in for work and bought for 340,000, 7 months later were transferred again, tried to sell for 369,000. Not sure what they owe the bank. My bigger concern is a vacant house for 18 months, painted over wallpaper in 5+ rooms (in an attempt to sell), etc.
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Adrian Hunti…, Agent, SAN FRANCISCO, CA
Wed Aug 20, 2008
Is the $299,000 price comparable to similar bank owned listings? REO, or banked owned properties are priced about 10-15% below market value. If the home has been on the market 18 months it is priced to high, or has some kind of issue. In my opinion your offer should be a little less then the bank owed comparatable pricing. These banked owned home sales will determine the value of the house you are trying to buy. Email me the property information and I will take a look.

Adrian Huntington Realtor
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