 If a house is selling for $38,000 dollars what does the Assessed Valuation $6000 dollars mean? |
If a house is selling for $38,000 dollars what does the Assessed Valuation $6000 dollars mean?
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Additional Details
yes i am ... |
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Elliott | How much should I offer on a $285k house? |
We found the house of our dreams but want to make sure we're getting a fair deal. In negotiations, the buyer starts low, the seller counter-offers, and so on and so forth until an agreed-upon price is reached by both parties.
My question:
How much should I start the negotiating with for this $285k house?
Additional Details
The house is a FSBO... For Sale By Owner... and he wants to deal with us directly. |
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novastarbanker
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First thing is try to find out what the house is worth in today's market. Once you have established what the True Market Value is, usually 10% below asking price is acceptable to start negotiations, which would give you a bid of $256,500 if the value is $285,000. If you bid lower than that, they may not even counter because your bid was too low. The other thing you have to be aware of is that as soon as you get an accept, you will need to have a licensed inspector do a home inspection on the home to make sure there are no issues that would lower the value of the home. The inspection is your out of pocket expense, but may save you money or headaches in the longrun. It is good to have the home fully examined to make sure the structure is sound, and if there are issues you can use them in negotiations when you are going into contract. Good Luck! |
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lilbitt_637
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Find out how much other homes in that neighborhood sold for. Find a similar house in the area with a lower price. Offer the owner that price and work your way up!
(or have somone call him and ask him the lowest he will go and go in one of your meetings go a few grand under.)
Good Luck! |
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ogrendle
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Talk with your Buyer Agent. They will be your best guide to negotiating. They know what the local market is like. No one here knows your market. Rely on your Buyer Agent. |
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bmwdriver11
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Take a look at Zillow.com and get an estimate on it. Then go to your county auditors website and see how much houses around it have been selling for recently (although Zillow gives you that information as well). That will help guide you to a good offer amount, and will give you an independant backup on why you offered that amount. Be sure to not go too low- some sellers are insulted by a lowball bid, and wont negotiate any further. I would suggest trying to start in the 10% range, although doing the research on recent sales in the area will help guide that range- remember- by doing FSBO, the seller is saving somewhere from 4-7% or so already, so he should have some room to move. |
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Box815
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How much is the house worth?
The kind of thing you're talking about doesn't work any longer. The seller knows what the house is worth and prices it accordingly. If it were as simple as you suggest then the seller would just start at $1 billion, you'd counter at $500 million and you'd meet at $750 million. |
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zocko
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you have to find out what houses in the neighborhood sell for. He may be asking for an unrealistic price or maybe right on the mark. Try zillow . com or ask a RE agent. |
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Julie
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If you can get a comparable property comparison that can be very helpful in setting your offer price. These sheets list properties that are on the market or have recently sold in the same area and provides the price per square foot for each house. That way you can determine what a fair price is based on what others are paying in the area.
Generally, I have heard it recommended that a 5-10% discount is best for your opening offer, which would put you at 270,000ish to 256,000ish. |
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godged
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The best way to get a reasonable offering price is to find out what houses similar have SOLD for in the last 6 months. Some sites will give you what the listing price was, not the sold price, and that information is useless.
Another factor is how long has it been on the market. If it has more than 90 DOM, it is probably overpriced.
Is the seller motivated? Some sellers just want to test the waters, especially FSBO, they really don't want to sell, but if they receive a high enough price, they will sell the home.
Has the seller indicated why they only want to deal with you? What if you brought a buyer's agent or an attorney into the deal, is this going to squash it? If so, walk away, there is something wrong.
Although it is difficult without more information, 10% off the asking price is not unreasonable. Make sure you protect yourself with contingencies in case problems arise in the deal, as something doesn't sound right here. |
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sanbox69
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ask your realtor to give you the prices of recent home sales inthe area - that will give you a benchmark to offer by |
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iceman
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Normal first bid is about 10% under asking price.
However, you have to factor in the local market, how fairly priced the home you are looking at is, how many other bids there may be on the house, and how badly you want it.
Some people may only start a 5% under if they think the house is fairly priced. And its not unheard of to go up to 15% under asking if the housing market is dead in the area.
I would go 260k first offer. |
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Chuck P
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Unless you want to risk losing it to a better offer you should offer the asking price. If it's your dream home $285K sounds pretty reasonable. |
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