UPDATED:What would you offer on $82,000 house?

[shadyblue42]

We are looking at a 1800 sq ft 4 bedroom, 2 bathroom home. It has 2 garages, finished basement, remodeled kitchen and comes with all the kitchen appliances including a newer fridge. Roof was replaced in 2009 and furnace and a/c were inspected this year. Property assessment values it at $80,000 and they are asking $82,000. What would you offer? I want a good deal but don't want to insult the sellers. Is $78,000 too low?

UPDATE: we agreed on a price of $80,500 with seller paid closing costs. I'm so freaking excited! Merry Christmas to me!!!!

[LoveTrains]

I can't even comprehend that there is a house that sounds this nice for so low a price.

[UnderProtest]

I would say $75,000, but my husband is one that was told by his (horrible) real estate agent that his offer was insulting. But with 75 you have room to negotiate to close to market value and not feel like you are overpaying.

[countthestars]

I don't think $78k is too low. It's only 5% below asking. Be prepared for them to counter.

[shadyblue42]

Dec 19, 2012 11:13:35 GMT -5 LoveTrains said:

I can't even comprehend that there is a house that sounds this nice for so low a price.

Thats why I don't want to make the sellers mad by offering too low!

[rosiedozie]

It depends on the comps for the area - there's no magic formula.

[Deleted]

Property assesment value for taxes is not an accurate indicator of the home's value or recent comps. My H said a good rule of thumb is to start at 8% below asking.

[shadyblue42]

I'm prepared to pay asking price if it comes to that. It's a rare find for that price. The sellers have to relocate for work so maybe that will work to my advantage.

[shadyblue42]

Dec 19, 2012 11:16:25 GMT -5 @gypsy said:

Google your county's tax assessor page and look up what other homes have sold for, and when. I can help you but you'd have to give me info.

I would offer based on what houses like that are going for, how likely someone else is to snag it (how badly I want it), etc.

I wouldn't pay $78k if others are paying $72, you know?

Asking price means absolutely nothing to me. It's about demand/going rate.
Plenty of sellers are delusional (not saying this one is).

I also don't care if I offend.

This is a great idea! It's a smaller community so I don't know how many comps there will be but I will check it out.

To answer another question, our realtor is also the seller's realtor so she didn't want there to be a conflict of interest.

[UnderProtest]

Dec 19, 2012 11:17:47 GMT -5 RockNVoll said:

Don't you have a realtor to guide you on what recent comps went for and what a reasonable offer might be?

You would hope that a realtor would do that, but it's not always the case. When my husband bought our house, his realtor was encouraging him to offer more money despite the comps and the house being vacant for over a year. Come to find out the seller's agent worked in the same office and since their commission was based off of selling price, he didn't have a reason (other than ethics) to encourage my husband to offer based on comps.

[Deleted]

Why is your realtor the seller's realtor? It sounds like she is basically doing nothing for you. You need another realtor, maybe a referral from her.

[Deleted]

Dec 19, 2012 11:26:50 GMT -5 @missy1 said:

Why is your realtor the seller's realtor? It sounds like she is basically doing nothing for you. You need another realtor, maybe a referral from her.

Ditto b/c your realtor is supposed to provide you with comps show the average price per sq ft that homes have recently sold for then you can make an offer based on that. Seriously a realtor is free. Get your own realtor!!!

[mollybrown]

What are the comps? No one here can tell you what to offer. If property assessment refers to the tax value, that amount is not the same as an appraisal. Those numbers are always lower than the market value in my city.

If this house is priced well and is a "rare find," maybe you need to make a full price offer. If you offer $78,000 and someone else offers full price and you don't get it, would you kick yourself?

And get yourself a different realtor. I would not expect a realtor that is representing the seller to get me the best deal.

[aspentosh]

Dec 19, 2012 11:16:25 GMT -5 @gypsy said:

Google your county's tax assessor page and look up what other homes have sold for, and when. I can help you but you'd have to give me info.

I would offer based on what houses like that are going for, how likely someone else is to snag it (how badly I want it), etc.

I wouldn't pay $78k if others are paying $72, you know?

Asking price means absolutely nothing to me. It's about demand/going rate.
Plenty of sellers are delusional (not saying this one is).

I also don't care if I offend.

Spot on. I don't really care what the asking price is. I care what the comps are listed at.

[shadyblue42]

Dec 19, 2012 11:12:37 GMT -5 shadyblue42 said:

We are looking at a 1800 sq ft 4 bedroom, 2 bathroom home. It has 2 garages, finished basement, remodeled kitchen and comes with all the kitchen appliances including a newer fridge. Roof was replaced in 2009 and furnace and a/c were inspected this year. Property assessment values it at $80,000 and they are asking $82,000. What would you offer? I want a good deal but don't want to insult the sellers. Is $78,000 too low?

ETA: no recently sold comps for this specific area but comps for nearest town are $100,000+

[aspentosh]

Doesn't really matter about nearest town. Comps are only relevant for immediate neighborhoods with comparable stats- sq ft, bedrooms, bathrooms, acreage, model, school district etc.

[niki]

Our realtor was also the seller's realtor, and I will always wonder if I got the best deal out that situation.

[Deleted]

Dec 19, 2012 11:35:22 GMT -5 @gypsy said:

Dec 19, 2012 11:18:59 GMT -5 @missy1 said:

Property assesment value for taxes is not an accurate indicator of the home's value or recent comps. My H said a good rule of thumb is to start at 8% below asking.

No one's talking assessment values. I suggested taking a look at price paid. (Which you can see on the tax assessor site in nearly every county)

Yes, I agree with your advice but I think the OP mentioned the assessment at 80,000. I assumed that was for property taxes.

[shadyblue42]

Dec 19, 2012 11:29:41 GMT -5 mollybrown said:

What are the comps? No one here can tell you what to offer. If property assessment refers to the tax value, that amount is not the same as an appraisal. Those numbers are always lower than the market value in my city.

If this house is priced well and is a "rare find," maybe you need to make a full price offer. If you offer $78,000 and someone else offers full price and you don't get it, would you kick yourself?

And get yourself a different realtor. I would not expect a realtor that is representing the seller to get me the best deal.

It is the tax value that is $80,000 which I do know is usually lower than appraisal value. Our realtor showed the property because it falls into what we are looking for and she also happens to be the selling agent. I am aware that this also sounds far too convenient.

I really love the house and I would probably be upset if someone else got it instead of me but it wouldn't be the end of the world.

I may ask the realtor for a referral for another realtor just so I can get unbiased guidance. Thanks for the help! I'm new to the process of buying a house and I appreciate all of the advice.

[LoveTrains]

Dec 19, 2012 11:18:59 GMT -5 @missy1 said:

Property assesment value for taxes is not an accurate indicator of the home's value or recent comps. My H said a good rule of thumb is to start at 8% below asking.

Not true, it depends on your location. In the city that my condo is in, the properties are re-assessed yearly for taxes and the tax value is pretty much the market rate.

[shadyblue42]

Dec 19, 2012 11:35:22 GMT -5 @gypsy said:

Dec 19, 2012 11:18:59 GMT -5 @missy1 said:

Property assesment value for taxes is not an accurate indicator of the home's value or recent comps. My H said a good rule of thumb is to start at 8% below asking.

No one's talking assessment values. I suggested taking a look at price paid. (Which you can see on the tax assessor site in nearly every county)

I just checked the tax assessor site on the house and the sellers actually paid $76,500 15 months ago. From what I know they have not done anything to the house. Kitchen was remodeled already when they bought it.

[shadyblue42]

Dec 19, 2012 11:34:35 GMT -5 jjwritergirl said:

I don't know what to offer, but what general area is this? My mind is blown and I am green with envy. lol.

Small town Nebraska

[crystald528]

Small Town Nebraska lurker here -

I would check comps and work with your agent. We are currently close to closing a deal for a house that the original asking was 89.9 and have worked down to 72. I was worried about starting too low but my husband convinced me to start really low after reviewing the comps from our agent. It's a 2800 sq ft, 3 br, 3 bath in very lcol small town.

[shadyblue42]

Dec 19, 2012 12:40:22 GMT -5 crystald528 said:

Small Town Nebraska lurker here -

I would check comps and work with your agent. We are currently close to closing a deal for a house that the original asking was 89.9 and have worked down to 72. I was worried about starting too low but my husband convinced me to start really low after reviewing the comps from our agent. It's a 2800 sq ft, 3 br, 3 bath in very lcol small town.

Thanks for the advice! You got an awesome deal! Congrats!

[pitterwoo]

Dec 19, 2012 12:56:23 GMT -5 jjwritergirl said:

Dec 19, 2012 11:45:09 GMT -5 shadyblue42 said:

Small town Nebraska

That makes sense. I wouldn't really enjoy living there, so I guess you get what you pay for. lol.

I really dislike these comments. Someone has to say it every time, "oh your house is so cheap because where you live is totally lame."

[countthestars]

Dec 19, 2012 13:04:22 GMT -5 pitterwoo said:

Dec 19, 2012 12:56:23 GMT -5 jjwritergirl said:

That makes sense. I wouldn't really enjoy living there, so I guess you get what you pay for. lol.

I really dislike these comments. Someone has to say it every time, "oh your house is so cheap because where you live is totally lame."

Yeah, that was pretty dick jjwriter

[dexteroni]

Dec 19, 2012 12:56:23 GMT -5 jjwritergirl said:

Dec 19, 2012 11:45:09 GMT -5 shadyblue42 said:

Small town Nebraska

That makes sense. I wouldn't really enjoy living there, so I guess you get what you pay for. lol.

What a shitty thing to say.

[sicilygirl]

Dec 19, 2012 12:56:23 GMT -5 jjwritergirl said:

Dec 19, 2012 11:45:09 GMT -5 shadyblue42 said:

Small town Nebraska

That makes sense. I wouldn't really enjoy living there, so I guess you get what you pay for. lol.

What exactly were you expecting? That this house was magically in NYC or LA or some other city that you would "enjoy" living in?

[Deleted]

that's a prime example of saying something bitchy just to feel better about yourself

[dexteroni]

Dec 19, 2012 13:44:48 GMT -5 @missy1 said:

that's a prime example of saying something bitchy just to feel better about yourself

:Y: