Advice on making an offer...

[Anonymous]

If it makes either of you feel better...I've read many a post by both of you and you both have more knowledge about this stuff in your little pinky then I dare to have rattling around in my head! 

[Anonymous]

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sarahd wrote:

If it makes either of you feel better...I've read many a post by both of you and you both have more knowledge about this stuff in your little pinky then I dare to have rattling around in my head! 

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Thanks, but I just make it up as I go along ...

I hope someone will actually answer the questions in your post ...

[Anonymous]

Have you looked to see what the prior owners paid for it and then what improvements they made? Then tack on some for inflation depending on how long they owned it. Depending on the situation, you may want to take a look to see if you can determine how much they borrowed on it (deed of trust) and use a calculator to "guess" on how much they owe on it and then work backwards to determine what you think the minimum they may take. Also if you know of any similar size homes in the same neighborhood be good to look those up at the courthouse. Tax values here in W.V. are a crap shoot. you are taxed on 60 percent of your homes "value". The value is randomly determined by a county tax assessor who, to my knowledge, never enters the home and thus, the inside condition and such things as a 50.000 dollar kitchen are never included. (However, you are "supposed" to include those on your county tax return so they can raise your taxes ;-) ) good luck -j

Message Edited by hokiehigh on 02-21-2008 03:35 PM

[courtney091082]

Haha I live in Amarillo TX you would be surprised what houses cost in this area...on our news a few days ago it said the avg 4 br home is 180k, in Ft. Worth it would be 140k.  Prices on homes near here have gone up tremendously in the last few yrs.

[Anonymous]

How can I find out what the owners paid for it?  Is that something my realtor can find out, or can I do it on my own?  I have no idea how to get any type of info like that.  That's another reason I love all of you so much! 

Thanks for the help!

[Anonymous]

In some states/counties you can look this up online in seconds.  Look on the website for your state or county and look for the real property records.  There may be a database that shows who the owner is, when they bought, and what they paid.  The taxable assessment amount will be there too.  This is considered public information.

[Anonymous]

Some ideas (I would ignore tax value personally):

The longer the home has been on the market (3+ mos) the less firm on price the sellers will be...

Maybe your realtor can find out why they are selling, more desperate means more negotiating room...

Ask your realtor what a comparable property (in good condition) would sell for (or get a CMA for the area).  Put a rough estimate on the repairs your are going to make (estimate high and include your blood, sweat and tears, not just materials).  Using those numbers you can get an idea of what the home will be worth when you finish fixing it up and what it will take to get it there.

Ex. Comparables are $70k, repairs are $15k, maybe offer $55k to make up the difference.

Finding online information about previous sales will be tough in your location, usually the larger municipalities offer those services, but they are public information and if you want to look hard enough you can probably find out (maybe realtor can ask?).  Knowing is a powerful negotiating tool.

Obviously an offer lower than the asking price may get rejected so you are playing a game.  Be prepared for them to say no or counter offer.

If you are in a really powerful situation, offer less than your 'number' and see what they say...

[MidnightVoice]

BTW - Sarah:

DW and I have to go to San Antonio next month 

[Anonymous]

You want a CMA from the realtor - which will show aht recent homes have sold for  (look closest at the last 30, then 60, then 90 days).  What price is the Realtor suggesting?  if you BUYER AGENT - should be able to 'suggest' a price.

[Anonymous]

San Antiono is very nice.  Have you been before?  The riverwalk is so pretty.  It isn't quite like where I'm buying my home...it's WAY better!   Hope you enjoy it!