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Seller is accepting any and all offers

spaceman

spaceman

Lifer
ok so the list price for this house is on par with other houses in the neighborhood, however, there was a hole in the roof which was fixed in 2001, there are still a few interior places that need new sheetrock, the walkway is in need of a total overhaul.
the good thing about the place is its in a great neighborhood almost exactly where we would like to live.
this particular house has been on the market for some time.and the agnet said that the seller(who hasnt lived there in months) is now accepting any and all offers...
i estimate it'll need 15-20k in work to get it up to speed with the rest of the neighborhood.

what % is considered lowballing?
i dont feel this house is worth near its asking price, and apparently others feel the same as it wouldnt be on the market as long as it has been.
is 70% of the asking price lowballing? 75%?

 
Who cares if they are insulted? You offer the price you are willing to pay (what YOU think it's worth to YOU), and they accept the offer they're willing to take (what THEY think it's worth to THEM). Don't lowball just for the sake of lowballing or they certainly won't be willing to counteroffer, but remember that along with $15K of repairs, it's a big hassle to you as well and that's worth some more.
 
Originally posted by: SearchMaster
Who cares if they are insulted? You offer the price you are willing to pay (what YOU think it's worth to YOU), and they accept the offer they're willing to take (what THEY think it's worth to THEM). Don't lowball just for the sake of lowballing or they certainly won't be willing to counteroffer, but remember that along with $15K of repairs, it's a big hassle to you as well and that's worth some more.
Click to expand...

Winnar here.
 
Before making your offer, if you're not confident in your repair estimates, you might want to have a contractor come out and give you a written estimate. It'd suck for you to estimate $15k in repairs only to find that the actual cost is closer to $25k.

 
How much is it listed for? If you think it will take $20k to get it fixed up, then make an offer of $20k less and write in there why you are offering what you are offering. If they don't accept it, hopefully they will couter-offer and maight raise it up a bit. Then you can go from there.
 
Originally posted by: oldsmoboat
The value of the house is what ever the market value is, minus repair costs.
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The value is what somebody is willing to pay and what the seller is willing to accept.
 
Here is my take on things. There is always another house. This is not your dream home and a house with problems is a house that gives you headaches. Since you don't need THIS house, do not overpay for it.

You should make an offer that will get you the house and save you enough to cover the required repairs (to bring it up to local standards as you said) and also cover some vague headache factor. Dealing with contractors, permits, partially finished jobs, etc is always worse than you imagine it will be.

I suggest doing some math:

Market value of house after repairs

minus cost of repairs

minus X


X is the amount of money that you think your time is worth to deal with getting this house up to the neighborhood standard so that you can sell it when the time comes. Another way to look at X is that it is the profit you are making by buying a house and fixing it up. It HAS to be greater than zero or you are over paying.

Good Luck!
 
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