Found a house for $139,000 How much do you think I can get it for?

Question

The seller is not living there. It has been on the market for about a year. I found out they bought it in 2001 for $119,000.

What do you think??

Answer 1

126k

Answer 2

It looks like the bank owns it and foreclosured. Its depends on the market value of the area where the house is located. Assuming that the market value is $119,000. I would offer $115K or lower due to the weak economy.  

Answer 3

First: Be careful. How much is it worth? Have a Realtor do a CMA (competitive market analysis) to determine its value in today's market.

(Don't use the agent who's listed the house. Find your own.)

So, in no case offer more than the house is worth. So, if it's worth less than about $120,000, forget it and move on.

Second, your Realtor may give you some additional tips or strategies.

Without knowing anything more than you've provided, if the house has been on the market for a year, it's overpriced at $139,000. Anything will sell for a price. This one isn't selling; it's overpriced.

Good for you for having researched the purchase price. Your Realtor can confirm that price. (Even tax records aren't 100% correct. The house might have been bought for $119,000 with $4,000 in seller concessions. So the "real" purchase price could have been, say, $115,000. But the tax records would show a purchase price of $119,000.)

It wouldn't hurt to make an offer at $126,000, as another comment suggests. (I'm assuming that's purchase price plus real estate agent commission...essentially a break-even for the sellers.) That's assuming the CMA comes back above $126,000. If it turns out that there were seller concessions and it was bought for less, and/or if the seller is using a discount broker, certainly offer less.

That's answering the question of what to offer. How much you can actually get it for depends on the seller's motivation.

Hope that helps.

Answer 4

What do the comps say it is worth? Never mind what they paid or they are asking.