What price should I start the bid at for a $219,900 house?

Question

There's another (same style 1978 colonial) house across the street that's just as nice but larger for the same price! But the house that I'm bidding for has a unfinished half basement, needs new kitchen cabinets, and I want new wooden doors on all of the closets. They presently have tin like apartment closet doors. Everything else is very nice and clean. The owners newly built house will be completed and ready to be moved into at the end of September so I'm sure they would want to get it sold as soon as possible! It's been on the market for almost 5 months. I'm in Northeast Ohio and it's a great street with well manicured properties. I wouldn't mind buying it for below $187,000.

Answer 1

So you think you can get this one cheaper because the one across the street is larger - ok sounds reasonable - what does your realtor say the market value is?  have they had any bids? have you checked with a mortgage person?  your price sounds reasonable from the information you provided but you need to do a little homework.  What is the tax value?  how much have similar homes sold for in that area?  Good luck in your new home.

Answer 2

Its been on the market 5 months, and you'd like it at 187K or below.  Then I'd start at 175-180, or so, with the idea you can go up to 187 if you want.  If they ignore you or only come down a bit, who cares move on to something else.  If they drop the price a fair amount maybe you can negotiate to the price you want - if not, again just move on.  There are to many houses out there to be paying more than you want right now and someone will lower their price to what you want if you keep trying.

Answer 3

Do like the appraisers do, take the house $219,000 and start subtracting..... $5,000 for the basement $500 for the doors... $1,500 for the cabinets.

Well they don't do that EXACTLY they take the comparisons that sold, and subtract or add for stuff to that house... But you get my drift, and then like someone said, HOW MUCH DO YOU WANT THE HOUSE???

If their house is SUPPOSED to be ready to move into by late September I bet it's REALLY ready closer to first of November... huh? ;)

Answer 4

The question is - How much do you want this house? You must consider what it will take to get the owners to sell that house to you. You should get in there with a house inspector and determine on what basis you would make an offer. If you walk in there with a price of $187,000 or less, I promise you that this will not be a house that you will own. The folk there are NOT trying to give away that home but are trying to sell it. If you show total disrespect by walking into their 'space' with a 'cheap offer,' the owners just won't sell it to you. After all, it's their prerogative as to whom they wish to sell their property. Come to them with a respectable offer AFTER you have suitably had it 'home inspected.' Then you will have gained a better rapport. I doubt though that they will go below $200,000. I wish you well. Peace!!!