What would be a good offer on a home listed at 145k?

Question

My wife and I are first time home buyers. I don't want to insult the sellers in this market but the home has been on the market for over 380 days and has a tax value of 121k. Its located in a rural area in Southern Virginia.

Answer 1

I  would probably offer $120,000 they can only say no & after a year they might be glad of the offer. The worse that can happen is that you are counter offered.

Answer 2

The first thing you need to do is engage the services of a qualified buyer representative real estate agent, to represent YOUR interests in this deal.  Such an agent can provide for you written evidence of recent and comparable sales so that you can gauge the current market worth of the property.  Ignore the tax value figure.  In many situations, these figures do not represent the market value of the property.

Once you have ascertained what appropriate market value is, only then should you tender your offer.  It's your call as to how much off of market value to offer.

Answer 3

.   If you can pay cash and close in 5 days with only 1 day for inspection, you can offer $100,000.  Do you think that Donald Trump worries about insulting sellers?  I promise you that he doesn't worry.

If you want 30 days to close and 10 days to inspect and you have 12 different ways to cancel the sale, you will pay $142,500.

Once you understand the concept, you can make a lot of money in real estate.

Answer 4

There is nothing wrong with giving the seller a little insult.  Homes are not moving too well.  Depending on how badly they want to sell, they may accept about any reasonable offer.  Usually, in fact almost always, the opening offer is nothing more than a statement to the seller that says,"Hey, I am interested in this property.  Let's see if we can reach a deal."  You sure do not want the seller to accept your first offer.  Think about offering somewhere between 100k and 110k.  After all the house in on the tax roles for only 121k and house have come down a lot since then in some parts of the country. I don't know about rural Virgina.  Is there a lot of land included? 5 acres or more?  Land has not depreciated so much as houses.  

Answer 5

If it is worth it, $125K.