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Old 07-04-2011, 02:06 PM
 
180 posts, read 391,522 times
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There is a condo we are looking at that appears to for sale by the owners who bought in 06 for 300K is is now listed at 160K but the comps in the area are going for 80-90K. Would it be a waste of everyones time to offer them 85K?
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Old 07-04-2011, 02:19 PM
 
1,374 posts, read 2,433,951 times
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You never know if you don't try. It does not cost you anything to write up an offer.
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Old 07-04-2011, 04:32 PM
 
2,180 posts, read 4,535,283 times
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you need to be realistic with your offer otherwise you are wasting every ones time. can you justify 85k?
if you can, you might get it.

there may be upgrades that cause this price to be 160K or that price range between your 85 and 160. comps are really a base line figure
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Old 07-04-2011, 04:39 PM
 
1,374 posts, read 2,433,951 times
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This is not the market of 2005. I would not offer anything more than comp price (plus your estimate of upgrades, example: granite counter top $1500, private in-ground pool $20K...etc). But if you fall in love with this property and can not live without it, go ahead and give them your money.

Last edited by Scott456; 07-04-2011 at 04:57 PM..
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Old 07-04-2011, 07:35 PM
 
412 posts, read 915,623 times
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Quote:
Originally Posted by MSchu View Post
you need to be realistic with your offer otherwise you are wasting every ones time. can you justify 85k?
if you can, you might get it.

there may be upgrades that cause this price to be 160K or that price range between your 85 and 160. comps are really a base line figure
I really don't think any amount of upgrades can justify $160k when the comps were selling in the $80k range unless all the comps were trashed units that needed to be gutted and rebuilt and would otherwise sell for closer to $160k than $80k.
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Old 07-04-2011, 07:52 PM
 
2,724 posts, read 4,762,354 times
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amazing, so many still in denial

reminds me a lot of the Albert Brooks/Julie Hagerty movie "Lost In America"
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Old 07-04-2011, 08:13 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,980,195 times
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It's probably a short sale and they don't have a clue what to set the price at.
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Old 07-04-2011, 08:23 PM
 
2,724 posts, read 4,762,354 times
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Quote:
Originally Posted by airics View Post
It's probably a short sale and they don't have a clue what to set the price at.
I believe the OP indicated that it was a FSBO.

26,26,26... comeonnnnn 26!
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Old 07-04-2011, 11:50 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,980,195 times
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Says appears to be a fsbo. A shortsale would still be in the owners name.
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Old 07-05-2011, 02:45 AM
 
Location: NJ
25 posts, read 43,251 times
Reputation: 16
Quote:
Originally Posted by MSchu View Post
you need to be realistic with your offer otherwise you are wasting every ones time. can you justify 85k?
if you can, you might get it.

there may be upgrades that cause this price to be 160K or that price range between your 85 and 160. comps are really a base line figure
I agree. Don't just look at comparables. Interiors matter and appraisers are often terribly at properly valuing them.
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