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#3151591 - 02/04/13 04:33 PM Make an offer
16 Point

Registered: 12/05/06
Posts: 14137
Loc: Morgan Co

Me and my wife are looking to buy our first home,we found one we like that sits on 7 acres for 129K,what is a good offer to start at without offending any one or shooting our ownself's in the foot?
The beauty of the second amendment is that it will not be needed until they try to take it." -Thomas Jefferson

Ban Liberals!!! Save America!!!!

#3151597 - 02/04/13 04:38 PM Re: Make an offer [Re: cecil30-30]
14 Point

Registered: 06/20/11
Posts: 7886
Loc: Grundy county

happy Online
If it was mine I and I wanted to sell it bad enough in obamas economy I would take 100k.
Team Run 'N Gunners

#3151601 - 02/04/13 04:40 PM Re: Make an offer [Re: timberjack86]
8 Point

Registered: 09/25/07
Posts: 2001
Loc: Jackson, TN

I wouldnt offer 30K less to someone still though in this economy. I would go in at 116.
A country boy can survive.

A bad day fishing is better than a good day of work.

Roll Tide

#3151615 - 02/04/13 04:48 PM Re: Make an offer [Re: Kevin]
14 Point

Registered: 11/06/09
Posts: 9512
Loc: Memphis

What's it worth to you? How's the area? Will it sell otherwise? Is the place a dump? How much do YOU think would be just an insult?

If it needs work, make your offer contingent on repairs and give more money. Without knowing the property specifics, folks will have a hard time trying offer any accurate pricing advice.
Everything important in life was learned from Mary Jo Kopechne.

#3151632 - 02/04/13 04:56 PM Re: Make an offer [Re: TAFKAP]
16 Point

Registered: 12/05/06
Posts: 14137
Loc: Morgan Co

My bad,I was thinking of another house,this one has a asking price of $112K..It will need some updateing..The carpet is UGLY!

Edited by cecil30-30 (02/04/13 04:56 PM)
The beauty of the second amendment is that it will not be needed until they try to take it." -Thomas Jefferson

Ban Liberals!!! Save America!!!!

#3151636 - 02/04/13 04:57 PM Re: Make an offer [Re: TAFKAP]
16 Point

Registered: 02/06/06
Posts: 10503
Loc: Middle TN

What TAFKAP said.

You can also look on the internet and see what it's appraised for tax-wise. That link is and it'a as simple as putting in an address, owner's name, plat number, whatever is available.
Rules are for people who lose fights.

#3151646 - 02/04/13 05:07 PM Re: Make an offer [Re: BMan]
10 Point

Registered: 08/22/06
Posts: 2657
Loc: Bartlett, TN

The time on the market is probably the best indicator. You should be able to look that up. If something has been for sale for a short period of time, it's riskier to "play games" trying to low ball someone.

A friend of mine did that last year on a house that was in relatively high demand and lost it. Probably for the best, but it happened.
I'm hungry and tired. Don't poke my belly.

#3151648 - 02/04/13 05:08 PM Re: Make an offer [Re: BMan]
10 Point

Registered: 08/09/08
Posts: 3145
Loc: SouthWest TN

Not that it helps, but my real-estate friends tell me most homes sell for 92-95% of the asking price, as long as the price is in line with whats reasonable for the comps in the area.
#3151669 - 02/04/13 05:19 PM Re: Make an offer [Re: BlackBelt]
12 Point

Registered: 11/30/00
Posts: 7218
Loc: Murfreesboro, TN

The tax appraisal doesn't have much to do with the market value. Most of the time, the square footage isn't even correct. That reported prior sale price would and probably does have some seller paid closing costs in there, which brings down the actual sale price.

Save yourself some time and hire an agent that will work for you. They can supply comps and other knowledge that the general public never thinks about. If it's listed with another agent, they can figure out a way to split the commission between them.

#3151680 - 02/04/13 05:32 PM Re: Make an offer [Re: Hangnail]
16 Point

Registered: 08/10/06
Posts: 10898
Loc: Knox

content Online
Hangnail gave the best advice, Hire an agent if your not used to doing this, there is ALOT more to it( or can be) than meets the eye.
Whatever the commission is ( 3-6%) will seem like ALOT,BUT that can be saved in them seeing a roof may need replaced or other things you may not see.
As a rule of thumb, even in in the Knoxville market now, if the house is priced in line most agents will not advise an offer less than 10% no more than 15% if you really like the house. Saying all that, there are ALOT of intangibles to consider and without knowing location, area, market it is hard to give a pinpoint answer.

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