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I currently own a house and want to get a bigger one. I found a forclosure and it's 115k..what is a reasonable asking price?

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Mumjen2

Asked by Mumjen2 at 8:44 PM on Jul. 8, 2008 in Home & Garden

Level 1 (0 Credits)
Answers (9)
  • The only qualified person to answer that would be a real estate appraiser.. A Licensed appraiser that is. OR you could ask a real estate agent what the houses in that neighborhood are going for.
    vbruno

    Answer by vbruno at 9:02 PM on Jul. 8, 2008

  • Definately make sure they pay closing costs and have it "upon contingency on apprasial".. Just give them 110 offer...
    mrsfarris

    Answer by mrsfarris at 9:27 PM on Jul. 8, 2008

  • Start by getting all of the information that you will need to make an educated offer...that means get the "comps". These are the houses in the area that are comparable to the home that you are interested in. When you get this info you will know what a good starting price should be. Don't just look at list price...take a great interest in selling price. Keep in mind that you can always come up, but you cannot go down. Start at a low, but reasonable offer. good luck...you are buying at an awesome time!!!!
    MommasCooCoo

    Answer by MommasCooCoo at 10:37 PM on Jul. 8, 2008

  • Listen go with 80% of what they ask, and then haggle from there!
    You just never know!
    Geneie

    Answer by Geneie at 11:30 PM on Jul. 8, 2008

  • Thanks!
    Mumjen2

    Answer by Mumjen2 at 11:48 AM on Jul. 9, 2008

  • I've been told that with forclosures there isn't much room to bargain. The price is pretty much the price, but it doesn't hurt to ask when you put in a bid. I also know that the banks are slow to respond to bids. I had two separate friends have this problem. They both ended up going with other houses.
    Teachermom01

    Answer by Teachermom01 at 3:53 PM on Jul. 9, 2008

  • We bought a foreclosure house. Our first bid was REALLY low. Then they came back only lowering their price by $5k. So we came back offering $5k less than that, AND asking them to pay $10k in closing costs. We got the house! And it was a steal compared to other homes in the area.
    Violin_Mom

    Answer by Violin_Mom at 1:32 PM on Jul. 16, 2008

  • Go to Zillow.com and enter the address. It is not an accurate comparable value, but pretty close., then offer 20% less than that and go from there.
    BingDee

    Answer by BingDee at 1:53 AM on Sep. 2, 2008

  • Wow, what a loaded question! It all depends on the market you are in! Is $115,000 cheap in your area or expensive? That's a REALLY cheap house in my market. It would probably sell for asking price or above!


    I love the arbitrary 80% answers! What if the house is worth $180,000 and there are other interested buyers?? It all depends on the situation. That is why people need representation - get a buyer's agent!


    Need real estate help? Check out this group: http://cafemom.com/group/realestatetips
    Buying or selling? Check out this group:
    http://cafemom.com/group/realestatemarketplace

    kn2418

    Answer by kn2418 at 1:50 PM on Nov. 19, 2008

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