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How low is too low

So we our aiming for our second choice in home. Our first one had an offer come in above asking and we weren’t willing to do that.

The second home is beautiful but has a fixed foundation. We got the engineering report and it was a $40k fix. With this fix there is a bit of cosmetic damage. The basement flooring needs to be replaced. The back deck needs to be yanked, the ground below leveled, and a new deck put back in. The basement door needs to possibly be pulled and a new one put in. Not sure if these things were messed up before the home was fixed or after. The fencing also needs to be replaced from the second level to the backyard (10 ft drop with no railing or fence to keep someone from going over).

So in 2021 they asked for $424k (after fix). Someone tried to buy it and got cold feet. Our realtor knows them and said it was because they found a better home in the same neighborhood that never had foundation issues. The seller pulled it then. A year and a half later they list for $515k. They didn’t do anything to the home in that time. This is NOT a hot market, houses in a high price range will sit for a year sometimes. Above $400 is considered high in this area.

We made a 7 year commitment to the town (so we plan to at least stay that long). Would offering $470k be too much of a low ball?

submitted by /u/lochnessrunner
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source https://www.reddit.com/r/RealEstate/comments/wur1xk/how_low_is_too_low/
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