Skip to main content

Looking at a home thats stale on the market, probably over priced, questions about offer

I am going to view a home Thursday that has sat on the market for 105ish days. Its in a rural area, and between the property being odd(5 small tax parcels in a package) and the smaller house vs massive shop(1600 vs 5100) the house is kind of an oddball to try and comp and i feel this also is putting off buyers. Add in other factors like the listing claims and "ADU" but tax paperwork and the county call it a detached garage.

Basically the need for a niche buyer, who wants basically a warehouse, outside of town but still right against the neighbors.

Basics of the house

1.28 acres in 5 parcels(not all equal, house is on .28, shop is on .5, the rest makes up the other 3)

1634 square feet of living area(rambler no basement) with 3 bedroom and 2 bathrooms

576 sq foot "ADU" with kitchen and bathroom but listed by county as garage

816 sq foot detached garage

1200 sq foot concrete back patio with cover over about 350 sq feet of it

5075 sq feet of shop space with power, lifts, 9 bay doors

https://www.zillow.com/homedetails/20391-Oleary-Rd-Mount-Vernon-WA-98274/23350953_zpid/

They priced it at 1,195,000. It was reduced to 1,145,000 a month later. 19 days later it was again reduced to 1,095,000. The latest reduction was to 997,000.

My realtor and i think its probably closer to 875-900. I have approval for enough to buy it at that price, but am not willing to attempt to get in at a million.

In a situation like this, would you make a low ball offer or wait and see what the house does?

submitted by /u/loki_stg
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1mudr7t/looking_at_a_home_thats_stale_on_the_market/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more