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Realtors or Those Who Have Recently Purchased a Home
Posted on 9/19/14 at 8:22 pm
Posted on 9/19/14 at 8:22 pm
Say a house has a listed price of $209,000. Also suppose the listed price is "reduced by $xx,000 from appraised value" because it needs serious updating (carpet, paint, etc.).
What kind of wiggle room would you expect to be in the listed price? I'm talking Baton Rouge, not the Dallas burbs where houses sell in a day, often for above asking.
What kind of wiggle room would you expect to be in the listed price? I'm talking Baton Rouge, not the Dallas burbs where houses sell in a day, often for above asking.
4
Posted on 9/19/14 at 8:29 pm to LuckySo-n-So
Go to the clerk of court and find out how much they paid for it, that should give you an idea.
ETA : I've always been able to call them, so you might not have to go there.
ETA : I've always been able to call them, so you might not have to go there.
This post was edited on 9/19/14 at 8:33 pm
Posted on 9/19/14 at 9:16 pm to LuckySo-n-So
1. Appraised value is appraised as it sits. They don't over value assuming repairs will be made.
2. You need to know comparable sales in the area that are similar (age,size, bed/bath) to the property you're looking at. Don't trust Zillow numbers.
2. You need to know comparable sales in the area that are similar (age,size, bed/bath) to the property you're looking at. Don't trust Zillow numbers.
Posted on 9/19/14 at 11:49 pm to LuckySo-n-So
Bump. I'd like some insight on this as well
Posted on 9/20/14 at 8:16 am to rmcelh1
quote:
1. Appraised value is appraised as it sits. They don't over value assuming repairs will be made.
This is the way I understood it. They may say "this is listed xx amount below comps in the area because of updating and deferred maintenance" but the appraised value is based on comps and the condition is taken into consideration already.
Posted on 9/20/14 at 9:20 am to eScott
quote:
Go to the clerk of court and find out how much they paid for it, that should give you an idea.
What they paid for the house has absolutely no bearing on this. What they OWE on the house is what matters. That is more likely to determine their bottom line.
Posted on 9/20/14 at 10:37 am to LuckySo-n-So
A rule of thumb is go for a range of $5000. If you think it should be lower, then go for it. If you really want the house, go $5000 higher.
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