- Mrs. Honeybee
- 6 years ago
- Wedding: May 2011
OK, so my husband and I have just started looking at houses. We’ve found one that we like, and we’re considering putting in an offer. Here’s the situation:
The house was originally listed at $210k in June 2011. They have lowered the price 6 times since then, and it’s currently at $170k in January 2012. The house is an estate sale, which means that the previous owner is deceased and that the house is being by the heirs. Here’s our reasoning for why they might be willing to accept a lowball offer:
1. The house has been on the market for 7 months now.
2. Because it’s an estate sale, they might want to just sell it and be done with the whole thing so that they can get their money and have the estate settled. Especially if the heirs live out of state. Inheritances are typically treated as “found money” anyway, and it’s not like the house is being sold by someone who’s trying to recoup what they spent on it. Maybe they’ll just be happy to get the house off their hands, get some money from it, and move on with their lives.
3. They’ve lowered the price 6 times in the past. That makes me think they’re pretty motivated to sell.
Here are the reasons I think the house is not worth what they’re trying to sell it for:
1. There’s only a very small amount of living space. Just a living room and eat-in kitchen. No basement, no family room, nothing. If we wanted to add more living space to the house (bringing it up to the standard of the McMansions down the street), we’d have to add an addition onto the house.
2. The kitchen and bathroom need to be updated. (They are VERY ’70s.) Some appliances are very old. (Including the avocado green dishwasher, washer, and dryer!!!)
3. The front porch area is made of bricks, all of which are all rotted and gross.
4. The garage needs drywall.
5. There may be structural issues with the house, and the roof looks old. (If serious structural issues show up in the inspection, we’re walking away.)
6. The house needs new flooring in every room.
We want to offer $145k. That’s approximately 85% of the current asking price. So, please tell me, are we crazy? Do you think this would be insulting? Do you think they might be willing to go for it? The house is assessed for tax purposes at $104,500. I assume the estate had it appraised before putting it on the market, but I don’t know what it was appraised for yet.
Obviously we’ll discuss this with the realtor too, but I just wanted to find out from any bees who’ve purchased before what they think of the situation and if we have a shot. Would love to hear some stories of people who’ve tried to lowball (successfully or unsuccessfully) in the past!!! We’re very, very new at this (just started looking recently), and I’m totally freaked out about this process. Help!