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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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trying to figure out a fair starting bid price
so, we are debating about putting in a bid on a house and I want to try to get this right.
the asking price is almost $100k more than what the current owner paid for it 5 years ago.
the Zillow info in terms of lot size, square footage, bedroom and bathrooms is correct.
it is listed at $17 MORE per square foot than other comps in the area.
I know the kitchen and bathrooms were redone at some point (though not sure how recently) and I don't know to what extent (if the cabinetry was just repainted OR if it's new with this owner etc)
the home is in ORANGE county, not the city or LI.
Zillow has it's value at 55k LESS than the asking price.
We may or may not put an offer on this house, but what I'd like more than anything, is to get a feel for the process of figuring out what is fair.
I don't want to screw anyone, and I don't want to be screwed.
TIA.
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Posted 5/30/08 11:22 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: trying to figure out a fair starting bid price
Fair is subjective in the world or real estate. Fair for you is what you are comfortable spending per month for someone else's "baby".
That said, work with the surrounding area comps and decide from there. I think a general rule for "fair" is offering 10% LESS than asking price and expecting a counter. Especially in this market. Or you could start with the Zillow stat and offer $55k less (assuming that is more than 10% off the asking price).
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| Posted 5/30/08 11:33 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: trying to figure out a fair starting bid price
Posted by ~Colleen~
Or you could start with the Zillow stat and offer $55k less (assuming that is more than 10% off the asking price).
can I just say I would feel kinda bad going that low LOL...I DO think the house is worth more than what they say.
but I think that 10% would be a good starting off point...or maybe 12 haha to see if we work our way up there.
the 10% is still a BIG drop, though not quite 55k.
I think I may vomit. 
thank you!
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| Posted 5/30/08 11:37 AM |
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JessInCA
live laugh love
Member since 8/06 5082 total posts
Name:
Jess
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Re: trying to figure out a fair starting bid price
Is your REA able to find out how long it's been on the market, or if they've had any previous offers that they've turned down? That'll also help you gauge how willing or not they'd be to accept a lower price.
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| Posted 5/30/08 12:09 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: trying to figure out a fair starting bid price
Don't rely on Zillow for your asking.
Get the comps (have you?) from houses as close to yours, that have sold within the last 6 months (anything before doesn't count).
What helped me was seeing photos of those comps from the listing because then you could make a fair comparison.
And its true - there's nothing "fair" in the world of real estate. Offer what you think you are willing to pay.
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| Posted 5/30/08 12:11 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: trying to figure out a fair starting bid price
Screw them...who cares!!! Bid low!!!
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| Posted 5/30/08 12:14 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: trying to figure out a fair starting bid price
Posted by leese
Don't rely on Zillow for your asking.
Get the comps (have you?) from houses as close to yours, that have sold within the last 6 months (anything before doesn't count).
I am more relying on Zillow for the comps from the recent sales, and looking at the pictures...trying to compare the difference between an extra bedroom, 100 more square feet, and a larger lot to a newer kitchen and bathroom...etc
that type of thing
Posted by MrsFlatbread
Screw them...who cares!!! Bid low!!!
 
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| Posted 5/30/08 12:18 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: trying to figure out a fair starting bid price
Posted by Ophelia
Posted by leese
Don't rely on Zillow for your asking.
Get the comps (have you?) from houses as close to yours, that have sold within the last 6 months (anything before doesn't count).
I am more relying on Zillow for the comps from the recent sales, and looking at the pictures...trying to compare the difference between an extra bedroom, 100 more square feet, and a larger lot to a newer kitchen and bathroom...etc
that type of thing
Great - that works. Like I said - looking at the pics really helped me figure out if its worth it.
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| Posted 5/30/08 12:49 PM |
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