OfflineOk Ill make it short as poss:
Seller is asking 919K for house
Zestimate is 745K
Zestimate range 640-780k
House last purchase in 2000 for 478k has gone up 24.4% in value since then=116.3k totals 594.6k (house is worth 745ishK)
Value of house has gone down 1.3% in last 30 days= 9691.00
which would bring the Zestimate cost to 725.5K
He is asking 919K and this home is going to become a short sale.
He owes just about 800k (has 2 mortgages)
Needs 4k termite work
still needs inspections.
What would a reasonable offer be? Im having trouble getting his agent to go below 800k I feel that is too high. They are also using comps from a house that sold a year ago. Any advise would be helpful. Im to hear back from the agent tommarrow.
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Anytime you make an offer, first you need the up-to-date comps from properties that sold within 3-6 months, within 1/2 mile with the same building style, squ footgage, bed & bath. With all the foreclosures and short sales done recently, the prices are going down. Once you have the "true" fmv, calculate all of the costs that will be incurred as well as the profit and that is the offer. The agent is there to write the offer based on what you want, not what they want. good luck
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Thats exactly what I did. They are asking too much. Its about to go to short sale, I may just wait that out and see what happens with it. Thanks. Just wanted to be sure I was on the correct path and I was!!!!