How much should I offer on a house selling for $131,000 that is within reason?

I’m about to purchase a house today and I don’t know how low is to low help me out!
The house was assessed at 131,500 and the only thing that it needs is a newer roof which was done in ’96

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This entry was posted on Monday, March 8th, 2010 at 2:53 pm and is filed under Sell My House. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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5 Responses to “How much should I offer on a house selling for $131,000 that is within reason?”

  1. David Z Says:
    March 8th, 2010 at 2:53 pm

    $120,000 and be willing to go to $124,000.

    do not chase this price. Walk away if needed and let seller call you back.

  2. sarge927 Says:
    March 8th, 2010 at 2:53 pm

    It really depends on the market in your area and how desperate the seller is to sell the house. You can always low-ball them by offering $110,000 or $115,000 and see what happens. They may refuse the offer or they may counter-offer. I wouldn’t give an opening offer any higher than $120,000.

  3. Seth Says:
    March 8th, 2010 at 2:53 pm

    Unfortunately today the tax assessed value does not reflect the actual value of the home. A home appaisal is going to be based off recent (within last 3 months) comparable sales within a 2 mile radius of the property (depending on population density can be smaller). My recommendation is visiting a local realtors website that allows you to search sold listings in the last 3 months and see for your self what has actually sold and what the price range is. Make sure it is similar in sq ft and amenities and within a reasonable distance before you make your determination. If you are using a realtor they should be able to easily do a market analysis and find this information out for you. If you are working solo then do your diligence. Also it really depends on how badly you want the home if you can live without getting the home, depending on where you live you can put in an offer of 10% or more off the top and even ask them to pay your closing costs so you don’t have to. Good luck.

  4. ask a question, get an answer Says:
    March 8th, 2010 at 2:53 pm

    What have similar houses in the neighborhood sold for? How long has it been on the market and how much as the price come down since then?

    Need to include more details than this.

    Without knowing more, I’d say between $125k-130k.

  5. SaraW2008 Says:
    March 8th, 2010 at 2:53 pm

    I bet you will offer 125 and then settle w 129.

    Is it for you or your family.. I bet your wife is happy!

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