House price negociation

Use a real estate site and find out what comparable homes have sold for. Use that as a baseline.

Is there anything wrong with it that you can point out? When was it constructed? Is is or was it up to code? What it the neighborhood like? If the seller expect a negotiation you can possibly drop around 15% for your first bid, but back it up with a list of faults in the property. The building might be a lemon, The foundation may be cracked or there may be mold. If the seller wants to sell at any price there may be a reason for this. Hire a building inspector if you are not in the trade yourself.

>>17988496
There isn't anything local that gives the prices the houses were sold for, but having visited a lot recently I'd say it's well worth its price in the 160-170k range.

>>17988522
>Is there anything wrong with it that you can point out?
I could be nitpicky (parking space a bit lacking, some rooms layout not as I'd like ideally, maybe a bit of work to do on ventilation or the waterproofing the walls in the basement), but nothing important.

>When was it constructed?
1907

>Is is or was it up to code?
Yes, everything was just renovated for the sale (new roofs, new wall isolations, new facade, new electricity, ...) and has been inspected by law for both electricity and power requirements (evaluates needs and isolation). Maybe lacking ventilation for the very latest standards.

>What it the neighborhood like?
Seems to be quite nice. It's not one with a very good reputation overall, but it's the area I want to live with anyway.

>you can possibly drop around 15% for your first bid
Wouldn't I be of high risk that someone else would buy it first then? It seems a really good offer, and I've seen houses go in a few days.

>>17988481
>How long has it been on the market?
>What are similar houses going for in that market?
>Are you/he using a real estate broker?
>Is the seller motivated to sell (e.g. they have already purchased another house?)
>Do you normally get houses inspected where you are?

>>17988650
>How long has it been on the market?
10 days
>What are similar houses going for in that market?
As I said in previous post, I don't really know, but it seems that it's in that price range. I've seen much worse houses that were advertised for even more that are sold.
>Are you/he using a real estate broker?
No, he's a private investor who renovated and is selling himself.
>Is the seller motivated to sell (e.g. they have already purchased another house?)
He never lived in it, bought it 8 months ago, renewed it and is selling for profit. So he isn't in a hurry, but wants to sell new that work is over.
>Do you normally get houses inspected where you are?
Inspected by whom?
By law the electricity must be inspected, and an energy evaluation needs to be done (both were good). I also went there twice with knowledgeable friends who gave the green light.

>>17988781
If I were the seller, having it on the market for just 10 days would not be a motivation to negotiate a price. But since he broached the subject, make him an offer for a little less. Just add in some expense (you want different paint, carpet, legal fees) to justify the reduced price. If he doesn't bite go full price since it sounds like market value