Posted by Jim IL on February 28, 1999 at 17:26:39:
I recently dealt with a property that had many of the same things as yours does. I lost mine to another offer that went in the same day, but I learned from it.( a day late and $1k short, oops.)
Anyway, mine also had a FMV that was hard to figure. The recent sales in the area ranged from $100k to $200k, all homes with approx. the same square footage and layout, just different architectural designs.
I decided to not get an appraisal,(why spend money when I didn’t need to, besides appraisals are usually biased, in my opinion) but I did get permission to have the home “inspected” prior to making my offer.
Anyway, during these 3 days, I had 3 different RE agents do FREE market analysis, and this is what I used to help me determine the FMV coupled with the recent sales in the area.(maybe that extra time killed me, not sure, next time I’ll do this all in one day, at different times of the day).
All 3 Market analysis came back within 2k of each other. The gave me an as-is price of $110k. (I offered $90k and it went for $91k., again, I should have made my offer right away, and included the “weasel clauses” in the contract, in case my market analysis came back not in my favor.)
The part that killed me was the fact that this was a home that was owned by the 2 surviving heirs of a deceased man, and I was told it would take 2 days to get both parties to approve the offer. It only took them a few hours that same day to accept the other offer.
Perhaps you can try this approach. The agents in the area are usually pretty familiar with the market and can help you.
Good luck, and get an offer in quick. Also, make sure that you speak with both the husband and wife.
Make nice, and perhaps they will too.
And if it won’t go your way, move on. There are others out there, we all just have to find them.