Newsflash: Low ball offer on an “earthquake” house – don’t know where to start

We have a very new real estate agent (perhaps never sold a house) so I now turn to the power of reddit to guide me.The house has been on the market for almost 6 months, starting at 395k (price of other houses in the neighborhood). Month one on the market the whole area has a huge earthquake (7.2ish). The house gets tons of damage, engineer inspects and deemed it unlivable until certain work gets done. For the next five months the price drops incrementally now totaling 100k in drop.So now here we are with the house listed for 285k. A contractor quoted us 20k to get it back up to code. We would like to put a low ball offer on the house because: besides the earthquake damage the exterior is pretty run down and the interior needs major cleaning, the house has been listed for a while, other houses in the area are in similar conditions (so there will be a flood of simile houses on the market), and a sex offender lives down the street (no clue if this makes a difference). So what is an edgy, low ball but not insane offer to put on this house. Is 250k crazy (not including the 20k)? We have little guidance – anything is appreciated.TL;DR Due to a natural disaster a once 385k house is now for sale for 285k. Estimated repairs are 20k. Been on the market for 6 months. What is the least we can offer to be taken seriously. Our agent is not helpful in this regard.

Read more at https://www.reddit.com/r/RealEstate/comments/bs96yb/low_ball_offer_on_an_earthquake_house_dont_know/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s