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| Our Target House |
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134 Harbor Place |
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10 years old |
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Asking price = $155,000 |
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After examining the list of homes recently sold in the neighbothood and walking by each house, the Buyer decides to offer $150,000.
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| Because: |
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- The homes that sold for over $150,000 in this neighborhood, both had much bigger lots than our target home at 134 Harbor Pl.
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Our Buyer also decides to ask the Seller to pay Mortgage Loan Costs and Other Closing costs.
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| Why ? |
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- The real estate agent has explained that Sellers traditionally pay the Buyer's mortgage loan costs
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- Fees and "other" closing costs are estimated at under $1,000. It can't hurt to ask the Seller to pay.
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Finally, our Buyer considers asking the Seller to repair the rear fence and decides against it. |
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| Buyer can live with the fence as is and wants to be fair. |
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The Bottom Line: Our Buyer is asking for a $9,500 price reduction. |
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Seller's Asking Price |
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$155,000 |
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Offering Price |
$150,000 |
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Seller pays mortgage loan costs |
- 3,500 |
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Seller pays other closing costs |
- 1,000 |
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Buyer's Net Offer |
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$145,500 |
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| This offer might seem low, but it is based on analysis which can be explained to the Seller. |
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If other Buyers are making offers, this Buyer might consider making a more attractive offer. |
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Homes recently sold in the same neighborhood |
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Address |
Bedrooms |
Baths |
Square Ft. |
Garage |
List Price |
Sold Price |
DATE |
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134 Harbor Pl |
4 |
2 |
1904 |
Y |
$155,000 |
N/A |
N/A |
1 |
123 Harbor Pl |
4 |
2 |
1770 |
N |
$148,250 |
$145,000 |
3/18/01 |
2 |
128 Harbor Pl |
4 |
2 |
1996 |
Y |
$153,900 |
$152,000 |
6/15/01 |
3 |
44 Baltic |
4 |
2 1/2 |
1812 |
N |
$150,000 |
$149,950 |
12/5/00 |
4 |
12 Sea View |
4 |
2 |
1772 |
N |
$144,000 |
$142,250 |
8/02/01 |
5 |
22 Sea View |
4 |
2 |
1710 |
N |
$153,000 |
$152,000 |
11/1/01 |
Range of Sold Prices: $142,750 --- $152,000 |
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The next step is to drive or walk by each of the homes on the list. If "your" home is larger or in better condition than most, you can justify paying a higher price, but if it's smaller than average you might start with a lower offer. |
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