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Updated over 8 years ago, 04/06/2016
buy & hold in hot neighborhood, negotiate with seller?
We are about to buy our first duplex in a hot neighborhood here in Portland. They listed it incredibly low, so though our offer was $50k over asking it was still fair for the market (we had to make an offer to view it). It's a side-by-side from 1976, and in our rushed, uncomfortable walk-through we didn't see any glaring issues. Now that we're getting an inspector to go through it (without tenants this time!), considering the market, if we find something wrong should we negotiate?
1. We offered $50k over
2. We were 2nd and were shocked to get the sale (there are section 8 tenants in there now and with Portland's new renter laws we heard the first buyers balked at logistics of kicking out section 8)
3. We did our $360 offer blind just based on the numbers
4. Comps in the area of other duplexes are $340 to $380
Do you negotiate on wear & tear or outdated things like ancient carpet, no dishwasher, old patio doors? I'm kind of new at this as our own house didn't need anything repaired or replaced.