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Updated over 5 years ago,
RE agent suggests a much higher number, why?
I'm not sure if this is the correct forum for this but hope someone can help redirect me or offer advice.
I wanted to put a bid on a house that is listed at $225,000. I of course want to pay the least amount so I jokingly said I wanted to bid $177,000 but then said I was thinking $186,500. My RE agent suggested $215,000 should be the lowest because it had been under contract but that fell through (because of buyer issues) and it was appraised for about that amount but they weren't the buyers' agent so cannot give me the exact amount it appraised for. My question is why does that matter? This is the amount I want to pay so why can't I put that bid in? I'm also repeatedly reminded that properties are selling fast, 0-22 days yet this one almost 2 months since relisting.
The comps: 2 were $100 less & nicely updated, one clay roof. The third had a screened in pool and decent upgrades for almost $10,000 more.
All properties are around 30 years old.
The property in question: has no upgrades but is backed by a little pond and acreage is 1306 less than two and 12,196 less than one with clay roof. Recently re-roofed (had to, obvious signs of water damage on ceiling) and not high quality, there is literally a nail trapped under a shingle. The outside was recently painted but not done well as the rot in the siding was not corrected first. The rework on the chimney looks terrible and the landscaping needs a lot of work. Inside, definitely new stove since one burner is out and is old like all the other appliances. At least one outlet has the burnt mark above it and so does one smoke detector (can smoke detectors smoke, they are electrical so I suppose but has anyone ever seen this?); old carpet and just plain dirty throughout. Oh, they do say gas fireplace but I see no signs of it and neither does the REA. If I am remembering correctly the AC is under 10 years. My newbie repair / renovation calculation is roughly $50,000. Now I understand that if all works as it should (sans range) then really the house is livable as is after some cleaning, painting (if you like that sort of thing) but considering the comps and the condition, is this really a good deal for $215,000? It is a desired location but I just don't see $215,000.
Frankly, after reading what I wrote I wonder why I want it. So, what do you all think? Thank you in advance for any advice.