making offer on absurdly overpriced home

C-959 · Joined: 24 Feb 2008 Posts: 5

I am looking for something fairly rare in my area - a 3-4 bd house on at least 1 acre.
A few months ago, I called the owner of a 4bd FSBO home on 2+ acres, and learned they wanted $325K - way out of my price range. This week I found this same house just listed with a realtor for $280K.

After looking at this home's property tax records, and the few similar homes for sale or sold in the greater area, I calculated the house is worth roughly $200-$230K - more in my price range.
Since this is exactly what I'm looking for, and homes like this are so rare, I want to go look at the house next week despite the absurd asking price.
If its what I expect, I would like to make an offer.

Any advice on making an offer on an overpriced home before I meet with the realtor next week?

Jason Hall · Joined: 07 May 2008 Posts: 10

C-959 did you go and take a look at the property?

C-959 · Joined: 24 Feb 2008 Posts: 5

Yes, and the house was nicer than I thought (but still not $280K nice).
I offered $230K, and got turned down without a counter offer.
Since then, they have dropped the asking price $10K.
Once they drop the asking price again, I may offer $240-245K, and go from there.
The house has been for sale since at least February, maybe longer. Also, the house has not been appraised.

A few people have been telling me I really need my own buyers agent to represent me. I see no reason why I can't just directly deal with the sellers agent. Am I wrong?