buying a fsbo property -help with figuring out offer
we've found a little fsbo home we really like. it hasn't been for sale for a loong time, but they did drop the price 10% a couple of months ago.
we're not sure what to offer on the house - there are some odd factors.
1. Only this neighborhood houses can be used as comps because it's a unique/odd little area. 9 houses on the left side of the road are on the river. 9 houses on the right side of the road aren't on the river, but have a right of way plus 30' of river front lot and dock. nothing else like them at all in the whole county. so just those 18 houses are comps.
2. We like a house on the right-side, no river house. The riverside houses are much much more expensive (like double the price). So we can only use right side houses as comps I assume.
3. All homes are built in 1986 or later, most in 2000 or later. Most people bought the lot and built their homes. So the courthouse recorts reflect the amt they financed but not the value of the home. Few homes have been sold after built, so there is very limited buy/sell info.
4. The house we like has about the same square footage as all the others (about 1600 sqft) and 2 BA but only **2BR**. We think it may be the only one of the houses that is a 2BR. How can we compare the 2BR value when all the comps are 3BR?
5. Of the houses that have been sold, 2/3 were sold in 2004 or 2005. House values have really dropped since then, so how could those be comps?
5. Of the nine houses on the right side of hte road, 3 are for sale. The other two have both been on the market for around 600 days. One is really overpriced and rented, so that's why it didn't sell. The other is much smaller ith a small yard. The fsbo has not been on the market a long time, not long enough to be feeling the no-sell panic. (Our home just sold after 2 years on the market!)
So I'm wondering, if all the comps have similar sq footage, but this one has just 2 BR, is there some factor I can use to calculate the comps like an appraiser would? I know the cost/sqft for some of the others. How to I take the numbers I have for similar 3BR houses in the neigborhood and adjust them for a nearly identical 2BR which has the same square footage?
Anyone have any ideas for pricing ideas for the house besides "it's worth what it's worth to you" ? Can we put some sort of thing in the contract saying "we're offering 95% of your asking price but if the appraisal comes back x amount lower than asking price then we will renegotiate?
Or something like that? Is there a better way?