How much to offer on Freddie Mac owned
I'm a longtime GW member but an infrequent poster. My husband and I have found a house that we like very much but we are unsure how much to offer.
Freddie Mac owns the house and it has been on and off the market (mostly on) for about a year. It's located in a well established neighborhood in a Denver suburb with good schools. This suburb has had its share of foreclosures but is not a ghost town by any means. The asking price is $269,000. The house doesn't appear to need major work but has cosmetic issues (poorly done diy hardwoods, old carpet, popcorn ceilings, bad paint). It also has a large deck that needs refinishing. All of the appliances are gone except the dishwasher. The layout is odd but would work for us. It is not "turnkey" in the HGTV sense, but once appliances are in it would be livable.
The house has had 4 realtors.
Comps are a hard question because nothing has sold in the neighborhood since 2007. Our agent says this means the neighborhood is stable. DH feels that it means the market is dead!
There are four other homes on the market in the same neighborhood:
1. $288,900 This house has nearly identical finished square footage and has been completely updated (floor plan is not odd). Owned by a real person on a lot that it is 3000 sq ft larger (corner lot). Mountain views from the deck. On the market at this price for at least 6 months.
2. $289,000 This house is larger by 1000+ square feet (lot is also 1000 sq ft larger than "ours")and is beautiful but has significant structural issues. It's bank owned and they want a cash buyer. Price recently reduced about $30k.
3. $329,900 This house has nearly identical square footage (not an odd layout) and lot size, has been updated with granite/stainless & is in excellent condition. Price has been reduced from $343,000. It sold for $356,000 in 2007 and is owned by a real person.
4.$362,000 This house has nearly identical square footage/layout. It's very similar to the corner lot house. It's been totally redone w/ granite, stainless, etc, has a 50 year roof and some mountain views. It's owned by a real person who paid $329,000 for it in 2006.
We can offer a reasonably quick close and the only contingency will be inspection (so we can walk in case of major problems).
Any ideas on how low we can go? We do love the house and neighborhood, but we can buy in a nearby neighborhood of older ranches (same school district) that are only a little smaller for around $200,000 (and quite possibly less).
Thank you so much for reading this!