Amethyst...I think I will chip in here although some have already said what I might say.
Sounds like the sellers are not particularly motivated. Hard to imagine a house on the market for 5 years with 3 agencies and no price decrease.
Like others I suggest doing your homework...even more perhaps than you have done. It's important to understand how assessments are done in the area you are looking in. Have you called the tax assessors' office to determine the history of assessments going back to when the house first sold? Have you been able to determine what the house sold for in previous transactions.? How frequently are their assessments performed. So many listings say "10% below current assessment"...without telling you the city or the county has not done an assessment since 2007.
For ex: I have been looking for property on and off the last 2 springs and summer. Just recently had a conversation with an assessor's office who told me true physical assessments had not been done since 2005, that they are currently in the middle of one and that come Jan 1, 2013 property assessments will come down another 20% to 30%. Hence we are waiting until after Jan 1, 2013. Assessor's offices will frequently tell you what the real estate agent will not.!
You should be able to ask the assessor's office for a list of sales in that area for the last 6 months or 12 months. You can also ask your agent to provide you with that information. Ask your agent to run a comp report for you....things like this.
Second, do you have any idea if the property will appraise any near the asking price? Agents and sellers love a cash deal as it by passes the banks regulations and appraisal process. If nothing else, make sure you put an independent appraisal contingency into any "cash" deal. I'm sure you have already thought of this.
My experience last summer: We found a house and after going thru it realized it needed a lot of work. Seller was stubborn as all get out. Both our agent and I worked diligently to get the supporting documentation that justified a much reduced price. Contractor report for fixes, moisture study, sewage study, pest reports, a reported structural issue....etc...did not lead to a further reduction in price from the seller. We walked away from the deal. Months later the seller and his agent used all of our paid for reports that we had shared with them....to sell the house to another buyer at the much reduced price that we had been asking for all along. $166,000 off the original list price! so yes...what you do can be used by others in the process to help another buyer. So be it.
Sounds like the sellers are not particularly motivated. Hard to imagine a house on the market for 5 years with 3 agencies and no price decrease.
Like others I suggest doing your homework...even more perhaps than you have done. It's important to understand how assessments are done in the area you are looking in. Have you called the tax assessors' office to determine the history of assessments going back to when the house first sold? Have you been able to determine what the house sold for in previous transactions.? How frequently are their assessments performed. So many listings say "10% below current assessment"...without telling you the city or the county has not done an assessment since 2007.
For ex: I have been looking for property on and off the last 2 springs and summer. Just recently had a conversation with an assessor's office who told me true physical assessments had not been done since 2005, that they are currently in the middle of one and that come Jan 1, 2013 property assessments will come down another 20% to 30%. Hence we are waiting until after Jan 1, 2013. Assessor's offices will frequently tell you what the real estate agent will not.!
You should be able to ask the assessor's office for a list of sales in that area for the last 6 months or 12 months. You can also ask your agent to provide you with that information. Ask your agent to run a comp report for you....things like this.
Second, do you have any idea if the property will appraise any near the asking price? Agents and sellers love a cash deal as it by passes the banks regulations and appraisal process. If nothing else, make sure you put an independent appraisal contingency into any "cash" deal. I'm sure you have already thought of this.
My experience last summer: We found a house and after going thru it realized it needed a lot of work. Seller was stubborn as all get out. Both our agent and I worked diligently to get the supporting documentation that justified a much reduced price. Contractor report for fixes, moisture study, sewage study, pest reports, a reported structural issue....etc...did not lead to a further reduction in price from the seller. We walked away from the deal. Months later the seller and his agent used all of our paid for reports that we had shared with them....to sell the house to another buyer at the much reduced price that we had been asking for all along. $166,000 off the original list price! so yes...what you do can be used by others in the process to help another buyer. So be it.
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