My husband and I are considering making offer on a short sale property that would be our primary residence (not an investment). The house is in a good shape but will need some updating (mostly cosmetic).
House was listed originally for $339K in May and a week ago they cut the listing price to $300K. Zillow estimate is $350K. This is an average home price in our area.
We went to see the house and it would be perfect for us, very close to work, beautiful community, great schools, move in ready.
Our real estate agent emailed us comps for the area showing that similar homes (but 300sf smaller, 1 car garage) sold recently for 280K. However we know the area really well and these homes don't compare well.
The house that we are considering is much nicer with 2 car garage (my husband's dream), in nicer community and better schools.
However I also realize that seller's bank will look at the same comps and they will have no personal knowledge of the communities / areas.
My question is: is it stupid to start high and offer 280K (market value, based on comps)?
I also read somewhere that in case of short sales the rule of thumb is to offer 10% lower than market value (based on comps) which would bring our offer down to $252K. My gut feeling is this is really low and I don't want to be rejected outright.
Should we offer the market value 280K or risk being rejected and start lower?
I am really looking forward to your comments/advice and thank you in advance for your help.