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How much is the home actually worth?
I had an interesting conversation with one of my buyers recently.  He had interest in a home that is priced at $250,000.  It's been on the market for a few months now.  
The home itself is in an area he likes, but it does need some cosmetic updates.  By cosmetic I mean a fresh coat of paint throughout and some wall paper removed.  
When we were discussing the offer he asked me what I thought the home was actually worth.  
Knowing the area well, I told him that if he got the home in the $235,000 - $240,000 price range, he would be getting a fair deal.  
"I'm not paying a penny over $225,000 for it.  That's what I think it's worth" said my buyer.  
I asked him what he based his price on.
"Nothing.  I didn't base it on anything.  I'm just saying that I won't pay a penny more than $225,000."  
 
We wrote the offer at $225,000 with a few seller concessions.  I told the listing agent that our offer was a "take it or leave" it offer and that my buyer wouldn't go a penny more.  
They rejected it.  
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