I need help from a real estate agent out there!?

Question

Ok, I am looking at this house currently listed for $124,000, it is 5 bedrooms, 3 bath, 2 living rooms , formal dining, 2 car garage. well, here is the site to look at it...

http://www.myopenhouse.com/reg.php?searchType=Standard&IDNum=&URL=&area=County&city=&zip=&minPrice=0&maxPrice=130000&bed=4&bath=3&garage=0&sqft=0&photos=no&down1=&credit=&term=&movin=&Address6=&start=0&sorttype=price&dir=desc&activetabs=1&siteid=285567&ret=0&back=&state=TX&county=Jefferson

Anyways.. we looked at it, havent got the inspection yet but can tell it needs at least $25000 still in updates/repairs, the seller said they cant afford to come down on price, so I need to know if this is a good price or should i just let it go? I fell in love with this house, have already looked at 30 some odd houses! Please help!

Answer 1

Dear friend visit

http://real-estate-informations.blogspot...

thank you

Answer 2

you could pick up that house for bout 95 thou.. find you another home, but if you fell in love with this house, get it inspected, and spend the money...

Answer 3

Get in touch with a local Realtor to see if the house is priced appropriately. Then go from there.

Answer 4

Congratulations, you have looked at the property with a critical mind (even if you've fallen into the trap of "falling in love" with it.

Question: Will it be worth $150K when the reno's are done? If yes, go for it.

If not, another question:  will you be living in it long enough to amortise the over-capitalisation in terms of your enjoyment of the property? Again, if yes then go for it.

If not, walk away - but tell the agent what you are seriously prepared to offer. It is amazing how sellers can suddenly change their mind if the place doesn't sell in the first 6 weeks of listing (and a little pressure from the Agent).

Answer 5

Wait for the inspection reports.  But never "fall in love" too hard.  There are too many good houses on the market to settle for one with serious defects.

Answer 6

After you have purchased your 15th home you will laugh that you asked this question.  You have the right to offer $64,000 for this house.  Or $104,000.   A smart seller will always tell you that he can't come down.  A smart buyer makes an offer on another house.  All of a sudden that seller calls you and can come down in price.  but does that sound cruel to you.

Answer 7

Real estate is local, so only a local real estate agent or possibly an appraiser can really give you much assistance.  Certainly, you should not expect to pay as much for a house in need of repair as for one that is not.  You need to know what the house should sell for if no repairs are needed, and reduce your offer from there.  However, don't forget your own time costs.  When you research and interview repair contractors or make repairs yourself, you have put your own time into the property in addition to the direct costs of the repair, and time is money.  Remember to consider this in your offer.

Answer 8

well , those people can read your eyes. well , here's a simple trick . Tell them i cant afford so much then dont talk to them for 20 days and see their rates will come down. If you start showing your interest , they will never come down. I had same experience on website www.forallhouses.info

Answer 9

Cute house.

I cruised around on Realtor.com and Zillow for a moment, didn't do any sort of client level research, but it seems appropriately priced for the market.  

Factors like length of time on the market, are you willing to undertake the repairs, etc., come in to play here.

Updates are one thing, those are typically convenience items, repairs are another, because those could affect the ability to finance the house.   It is harder to get a seller to budge on updates, it is easier on repairs because repairs can stop the loan from passing underwriting, there is typically some room to negotiate there.

Answer 10

Take a look at similar houses on www.realtor.com.  I did and it appears that this one is properly priced.  The decision is yours.