Skip to main content

How low is too low

So we our aiming for our second choice in home. Our first one had an offer come in above asking and we weren’t willing to do that.

The second home is beautiful but has a fixed foundation. We got the engineering report and it was a $40k fix. With this fix there is a bit of cosmetic damage. The basement flooring needs to be replaced. The back deck needs to be yanked, the ground below leveled, and a new deck put back in. The basement door needs to possibly be pulled and a new one put in. Not sure if these things were messed up before the home was fixed or after. The fencing also needs to be replaced from the second level to the backyard (10 ft drop with no railing or fence to keep someone from going over).

So in 2021 they asked for $424k (after fix). Someone tried to buy it and got cold feet. Our realtor knows them and said it was because they found a better home in the same neighborhood that never had foundation issues. The seller pulled it then. A year and a half later they list for $515k. They didn’t do anything to the home in that time. This is NOT a hot market, houses in a high price range will sit for a year sometimes. Above $400 is considered high in this area.

We made a 7 year commitment to the town (so we plan to at least stay that long). Would offering $470k be too much of a low ball?

submitted by /u/lochnessrunner
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/wur1xk/how_low_is_too_low/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more