Skip to main content

Is it normal to ask a seller to provide an itemized list of renovations?

Hi, all!

I am interested a two-family house that has a renovated basement being used (illegally) as a third unit. The basement has undergone extensive renovations, including the addition of a small kitchen and bathroom as well as tiled floors. The two upstairs units have also gotten cosmetic renovations (eg, floors, bathroom, kitchens). Because the basement is not legally “livable space,” it has been excluded from the sq ft calculation, which is 1,672 sq ft.

The house sold in 2022 for $277k and is now being listed for $599k. I think that is overpriced given the fact that the legal livable space is 1,672 for a two-family, but the seller seems to be pricing in the basement renovations to the list price.

A key detail is that the house was built in 1897 and the only plumbing updates have been for the bathroom renovations in units 1 & 2 & basement. I’m also not sure of the ages of the electrical or heating units. The water heaters will need to be updated soon (one for each unit).

I was thinking about making an offer at $570k with flexibility to go higher if the seller provides an itemized list of renovations (including the basement) and/or if the seller’s agent provides comparable two-family sales in the area at 1,672 sqft.

Am I being too difficult? I like the house but not enough to pay for a +118% increase without proof.

Thanks!

submitted by /u/Both-Revenue-4557
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1srw4ua/is_it_normal_to_ask_a_seller_to_provide_an/
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

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more