House buying topic

[Giraffe }{unter]

Seems like some of you have bought a house already. I'm looking right now and have found one I'm interested in. Any suggestions or warnings would be appreciated...

The market is flooded with houses at the moment. Most of the houses we saw last month in this town are still on the market but for about 30,000 to 40,000 less than they listed at. The house I'm looking at goes for $489,000.00 it's been on the market for about 6o days. Older woman who lost her husband, the house is too big for her now. They have not reduced the price yet, but there have been no offers made.

It's got great potential for what I want in a house. about 15 minutes (8 Miles) from work, it's got 3 large bedrooms, living room and large kitchen, 1 and 1/2 bath on the 1st floor. The ground floor has another kitchen a huge 28' x 17' dining room, another living room, large office. another 1.2 bath and large screened in breezeway. Oversized garrage/shop, swimming pool on a large lot with a 4 car driveway on the right and a 1 car driveway on the left. The whole place needs some updating, but it's in great shape and in move in condition. It's just not painted/decorated to our tastes, but that's all fixable...


Would it be insulting to the owner to offer about $435,000? It's about 11% off the listing price. Some people tell me if I'm not embarrased by my offer I am giving them too much money...

Considering what's going on in the market I'm thinking it's fair start, especially if they counter offer.

[GONNAFISTYA]

Never buy a puke-green shithouse redneck barn in Florida...cause you'll be ridiculed on the internet for eternity.

[YourGrandpa]

But maybe you'll end up with a house worth 350% more than what you paid for it like I did.



BTW GH, is that the appraised value or the asking price? Just be sure that what you are paying for the house is reasonable. You don't what to get screwed by the volatile market swings that have been occurring lately. Another thing you want to think about is can you afford the actual mortgage payment. A lot of people figure they can pay the loan and severely under estimate the cost of taxes and insurance. In the last 7 years my mortgage has went up $400.00 a month from taxes and insurance alone.

And no, there's nothing wrong with starting insanely low with your first offer. The worst thing they can do is reject it.

[HM-PuFFNSTuFF]

You say the house is in great shape. Did you have it inspected? Make sure you have it inspected by someone with a stellar reputation. Many home inspectors are shit at what they do.

[Gorf]

Would it be insulting to the owner to offer about $435,000?

i would get insulted...prolly angry...but thats just me...

[R00k]

I just bought a house in June, but we live in completely different worlds as far as the housing market is concerned.

Where you are, TBH, I would be scared to death to pay that much for a house right now. (I'll refrain from commenting on buying waaaay too much house for 2 people or even 3 ).

But if you're looking at buying that much house as an investment, then don't. The housing market out there right now is not necessarily a good investment. Property values are still falling in a lot of places, and you definitely don't want to buy in that environment.

If you're set on buying a house, buy something practical and invest somewhere else.

Having said that..... No, your offer doesn't sound insulting at all, especially considering the way the market has behaved recently. If there is any chance of you actually talking to the woman who is selling the place, I'm sure you could put it all in perspective for her. Hell, she'd be lucky to even git rid of the place right now, amirite?!

[MKJ]

Would it be insulting to the owner to offer about $435,000?

i would get insulted...prolly angry...but thats just me...

arent you banned?

dishes :icon10:

[Giraffe }{unter]

BTW GH, is that the appraised value or the asking price? Just be sure that what you are paying for the house is reasonable. You don't what to get screwed by the volatile market swings that have been occurring lately. Another thing you want to think about is can you afford the actual mortgage payment.

That's what I don't get, the recent tax appraisal is less than half the listing price. Taxes are retarded $7800 yearly. But as for the house size comparison, it's priced fairly in the area that it's in.

We're buying in an are with a great A rated school system. I plan on starting the family around the same time we close on the house. As far as the mortgage + taxes + insurance, we're at a comfortable range.

You say the house is in great shape. Did you have it inspected? Make sure you have it inspected by someone with a stellar reputation. Many home inspectors are shit at what they do.

The inspection comes after you make an offer and it's accepted. Then you get the place inspected and work out the details. It's a solid house built by the family, well made with great usage of every square inch. Somewhat odd things in odd places, but it gives the place character.

Where you are, TBH, I would be scared to death to pay that much for a house right now. (I'll refrain from commenting on buying waaaay too much house for 2 people or even 3 ).

If you're set on buying a house, buy something practical and invest somewhere else.

We're set on the town, due to the distance from work and the high ranked school system. The surrounding towns also have great schools, but the housing prices are doubled as are the taxes because of the area.

I'm fed up with driving in traffic for over an hour and the schools where I am now are producing graduates (if they graduate at all) that are not smart enough for tech schools or college.

[+JuggerNaut+]

Some people tell me if I'm not embarrased by my offer I am giving them too much money...

that's actually pretty good advice. i'd probably offer a little less since it's been up for 60 days. it's a buy and not a selling time now, he/she has to know that.

[shaft]

Wont your realtor make the offer to their realtor? No need to feel embarrassed, if they think its ridiculous I'm sure they will counter offer, then you can get an idea of how low they are willing to go.

[plained]

well i woulnt know how to really coment on the price vs the offer of the house without actual data from the area its in

tho i wouldnt worry about insulting anybody, looking like a yo yo maybe tho.

one thing tho i doent like selling myself on a houses potencial, i'd rather be sold on what it is rihgt now.

mostly because of the time, work and money it takes to realize its potencial vs how much time i'd rather spend just living and enjoying life.

some possible questions you may want to ask yourself are

if the house is old, it could have more potencial hazzles.

if the area is older, are there going to be alot of kids around the same age as you kids goen be? , and of corce like-minded/aged parents , or will it be a bunch of emtpy nesters or a mixed bag even maybe.

and thats jus a couple questions only

[tnf]

My brother remodels houses and sells them. Let me know if you have any questions about household project type stuff and I can get answers for you from him about the best or most effecient ways to go about them.

As for the offer - Do you know if they've had other offers?

I don't think the 435,000 number is too low - better to offer less, and have them come back with a counter, then to give them more than they would counter with right off the bat.

And didn't the market experience some record price drops recently? (right after I buy a fucking house.... )

[Giraffe }{unter]

I'm looking for a house with potential, I like doing the work as a hobby. The house was made in the 1960's and I'll have to get a full inspection, but to the eye it looks great.

The area is a mix of old an young people, with quite a few younger families moving into the area.

TNF, yeah the market is falling fast and will continue to do so for a while... in the town I am looking in houses generally sit for 4+ months and regularly reduce the prices.

[YourGrandpa]

I'd have my realtor keep an eye on the place for me and let it sit for awhile. If places normally sit for four months, then you should let it sit. It'll be easier to negotiate a deal later. Playing your hand to early may hurt you later.

[Underpants?]

check out http://www.zillow.com yet?
it's not by any stretch bleeding-anus accurate, but it will work in a pinch to give you a rough idea of what you should be paying.

Can't put enough emphasis on inspection. In my state, there's little regulation over inspectors, so I ALWAYS ask to see credentials/certifications.

Because of the potential for toxic mold, fucked plumbing, fucked structural / foundational issues that can wind up costing in the 10's of thousands, it's very important to have a thorough, solid inspection over anything you're looking into buying.

[Giraffe }{unter]

check out http://www.zillow.com yet?
it's not by any stretch bleeding-anus accurate, but it will work in a pinch to give you a rough idea of what you should be paying.

Can't put enough emphasis on inspection. In my state, there's little regulation over inspectors, so I ALWAYS ask to see credentials/certifications.

Because of the potential for toxic mold, fucked plumbing, fucked structural / foundational issues that can wind up costing in the 10's of thousands, it's very important to have a thorough, solid inspection over anything you're looking into buying.

That site is dead nuts on as far as the value of the house according to the tax office, but... due to the house prices in the area it's listing for $275.000 more

[GONNAFISTYA]

...stretch bleeding-anus ....a pinch...rough...

Can't put enough emphasis on inspection.

Looks like you can't put enough emphasis on your typical Friday night.

[Giraffe }{unter]

check out http://www.zillow.com yet?
i.

Any other sites like this? this one is sweet