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Posted on 3/29/10 at 11:44 am
Posted on 3/29/10 at 11:44 am
(no message)
This post was edited on 1/18/25 at 10:38 am
3
Posted on 3/29/10 at 12:15 pm to lnomm34
Go to zillow and look at the records for what he paid for it.
If your upper limit is 130, start at 120 (he'll probably counter at 140) then go up to 130/final offer.
If your upper limit is 130, start at 120 (he'll probably counter at 140) then go up to 130/final offer.
Posted on 3/29/10 at 12:34 pm to Ric Flair
(no message)
This post was edited on 1/18/25 at 10:38 am
Posted on 3/29/10 at 1:03 pm to Ric Flair
quote:
Go to zillow and look at the records for what he paid for it
decent site, but honestly nowhere near as complete and accurate as some believe it to be
Posted on 3/29/10 at 1:42 pm to Shankopotomus
Truthfully it doesn't matter what the investor originally paid for the house. His price should be based on comps in the area. If it is high compared to houses with similar sq footage and ammenities then you have some room to work with.
Remember... what you think no one will pay for a house there is always someone that will. It's simple. Depends on how much you want that house.
That is what a full inspection report is for. Also have an appraisal done on the house. Appraisers also check on the condition of the house. Just not as detailed as an home inspector.
quote:
there is no way I want to pay even in the 130's for this house
Remember... what you think no one will pay for a house there is always someone that will. It's simple. Depends on how much you want that house.
quote:
He did a pretty cosmetic flip, but there are other issues. The roof needs to be replaced eventually, some of the siding on the East side of the house is in need of replacement, and the windows are original to the house (very old, single pane windows).
That is what a full inspection report is for. Also have an appraisal done on the house. Appraisers also check on the condition of the house. Just not as detailed as an home inspector.
This post was edited on 3/29/10 at 1:48 pm
Posted on 3/29/10 at 1:58 pm to silstang23
(no message)
This post was edited on 1/18/25 at 10:37 am
Posted on 3/29/10 at 2:24 pm to lnomm34
quote:
How complete is a home inspector's report?
It is very minimal stuff. For most issues all they can do is recommend you get a specialist to look at it further.
quote:
I would love to know if there were any updates to the insulation at any point. How would one go about finding this information?
Crawl in the attic or cut the wall open yourself.
Posted on 3/29/10 at 2:25 pm to seawolf06
(no message)
This post was edited on 1/18/25 at 10:37 am
Posted on 3/29/10 at 5:03 pm to lnomm34
quote:
I want to know about insulation, etc in the house. It's an older home, built in 1950, so I would love to know if there were any updates to the insulation at any point. How would one go about finding this information?
The inspector should crawl in the attic and check. Hell if the ladder to get to the attic is broken or unsafe he will note it to be repaired in the report. You can do the walk through with the home inspector as well.
Posted on 3/29/10 at 8:46 pm to silstang23
flipping is fairly risky these days, he will probably look at it as if he doesn't take your offer he could possibly sit on it and pay insurance and possible a note for months. (having good offers as soon as the house hits the market is a flippers wet dream) Especially with the tax credit expiring soon. You could possibly go as low as 112k or 115k with your first offer and walk away with the house in mid 120's, especially if you know he will make a good profit at that price.
Posted on 3/29/10 at 9:16 pm to Alabama Slim
in that price range if the neighborhood is decent he will not have a lot of problem selling the house
Do comparables and if he is on the market you may get it in the high 130"s - the hot spot in the market right now is under 180K
Offer prices are relative to the cost of the house the cheaper the house the less wiggle room
Do comparables and if he is on the market you may get it in the high 130"s - the hot spot in the market right now is under 180K
Offer prices are relative to the cost of the house the cheaper the house the less wiggle room
This post was edited on 3/30/10 at 7:47 am
Posted on 3/29/10 at 9:19 pm to lnomm34
quote:90% of asking price if it is priced reasonably or 90% of the going price per sq ft in your area...depends really on the comparibles for the area you are in...
Is there a general rule on the starting point for negotiation?
This post was edited on 3/29/10 at 9:21 pm
Posted on 3/31/10 at 12:04 pm to Chicken
(no message)
This post was edited on 1/18/25 at 10:37 am
Posted on 3/31/10 at 12:18 pm to lnomm34
Just so you are aware, replacing an asphalt shingled roof with 25-yr or better shingles and good gutters on a 2,000-2,400 square foot house could easily run you 7-9k from recent experience. The roof patch is trouble. Double pane low E windows are not cheap. I would have offered $90k, max, unless you are just dying for the house, knowing he will try to raise you into 6-figures. It's not 2007, that value is meaningless, and I doubt he has 5-6k worth of "improvements" in the property. Good luck.
Posted on 3/31/10 at 12:33 pm to tirebiter
(no message)
This post was edited on 1/18/25 at 10:36 am
Posted on 3/31/10 at 12:48 pm to lnomm34
sometimes a few hundred bucks for an appraisal before spending tens of thousands is money well spent.-
Posted on 3/31/10 at 12:51 pm to 756
quote:
ometimes a few hundred bucks for an appraisal before spending tens of thousands is money well spent.-
The appraisal I received on my home could have been done by a 10 year old looking on Zillow and the county website. I guess it can vary, but I didn't get any good information out of it.
Posted on 3/31/10 at 1:29 pm to lnomm34
quote:
Is there a general rule on the starting point for negotiation?
figure out the amount at which you couldn't make the offer with a straight face, and offer $1 more.
Posted on 3/31/10 at 1:52 pm to lnomm34
(no message)
This post was edited on 1/18/25 at 10:36 am
Posted on 3/31/10 at 2:55 pm to lnomm34
quote:
Why can't we just do like back in the day? Just sit down over a cup of coffee and negotiate face-to-face?
because then the real estate agents who have worked very hard with lobbyist over the years to create an industry that can leech 7% off peoples biggest investments would be out of business. duhhhh
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