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Message
When do you walk away from a house offer...
Posted on 12/4/19 at 6:28 pm
Posted on 12/4/19 at 6:28 pm
Put an offer in on a house which was built in 1968 priced “as is” and knew it was gonna be a project and need a good bit of renovating. Offer was accepted at about $118 a square foot. Well had inspections today:
Plumbing has break under the slab about 40’ and in the backyard needs trenching to repair about another 40’.
HVAC unit downstairs is original with the house ... 1968 needs replacing
Roof has potential leak which seller claimed to fix yet their were buckets upstairs with water in them. Seller claims this was left over from Olga (why is their still water from a late October storm?)
we knew we were gonna need to renovate kitchen and 3 bathrooms and it needs lots of updating but if seller doesn’t give any concessions for the things inspection found I feel we may need to walk.
Plumbing has break under the slab about 40’ and in the backyard needs trenching to repair about another 40’.
HVAC unit downstairs is original with the house ... 1968 needs replacing
Roof has potential leak which seller claimed to fix yet their were buckets upstairs with water in them. Seller claims this was left over from Olga (why is their still water from a late October storm?)
we knew we were gonna need to renovate kitchen and 3 bathrooms and it needs lots of updating but if seller doesn’t give any concessions for the things inspection found I feel we may need to walk.
17
Posted on 12/4/19 at 6:45 pm to CE Tiger
quote:
Put an offer in on a house which was built in 1968 priced “as is”
Does your contract have contingencies or did you put in a contract for the house in “as is” condition?
quote:
Plumbing has break under the slab about 40’ and in the backyard needs trenching to repair about another 40’.
HVAC unit downstairs is original with the house ... 1968 needs replacing
Roof has potential leak which seller claimed to fix yet their were buckets upstairs with water in them. Seller claims this was left over from Olga (why is their still water from a late October storm?)
we knew we were gonna need to renovate kitchen and 3 bathrooms and it needs lots of updating but if seller doesn’t give any concessions for the things inspection found I feel we may need to walk.
$118/sqft??!??? Is this in the Bay Area and/or a mansion?
Posted on 12/4/19 at 7:28 pm to OleWarSkuleAlum
it’s in metairie in a pretty desired area. it’s also a little over 3,100 sq ft
offer was contingent on inspections
offer was contingent on inspections
Posted on 12/4/19 at 7:30 pm to CE Tiger
Walk away tomorrow.............
Posted on 12/4/19 at 7:45 pm to CE Tiger
Trust me. After remodeling and paying a ton more than expected because of unexpected problems, you don’t want to deal with that. That’s only the stuff you know about. Imagine what didn’t get found. And it’s amazing how expensive construction costs are.
Posted on 12/4/19 at 7:45 pm to CE Tiger
What is the going rate for a fixed up house, non-fixerupper?
How much of a bargain is it at $118 s/f?
How much of a bargain is it at $118 s/f?
Posted on 12/4/19 at 7:56 pm to CE Tiger
What is the house worth after those repairs are made? Is that on par with other houses in the area?
Are you just scared of the work needed? Make the decision on the dollars. There is another house just like it or better for sale next week.
Are you just scared of the work needed? Make the decision on the dollars. There is another house just like it or better for sale next week.
Posted on 12/4/19 at 8:22 pm to CE Tiger
quote:
it’s in metairie
Posted on 12/4/19 at 8:24 pm to fightin tigers
it’s hard to say. i really think this is priced really low for the area and space.
the closest comp i could find that sold as if needing updating / fixing up is like $125 a sq ft
i would think if this house was updated it could sell for close to $150 a sq ft based on sold homes in the area. but this would also be a house we stay in for a long time.
the price history on this house is crazy as it was originally listed for over 500k. they must have got a quick dose of reality and have steadily been dropping it
the closest comp i could find that sold as if needing updating / fixing up is like $125 a sq ft
i would think if this house was updated it could sell for close to $150 a sq ft based on sold homes in the area. but this would also be a house we stay in for a long time.
the price history on this house is crazy as it was originally listed for over 500k. they must have got a quick dose of reality and have steadily been dropping it
Posted on 12/4/19 at 8:25 pm to fightin tigers
quote:
There is another house just like it or better for sale next week.
been looking for two years and i have yet to find anything in that area with these bones for this price.
Posted on 12/4/19 at 8:28 pm to OleWarSkuleAlum
quote:
$118/sqft??!??? Is this in the Bay Area and/or a mansion?
Its not that much.Posted on 12/4/19 at 8:36 pm to CE Tiger
If you have to ask
Posted on 12/4/19 at 8:47 pm to CE Tiger
Pass.
Posted on 12/4/19 at 8:55 pm to CE Tiger
Could use that info to negotiate a lower price if you’re dead set on buying a money pit.
This post was edited on 12/4/19 at 8:56 pm
Posted on 12/4/19 at 9:02 pm to Coomdaddy
that’s the plan right now. drop price $15k and have seller cover closing
This post was edited on 12/4/19 at 9:03 pm
Posted on 12/4/19 at 9:11 pm to CE Tiger
Just a rough estimate the plumbing work under the slab will run you around $10-12K. We just had that done on the west bank earlier this year, 50' tunneling and replace all the lines under the slab.
Posted on 12/4/19 at 9:13 pm to CE Tiger
You can’t do math look af the comps if you go 8 bucks a square foot that puts you at 126 a ² foot with a budget of 25 k be judicious but if this is where you want to live? schools location sell houses if you are just cheep and want more ² footage for a bargain then go move to bfe where you can get that. To find value you will have to work for it, if you don’t or can’t work you will pay someone else to do it. 165 a ² ft
I am guessing this is your first house? If you pick the best neighborhood you will get your money back.
I am guessing this is your first house? If you pick the best neighborhood you will get your money back.
Posted on 12/4/19 at 9:21 pm to CE Tiger
My parents just hired a guy to redo their plumbing under slab and dug up yard in NO it was ~ $16k. Their friend had same problems, quotes were about the same.
The hvac unit you can price and same with roof. The roof may be a lot more than you think though.
The hvac unit you can price and same with roof. The roof may be a lot more than you think though.
Posted on 12/4/19 at 9:27 pm to Cracker
it’s my second house. my fixer up budget is close to 100k based on a heloc loan on my current house. hope to sell
my house in a few months which would pay for the renovations. wasn’t expecting to be hit with a potential extra $30k before we start renovating though.
my house in a few months which would pay for the renovations. wasn’t expecting to be hit with a potential extra $30k before we start renovating though.
Posted on 12/4/19 at 9:28 pm to CE Tiger
quote:
been looking for two years and i have yet to find anything in that area with these bones for this price.
Then it sounds like it is priced right for you to buy.
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