re: When do you walk away from a house offer...

Repairs do not scare me. I have flipped dozens of properties.

Just do the math. I usually wanted some equity after repairs and updatting. Otherwise, should have just bought one fixed up.

I agree, try to get the sellers to pay for repairs or partial repairs. Are real estate agents involved?

You should still be ok be very judicious about your remodel sweat equity ++ watch your labor cost that’s what will eat up your budget.
Make a punch list
Line item out everything you want done on the property on excel weigh needs vs wants with all costs when you have that done ask your realtor where is the value before you start your spend.

I’m just about finished renovating my kitchen and main living areas in mandeville. Doing most of the work myself. I’ve spent about $70k. If that gives you an idea.
Moved some walls, doors. New cabinets, moved plumbing and electric. All new light fixtures, trim, new floors, new front door. New flooring. Countertops.

Adds up quick.

2200 square foot house built in 2003. Wife wanted to just “freshen up the place”. Run when you hear her say “design feature”.

You need to find out what the repairs will cost, add 25% to that number, and use that as your negotiating point.

To get to that $150 sq ft number, you're going to have to spend more than that to get there. I am working on a house with a buddy right now that got into the same situation you're looking at. You need to be offering something like $100 sq ft and hope they come down to something like $105 at the most. That would be my walking point. $118 is WAY too high. The house has been on the market with no real offers it sounds like. Going from $500k to $365k is a wild pricing history for a house. They know they have more to go.

While true, if all the repairs can be done and all in the house comes at a comparable price then the house is worth it.

From what the OP says it sounds like the seller has it priced with a certain amount of known repairs. The OP probably assumed they were getting a steal at $118/sqft, but now that the repairs have come to light it is just priced right.

If the seller will move some more then maybe he can get back to what he considers a steal. However, it seems like the OP is turned off by a large renovation and the risk that comes with it. Especially when it comes to structural or mechanical repairs.

quote:

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it’s in metairie in a pretty desired area.

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Never even knew such a place existed.

Extended the inspection period to get vendors to give estimates to make repairs, provide estimates to seller and renegotiate sales price. If seller doesn’t want to work with you, make the call

Just looking at Zillow, is this the house on Clifford St? If so, I would say you would be looking at a lot more than 100k to get that one updated and in shape.

so we know we are gonna need to renovate and have a punch list of some must haves (kitchen, windows, master bath, kids bathroom) . it sounds like the seller knows a price adjustment is coming in the form of paying closing. from what i’ve heard she has contacted the title company. we won’t be living through construction since i’ll keep my current home for a few months to get the big ticket items taken care of. one i sell my house i will be fine financially to get some of the other updating stuff done .