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

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i low balled the hell out of it with $150. it could very well sell much much higher plus this would be a house i’m staying in for the next 20 years as i raise a family. comps in the area are close to $200 a sq ft

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So you started this thread to justify buying this house and don't like the responses you're getting?

You're going to spend way over $100k to bring that house up to a level of $200/sq. ft.

You say you're going to live there 20 years? Essentially, then, it doesn't entirely matter what the value of the comps are right now. The market could tank or boom even more. Who the hell knows. You have to decide whether you want to be into the renovation for nearly $200k when it's all said and done.

yea that’s what i’m thinking. so seller either has to now disclose hvac, roof, and plumbing and hope to get their asking price or lower their price anyway. i’m thinking they will want to work with me to keep the house under contract. my goal is they cover closing and one of the repairs.

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HVAC unit downstairs is original with the house ... 1968 needs replacing

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I didn't even know this was possible

What would it be valued at square footage wise if it was perfect? How do bad to you want to be in the area and the house?

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What would it be valued at square footage wise if it was perfect? How do bad to you want to be in the area and the house?

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if it was perfect i would say above $200 a square foot . The house is just really unique. I have been searching for homes for two years looking for a 4 bedroom with a bonus room and if a two story the master upstairs and haven’t found anything we like. we are picky as hell but it’s also allowed us to not settle on something since we are ok in our current house. my goal has been to find something in the 550 range but even new builds have stuff we don’t like and we would be spending money to make it ours. Building isn’t really an option right now so my best chance is getting a house for around $375k and putting in 125k to fix it up and then more overtime . this house had the bones we were looking for without needing to knock out walls or gut it to the studs

well offer didn’t go as planned. basically seller has a reverse mortgage on the house and refuses to come out of pocket. best I can get is the realtors cutting their fees to get me $10k upfront. the reverse mortgage is close to 350k and they don’t care if it goes to foreclosure if it doesn’t sell. not sure if i have any more options. so plan is either fork out the extra $15k out of pocket to fix issues pre-renovation or I should just walk.

$10k isn’t terrible guess it just depends if you want the house.

At the end of the day, $15k on a $600k house that you will be in for a long time may not be that big of a deal

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If it goes into foreclosure, you’ll get a really good deal

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Maybe but if it goes to auction that possibly brings more attention to it, though I guess it’s been on the market a while so people have surely seen it.

dont really know what the foreclosure scenario would look like. how does all that work

best offer they brought after inspections was to provide $11k upfront

it really is a great area and i don’t think we would ever go upside down. i can make the money work just feel defeated busting out $15k more upfront than i thought when i still have lots of renovating to do

and yes the furnace is a fricken chrysler which hasn’t made heaters since the 70s

my dumb arse is going through with it. gonna close on it fix the 3 known issues and then prioritize windows, kitchen, master bath, electrical

right now i’m basically buying the house at $390k (375 +15k). if i keep it under 550k i will consider this a success . wish me luck