Help me figure out how much to offer......PLEASE??????

**Motivated2010** · 09-14-2010, 08:46 PM

Man I just wrote this huge post and it erased. Here is the jist of it.

My landlord is trying to sell the condo I am living in to me. At first they asked for 270K for it, all based on the location and view of the bay.

Upon looking at the comparables, I have found that the unit a few doors down, just sold in July for 265k. This unit had a lot of great upgrades (stainless steel, granite, tile flooring). View is identical to the unit I am in. Now on the other side of the complex (small complex) there is a unit that was listed at 279k that has tens of thousands of dollars worth of upgrades. They pulled it off the market on Friday and reposted Monday $20,000 lower at 259K.

The unit that I am living in is exactly the same as both of these WITHOUT any updates. It has original cabinets from the 80's, linoleum floors in the bathrooms, kitchen and entry way. My landlord feels that the view makes it worth so much money.

They are willing to negotiate, and for the right price Im willing to buy. But now I am trying to figure out what I should offer. With the other unit selling for 259k, is this one worth anywhere close to that just because of the view? Its going to cost us close to 20K just to get it to look amazing.

The location is great. I absolutely love it. Close to everything and this is my op to own and in a location that is going to be worth a lot again in 5-10 years (at least is should, this is a sought after area). I also will not have to go through the bank for financing because we will be doing an installment sale. I will get the grant deed, it will be recorded through the city and a broker will be writing a contract. For me this means I can buy in a complex that is not FHA approved and will save me thousands in closing as they are going to be my bank (they can afford it). Everything will be done legally and in the end the place will be mine.

Can anyone help me figure out what offer I should bring to the table? Anything will be appreciated!!

Motivated 2010

**markbrian** · 09-15-2010, 06:47 AM

It sounds like the unit that sold in July might be useful as a comp. However, you probably need someone with local experience to help you.

I would strongly suggest having an agent or attorney to represent YOU in this transaction.

**Greg** · 09-15-2010, 07:43 AM

The unit you want to buy is worth $265k minus the cost of the improvements. However, your negotiation position is restricted because you have to get financing from the seller.

You say the complex is not FHA approved. Is it fannie mae approved? If not, you might not be able to sell it when the time comes for you to sell, and the time will come when you want to sell.

**amcgovern** · 09-15-2010, 08:53 AM

I think you should really seek the assistance of a good buyer's agent, or even a good appraiser friend if you know one. The one that was marked down could have been marked down for any reason. You need to find out what's going on.