good house except for some problems!

**MillerDecaXC** · 05-15-2007, 09:55 PM

okay this house i am looking at would be perfect except for some problems.

heres a little background info on the house: 803fairway.com for pics/info. most of the 4br 2ba houses around the area go for around 180, 190k. that house im looking at has been on the market for over 100 days, the owners want to move out soon, i think i remember the realtor saying they are getting forclosed on. the property started at 185k and is now at $177. the owners bought it for $155k a few years ago.

heres the problems: the windowsills are cracking, and some of the bricks are also cracking, the 2nd bathroom isnt finished, but the toilet, sink, etc is all there, just needs installed. The firnace is the original, so its about 60 years old. my dad thinks the shingles were put on crappy. i think thats everything thats wrong with it.

i know its hard to tell online, but with the pics and specs on the website, and all the info ive given what would be a fair price for this house? i was going to offer $160, is that too far below the list price? do you think they would take that offer since theres some problems and they need to move out asap?

**tarheit** · 05-16-2007, 05:42 AM

I can't comment if is a good price or not as I don't know the area. Your realtor should help you here. He/She can do a market analysis and compare it to similar properties that are sold to give you an idea what this property should sell for.

You can always put in a low offer (it doesn't look too bad to my btw.) and see what they say. Likely they will counter offer and you can negotiate to somewhere in between. You can also try offers where you get money at the closing table to make the repairs (ie. offer $165 with sellers giving $5 for furnace replacement and finishing the 2nd bath, etc.). Check with your lender though as some loans have restrictions on this.

But as far the the buyers accepting it, who knows. I've seen those advertizing they 'must sell', but are stuck on their price, or the owners who refinanced and simply can't take any less.

-Tim

**Rich_in_CT** · 06-25-2007, 10:43 AM

Even at $155k if its truly worth $180k you're buying at 86% of full market value. Start adding the costs of the repairs and you might exceed FMV (and maybe by a lot). You've got a roof that might need replacement, a possibly ready to die HVAC system, a bathroom that needs to be finished and the original work might be done wrong and need to be fixed (you have no idea who did the work and if it will pass inspection so factor your offer based on that), and cracking bricks (who knows if if their are foundation issues causing this).

By the time you get done fixing it you could have bought a perfect home with no issues and you'd have less stress. I wouldn't touch this with a 40' pole.