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Joined: Feb 2014
Posts: 1,022
6 point
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6 point
Joined: Feb 2014
Posts: 1,022 |
Looking at a house that's in short sale. It's listed at 125k. 1551 Sq ft 3/2. Built in 1978 and has had no major updates. House needs alot but could be nice. What should I offer or how much of a beating should I expect the "bank" to take. It's FHA.
-�No politicians, no salesman and very few friends allowed.�
-Jbatey1- "I'd rather be a happy Bammer eating ribeye in a trailer than a miserable barner eating boogers in a mansion."
-�If you gonna be stupid, you better be tough!�
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Joined: Jan 2003
Posts: 14,789 Likes: 68
Pope of Aldeer and Expert
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Pope of Aldeer and Expert
Joined: Jan 2003
Posts: 14,789 Likes: 68 |
Support our country. Kill chickens.
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Joined: Oct 2015
Posts: 7,280 Likes: 4
14 point
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14 point
Joined: Oct 2015
Posts: 7,280 Likes: 4 |
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Joined: Oct 2004
Posts: 6,967 Likes: 3
it froze over
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it froze over
Joined: Oct 2004
Posts: 6,967 Likes: 3 |
Lots of homes like that are sold for more than the asking price now that the market is up. Be sure and ask what you feel the house is worth and not try to low ball or you could lose it.
This is Aldeer! The place people come to vent their frustrations and completely change their stance a few minutes later... 
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Joined: Dec 2014
Posts: 1,600
8 point
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8 point
Joined: Dec 2014
Posts: 1,600 |
I'd look at zillow or other records to see what it last sold for and when. I'd want to know if electrical, hvac and roof are good before I'd offer 90.
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Joined: Jan 2014
Posts: 10,586 Likes: 2
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,586 Likes: 2 |
Built in 1978, needs "alot", could be nice...I'd offer in the low 70's if it's in a desired area that you want to live.
The fool tells me his reasons; the wise man persuades me with my own.
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Joined: Oct 2014
Posts: 4,687 Likes: 28
10 point
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10 point
Joined: Oct 2014
Posts: 4,687 Likes: 28 |
Also depends on the markeT of the area you ate in. Some places, that would be a $300,000 house. We thought we would "still " one abut a month ago. It ended up bringing $15,000 over asking and probably needed bull dosed.
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Joined: Apr 2000
Posts: 12,567 Likes: 8
Doesn’t Know His Code
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Doesn’t Know His Code
Joined: Apr 2000
Posts: 12,567 Likes: 8 |
Primary residence?
Flip?
Investment?
$60-70 would be my starting point.
IKNOWMYPHUCKINGCODEDAMMITYOUDICKHEAD!!!
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Joined: Jan 2014
Posts: 73
spike
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spike
Joined: Jan 2014
Posts: 73 |
Right now banks are demanding asking price or more. Sucks but market is rising. Seen a buyer get turned down for 5k under asking price.
Last edited by axtguy; 12/17/16 05:25 PM.
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Joined: Feb 2014
Posts: 1,022
6 point
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6 point
Joined: Feb 2014
Posts: 1,022 |
Primary residence. It's been on the market for at least 10 months. I've looked it over more than once and had a long time builder/remodel guy I go to church with and trust look at it. It's had 2 contracts on it but both backed out because of time constraints I was told. It needs a roof, I want to replace windows, int/ext doors, gut kitchen and baths, paint, flooring, light fixtures, appliances, add a master bedroom and use existing master to enlarge the bath and for closet space. Heat pump is new, air handler is not. That's a good 50k to start I figure. That would increase house size to approximately 1900 sqft.
-�No politicians, no salesman and very few friends allowed.�
-Jbatey1- "I'd rather be a happy Bammer eating ribeye in a trailer than a miserable barner eating boogers in a mansion."
-�If you gonna be stupid, you better be tough!�
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Joined: Nov 2008
Posts: 10,753 Likes: 5
Booner
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Booner
Joined: Nov 2008
Posts: 10,753 Likes: 5 |
Check tax records and offer 5% over appraisal.
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Joined: Nov 2008
Posts: 10,753 Likes: 5
Booner
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Booner
Joined: Nov 2008
Posts: 10,753 Likes: 5 |
Primary residence. It's been on the market for at least 10 months. I've looked it over more than once and had a long time builder/remodel guy I go to church with and trust look at it. It's had 2 contracts on it but both backed out because of time constraints I was told. It needs a roof, I want to replace windows, int/ext doors, gut kitchen and baths, paint, flooring, light fixtures, appliances, add a master bedroom and use existing master to enlarge the bath and for closet space. Heat pump is new, air handler is not. That's a good 50k to start I figure. That would increase house size to approximately 1900 sqft. Hell, might as well get your buddy to build you a new one. Replacing windows is a biotch.
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Joined: Dec 2009
Posts: 9,834 Likes: 14
14 point
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14 point
Joined: Dec 2009
Posts: 9,834 Likes: 14 |
Individuals are more flexible than banks. They often times will not budge, but does not hurt to ask.
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Joined: Sep 2007
Posts: 3,190
10 point
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10 point
Joined: Sep 2007
Posts: 3,190 |
Short sale homes are generally priced low, below payoff...
The bank (after MUCH diliberation) approved the sale at $125,000 in this case. Don't confuse short sale with foreclosure, the short sale process is completely different. And a minor PIA for all involved. Banks generally don't budge much on short sales.
Not surprised to hear other contracts fall apart, they can be very difficult to close and usually take months if they do close. Ask your agent to call and see why the other contracts fell apart, lender required repairs kill many foreclosure and short sale contracts and can be very difficult to resolve.
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Joined: Oct 2015
Posts: 7,280 Likes: 4
14 point
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14 point
Joined: Oct 2015
Posts: 7,280 Likes: 4 |
Out of state investors have run the prices up even more than what the houses are worth.
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
I'd offer 75, worst they can say is no.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Dec 2007
Posts: 3,800
10 point
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10 point
Joined: Dec 2007
Posts: 3,800 |
Unless you're a contractor, or do refurbs for a living, I would pass. Initially seems great, but unless you've done all of the due diligence with inspections, surveys, septic tests, ect, it's a pig in a poke.
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
Primary residence. It's been on the market for at least 10 months. I've looked it over more than once and had a long time builder/remodel guy I go to church with and trust look at it. It's had 2 contracts on it but both backed out because of time constraints I was told. It needs a roof, I want to replace windows, int/ext doors, gut kitchen and baths, paint, flooring, light fixtures, appliances, add a master bedroom and use existing master to enlarge the bath and for closet space. Heat pump is new, air handler is not. That's a good 50k to start I figure. That would increase house size to approximately 1900 sqft. If you're gonna do the work $50K is probably a good number, if you're gonna hire that done, I think you're low.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Dec 2010
Posts: 18,377 Likes: 89
Old Mossy Horns
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Old Mossy Horns
Joined: Dec 2010
Posts: 18,377 Likes: 89 |
My first offer would be a rabbit punch and go from there. All they can do is refuse the offer. They won't kill and eat you for lowballing them.
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Joined: Feb 2014
Posts: 1,022
6 point
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6 point
Joined: Feb 2014
Posts: 1,022 |
Thanks to all for jumping in. I do plan on doing some of the work myself. I have had the house informally inspected as I mentioned above, I've checked with the health department on septic tank location and have that factored into my numbers. I just sold my home which I lived in for 24 years so I have $$ to work with. Time is not a issue. I'm living in my parents basement lol. I think I'd be lucky to get it but like was said, it can't hurt to try. I was in the ballpark with what's been suggested to offer so we will see.
-�No politicians, no salesman and very few friends allowed.�
-Jbatey1- "I'd rather be a happy Bammer eating ribeye in a trailer than a miserable barner eating boogers in a mansion."
-�If you gonna be stupid, you better be tough!�
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