i am going to see a house tonight after work. it is for sale by the owne. It sounds like a really good deal! Its a house on 3 1/4 acres of land and they are half way done with an additin which is going to be built into another 2 bedroom 1 bath addition! Of coure i will have to finish the addition myself! but the house i only 225,000! do you think thats a good deal? Also please feel free to leave me any additonal advice! Thank you!
2006-09-07 06:38:47 · 9 answers · asked by mE! 1 in Business & Finance ➔ Investing
im sorry, i am going to be buying in Maryland! Near washington dc! im so excited! it has a lot of land and the price is really good!
2006-09-07 06:43:27 · update #1
yeah thats true about the price! most of the homes around washington dc are so expensive! but for that price i am sure it wont be a piece of crap! also its in a nice country area! just what i want! aparently the owners are moving to upstate newyur with a couple whom have fallen ill with 3 small children and so they want to sell asap!
2006-09-07 06:47:47 · update #2
You didn't mentioned where you live. Yeah, it sounds fine but before putting any money down, you may want someone check plumbing, electrical and also check for termites.
2006-09-07 06:41:32 · answer #1 · answered by Pinolera 6 · 0⤊ 0⤋
Without knowing the location, the condition of the house, the neighborhood, and so forth, it's impossible to say if it's a good deal.
Get a realtor to represent you. If this is your first time buying real estate, you probably can use the advice. It's cheap insurance if you have to pay their commission. Be sure the realtor is acting as a "buyer's agent", though. Otherwise they may be bound by law to act in the seller's best interest, and not your own.
Other things to remember:
You better have the paperwork prepared by a real estate lawyer. If the seller insists on doing it himself, have it reviewed by your lawyer. If you're going to spend almost a quarter million dollars on this, a thousand or so in legal fees is cheap insurance.
Have the house inspected by a qualified home inspector. If the owner is doing the addition or other work himself, you need to know if he has done a good job, or if you're buying a headache. Find out if the seller pulled permits for the addition, too.
Find out what other similar houses have sold for in the area. This will help tell you whether you're getting a good deal, or getting taken for a ride.
Ask the seller for a statement disclosing all the problems and faults with the house. I don't know about your area, but this is a requirement in my state. This should include any electrical problems, plumbing problems, how old the roof is, for example, whether the house encroaches on a property line setback or even sits on someone else's lot. There are a lot of things like this that can happen.
If/when you write an offer on the house, put in several clauses that let you back out of the deal if things don't go as you plan. For example, you should say that if you can't get financing, the deal is void and you get your deposit back. If the inspector's report shows problems that were not disclosed by the seller, or will cost a substantial amount to fix, the buyer can cancel the deal at the buyer's option, and the seller must refund all deposits. Be sure you list what "substantial" is, too.
But get a realtor. And get a lawyer, too.
2006-09-07 13:52:11 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
Not sure of the housing market prices in your area but wow, if I could get 3 acres at that price...you can't even get a one bedroom condominion here for that. Minimum a house goes for here is $400,000 and you're lucky to get a 30 x 80 foot lot with it! LOL
I'd suggest getting a building inspection. It's worth the money. Good luck!
2006-09-07 13:46:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Just the land itself is a good deal to me. However, I am located in the northeast where real estate is very expensive. A small beat up home in my area sells for roughly $300,000+.
I have seen houses in Indiana (small and beat up) selling for $4,000 (not a typo).
My point is that $225,000 may or may not be a good deal, depending on your geographical location.
Good Luck!
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Now that I know the location, it seems like a good deal to me. Be sure to get it appraised and inspected.
2006-09-07 13:43:55 · answer #4 · answered by ya y 2 · 0⤊ 0⤋
It depends on the overall condition of the existing house, how much work has been done on the addition and the location. I would definitely have a home inspection done before considering purchasing the house. It will protect you in the long run.
2006-09-07 13:42:52 · answer #5 · answered by Kel K 2 · 1⤊ 0⤋
if the property is sold by owner; please consider:
1) Title search
2) Potential easement
3) Sold as is?
4) Check credit report of owners?
5) Any liens against property?
6) Have a thorough property appraisal
7) Have a competent home inspector gives you a report
8) Talk to neigbors for any proterty problems they may be aware of
9) Remember: If it is a very very good deal, it may be a trap?
2006-09-07 13:53:39 · answer #6 · answered by Tony I 2 · 0⤊ 0⤋
Even though it's a for sale by the owner, I would suggest you get a realtor for yourself. They can help you with getting necessary inspections, take care of paperwork, and guide you through the minefield of purchasing a home.
2006-09-07 13:45:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Definently a home inspection. You might want to also get an appraisal. That'll let you know the real value of the home.
2006-09-07 13:44:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
see it and then go together with an engeneer/architect -or somebody from construction field- you trust and have it checked !
What seems to be a "good deal" can turn into a nightmare.
2006-09-07 13:44:22 · answer #9 · answered by ttikki2001 4 · 0⤊ 0⤋