We are very interested in a fixer-upper that is listed at $76,900. We placed an offer of $68,000 on Wed. and just found out today that our offer was rejected. We would like to place another offer, but are unsure how much more to go up. We are thinking $71,000. Any Ideas? (We are planning to pretty much gut this house......it has ben a rental property)
2006-10-07 04:21:59 · 6 answers · asked by cheer8ko 4 in Home & Garden ➔ Other - Home & Garden
I would just like to know how much to go up ( like in thousands) not how much its worth. We have an appraiser. We are not going to rent it out IT HAS BEEN a rental. Thanks
2006-10-07 04:26:50 · update #1
In central Indiana, very nice area... close to Indy
2006-10-07 04:35:32 · update #2
Like the previous person said, it all depends on the market in your area. But I would offer 5000 below asking brice. so come back with a counter offer of 71,900.
Thats what we did. seller was asking 174,900.. we offered 169,000 and the offer was accepted. it all depends on how bad the seller wants to sell as well. And try not to have too many conditions on the sale either.
good luck and happy househunting!
2006-10-07 04:33:44 · answer #1 · answered by thecutelilgirl 2 · 1⤊ 0⤋
Meet them half way. I use the 1% rule. You want to buy a rental house that will rent for 1% of the purchase price. So for example, in your situation, in order to pay $71,000, the house would need to rent for $710 per month. We have been very successful with that formula.
Good luck.
2006-10-07 11:32:19 · answer #2 · answered by Echelon 3 · 0⤊ 1⤋
Housing prices are tanking in many areas - it will totally depend on location or the location or maybe even location.
$70K in Ohio or upstate NY maybe overpriced but $70K in coastal Calif would only come from a fairy godmother.
Where are you talking about ?
2006-10-07 11:32:47 · answer #3 · answered by kate 7 · 0⤊ 1⤋
If the guy didn't counter-offer, he/she probably wasn't impressed with the offer. At the same time, you hate to pay too much.
I think 71k seems reasonable, and hopefully if he doesn't like it he'll counter.
2006-10-07 11:30:24 · answer #4 · answered by ezgoin92 5 · 1⤊ 0⤋
depends on what area of the country you live in, and what completely remodeled homes in the area are selling for, and/or what your rental-income would be once it is fully remodeled.
2006-10-07 11:24:38 · answer #5 · answered by Meegan 1 · 0⤊ 0⤋
Ask for $73000 and for them to pay closing cost...................
2006-10-07 11:29:43 · answer #6 · answered by Anonymous · 1⤊ 0⤋