My husband and I found a house in Simsbury,Ct. and we really love it, the house is being sold "as is" for 279,900 dollars. The persons who owned it are now dead and the other is in a nursing home. Their niece is in charge, she does not live in the U.S. and wants to move it quickly, the house has 3-4 bedrooms, 2 full baths, living room, 2 fireplaces and . 86 of an acre. We don't know about the electrical system. Oil zoned heat. It is cosmetically dated inside, there was a leak above the bathroom toilet that is fixed but the hole in the ceiling still remains, the windows throughout need replacement at some point and the entire roof will need replacing within the next year. I am looking for some serious advice on an offer for this home. Based on the little bit of information I wrote, can anyone give me a ballpark figure of what they think we should offer? It is described as a 7 or 8 room cape cod with a two car garage. Thank you so much to all who answer!
2006-12-11 01:31:03 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Your best bet would be to talk with a real estate "Buyers Agent". They are there to make sure you, the buyer, would be protected. They stand to make a percentage off the sale of the home, but it would generally come off the sellers end. In other words, you don't have to pay them, but I would ask to make sure.
We used a Buyer's Agent when we bought our last home, and she was a real asset for us.
Hope this helps, good luck.
2006-12-11 01:39:10 · answer #1 · answered by Tater 3 · 0⤊ 0⤋
I can help you get a really good estimate. A realtor in the area near the house will know ALOT about the area and you can ask for a ball park figure on what the market value is and then deduct the cost of the repairs by a professional contractor plus 10% for each project. For example, if the house is only retailing for $305,000 and it is dated and has some maintenance problems then $279,000 is too much. You will only know if 279,000 is a good price when you get with the realtor and get a ball park on the market value and deduct the cost of the repairs. You can also try http://www.zillow.com You can put the address of the house in the search engine and it will pull up the tax assesed value and possibly the market value. These numbers may be 15%-20% lower than the actual value but it gives you a very good ball park within $5,000-$10,000 but the realtor can give it to you within a few hundred dollars. Happy hunting.
Note: Make sure you get a home inspection done on the home. It could be the difference in buying a great investment and a financial poltergeist.
2006-12-11 01:45:04 · answer #2 · answered by Magnus01 3 · 0⤊ 0⤋
Although I'm not of huge fan of "home Inspectors," in this case I'd
hire one to check the home out from top to bottom. You've mentioned some problem areas and there may well be others.
After you get a laundry list, first deduct the cost of replacement/repairs from the from the asking price to arrive at a starting point. Without knowing the market in your area, I might
then reduce that figure by something like 15-20% and shoot the
owner a "low-ball" offer since (she) is looking for a quick sale.
For example: $279,000 asking, less $10,000 repairs= $269,000
less 20% = $223,200 "low ball"
2006-12-11 02:07:06 · answer #3 · answered by polarbear 2 · 0⤊ 0⤋
go to www.realtor.com
and make your own mind up
for the size lot..the price is the same as 6 others..
at 10 k higher the houses are newer and over 1 acre with additions on them..10 k lower and the houses are on 1/3 - 1/2 acre..
so call the agent.. and make an offer..
2006-12-11 01:58:55 · answer #4 · answered by m2 5 · 0⤊ 0⤋
If it's on the mulitiple listing service then engage a buyers agent. They will tell you what oyher similar houses in the area sell for. If you are in a $400,000 neighborhood then it sounds reasonable.
Its called a 3 /2. Call your local Coldwell Banker office and you will get someone to help you right away.
CB Agent ILL.
2006-12-11 02:08:41 · answer #5 · answered by zocko 5 · 0⤊ 0⤋
Get a Buyer Agent and make sure that the sale is contingent upon a Building Inspection. The Buyer Agent is MOST important because they will protect you. The seller's agent only protects the seller.
2006-12-11 03:55:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Talk to your Loan Officer. He/she will have appraiser contacts for the area, and can get the appraiser to run comps for you. Just make sure you give the Appraiser the business once you ratify a contract!
2006-12-11 02:21:30 · answer #7 · answered by Anonymous · 0⤊ 0⤋