i found a house in indiana that is 6 brms / 3 bath but the last family trashed it. they spread garbage all over the house including "dirty diaper smear" on the walls. they took out all the appliances and even took the kitchen sink and cabinets.
the outside of the house is beautiful and it is in a small town of about 300 people. it doesnt look to have any structural damage but it could possibly have some plumbing issues due to being a forclosure. the walls and ceilings look ok but i was wondering,,,,,,, what would you be willing to pay for such a house? i am trying to come up with a fair price to offer the bank.
2007-02-04 08:37:08 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
CENTRAL INDIANA AREA
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2007-02-04 08:42:36 · update #1
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IF THIS HOUSE WAS AS BEAUTIFUL INSIDE AS IT IS OUTSIDE IT WOULD LIKELY GO FOR $125,000-$190,000 BUT THEY ARE PRESENTLY ASKING FOR BIDS SINCE IT DIDNT SELL FOR THE $100K THEY WAS ASKING.
2007-02-04 08:48:19 · update #2
Update based on your update: If no one bid on it for 100k, then obviously you offer less than that. I would offer 80k and see what they say...justify the reasons why by using pictures and repair estimates as detailed below. Be sure that the house will qualify for your loan (fha or whatever you decide) before you submit your offer
1. GET AN APPRASIAL in fact if you can afford it, get two.
2. Dont care how big the house is, LOCATION is the order of the day. Is this someplace that you could see yourself living?
3. Do you have kids? what are the schools like? Would they be happy in a place like this?
4. The shyt on the walls is NOT a big deal. AT ALL someone can come and clean that up for less than $300.00. YOu will need cabinents and whatever else to make it able to be lived in, so whatever the apprasial is, make your offer $20k less than that.
Send the bank pictures of the inside of the house (most of the time, they have no idea what it looks like anyway because the mortgage company is 5 or 6 states away)! When they see the pictures they might be more willing to take a bit less than they had planned and just go after the defaulters for the rest of it
The bank does not care much either way as the house was insured but the obviously dont want to give it away either.
so to recap
Take pictures of the inside of the house
Get estimates for repair
TO go home depot and price cabinents and bath fixtures
(if you can write down the price list of the stuff that the house needs even better)
so for example...take a picture of the kitchen in its present condition.....since it is missing cabinents, go to home depot and get the price of the cabinents on an estimate with labor and put it next to that picture
same with the bathroom
etc
Use the APPRAISAL (sp) and offer $30k less (or however much you think that the repairs and materials will cost and subtract 10k from that figure for your annoyance factor) and submit!
The only thing that they can say is no
2007-02-04 08:50:37 · answer #1 · answered by lisa s 6 · 3⤊ 0⤋
I don't know about the prices in Indiana but you may want to include a clause that states it must have an inspection done that will give you details of the possible structural/electrical/plumbing problems. It will need new carpets/flooring throughout, new kitchen/ some new dry wall. Take the price the house would be worth if this was all done, subtract your cost to fix it (materials and labor) and make that your asking price. It there wasn't much left on the mortgage before foreclosure, the bank will be looking for something close to the value of the mortgage.
Hope that helps
2007-02-04 16:43:55 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Look in to comparable houses in the area and knock off 10%, or look into what it would cost to get it in renting/living condition. Take that price off some comps. If you can get an undervalued property and do the work yourself it's worth it.
2007-02-04 16:41:26 · answer #3 · answered by Jilli Bean 5 · 1⤊ 0⤋
hire an inspector to look over the house. He will tell you what is wrong. It might cost you you $300- 500 it is well worth it. Check the references of the inspector.
2007-02-04 16:45:25 · answer #4 · answered by roger p 2 · 1⤊ 0⤋
Ask a local Realtor
2007-02-04 16:41:58 · answer #5 · answered by jassy 3 · 0⤊ 0⤋
Well it sounds like it needs a new kitchen a good paint job.I would say 70m
2007-02-04 17:45:23 · answer #6 · answered by ? 6 · 0⤊ 0⤋
lisa s is right on. I would offer 65,000 and see if that goes..
2007-02-04 17:23:02 · answer #7 · answered by swimmyfishy 4 · 0⤊ 0⤋