Should I try to buy it for 48,000 dollars? Its a sellers market. There will be a tenant already living there renting part the other side of the house. Should 48,000 be fair? The only other issue is I still must see the condition of the house?
What is a good and fair price?
The area its in has hardly any jobs though, not that its a problem.
2007-09-17 07:24:53 · 6 answers · asked by . 3 in Business & Finance ➔ Renting & Real Estate
Is this your first house??
To reiterate...a house is only worth what someone is willing to pay and its value, particularly at the lower end of the market, is tied to economic fundamentals such as yield. If there are no jobs in the area, then yield will definitely be affected downwards and, so too, its value.
This house is not worth $60k and I doubt its worth $48k.
To get a better idea of its value retain a valuer/appraiser. Don't listen to an agent.
And always inspect a house before buying!!
2007-09-17 12:05:20 · answer #1 · answered by 6billionfriends 2 · 1⤊ 0⤋
There is no way of knowing the value without knowing more about it. It depends on the area, the neighborhood, the condition, the quality of construction, etc etc. Talk to a realtor or appraiser.
No jobs does make a difference. Then were are these people going to make money to live there? There are so many factors that play into this.
2007-09-17 07:32:38 · answer #2 · answered by Casie 4 · 0⤊ 0⤋
The house is only worth what it will sell for if you are the only bidder and the seller must sell you might get it very cheaply.
Why would anyone sell something worth 60K for 48-53K?
If you want to buy it offer something subject to inspection and determine what you can rent it for and all other expenses to see what it is worth to you.
2007-09-17 07:34:52 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
who said it was worth 60. anybody can pull a # out of the sky. it is worth what you can sell it for. a good value is take the rent for you area and that # bedrooms times 12 times 120 that is what it is worth. any investment property should always pay for itself in 10 years from renting it
2007-09-17 07:32:55 · answer #4 · answered by k man 3 · 0⤊ 0⤋
make sure you have appraisal done for rental property to determine is worth if its worth 60.000 and you can get it for 53,000.oo I think that's a no brainier
2007-09-17 07:31:52 · answer #5 · answered by Rick K 3 · 0⤊ 0⤋
Why not try 48. There is no 'fair' in real estate. If they sell then profit is yours.
2007-09-17 07:30:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋