The owners purchased the house about a year ago and did some improvements themselves (electrical, new flooring, paint, tile in kitchen, landscaping) and are now selling the house for $35,000 more than what they paid. We really like the house but we think that it is overpriced. Additionally, there seems to be a problem with the roof. In one spot it looks like the roof might be sagging slightly and it was not shingled correctly (shingles look like they could fly off in a wind storm). So what would you do?
2007-11-30 05:59:24 · 9 answers · asked by Fawntel R 2 in Home & Garden ➔ Maintenance & Repairs
the question is not about price.
the question is do you want that home?
and how much are you willing to pay for that home?
35k is not alot for major improvements like that.
and as always get a reputable home inspector to check the entire place out before making an offer. then make them an offer of what you are willing to pay. home prices are never set in stone. we bought our home knowing what problems it had ahead of time because we loved the home and we paid more than it was probably worth - but the key is we wanted it.
2007-11-30 06:20:28 · answer #1 · answered by ktbug3335 5 · 2⤊ 0⤋
Get more than one appriasal done. It should cost anywhere from $150-$400 depending on where you live. The reason for multiple appraisals is simply because one appraiser might say the house is worth $300,000 and another might say it's worth $275,000. I used to work in the industry so I know how little things can really make the appraisal vary and depending on the person doing the appraisal. Usually a house will sell for an average of other homes in the area with the same qualities. Just because someone paid $35,000 in improvements doesn't mean the value of the house has gone up by that much. Actually most of the time is doesn't matter at all. Especially landscaping, that will never effect the cost or value of a home. It's all square footage, property value, location, etc. is there a high demand for this house? I mean are there alot of OTHER offers on the table besides yours? Because if not in todays market you, the buyer, have more control of the purchase price than the seller does. You could easily talk them down 10%-20% of their asking price. That's what a real estate agent would do, so you should do the same and then negotiate offers and come to an agreement with the sellers that makes sense for you. Never pay for more than the house is worth, not in this market. Plus a bank will not even give you a loan unless they believe the house is worth the asking price so the seller can try to sell their house for whatever they want, but no bank will finance it unless an appraisal can support them. Hope this helps!
2007-11-30 14:19:53 · answer #2 · answered by rizzo_41 1 · 2⤊ 0⤋
I would be concerned about electrical work not done by a licensed electrician....and a roof problem can be very serious, it sounds like you really need to hire an inspector and they can tell you if things have been reapired correctly and the real condition of the roof, if you really Want this house....but with the market like it is right now, I'd say keep looking, dont be afraid to look into reo's - real estate owned by the bank due to a foreclosure, or even a for sale by owner maybe someone looking to keep from being foreclosed on, and check to see if there are any house auctions in your area, most states "take" and sell property for not paying taxes. I own my home and 5 other properties.
2007-11-30 14:43:02 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Find a home inspector:
www.nachi.org
www.nahi.org
www.ashi.org
The three links above are all national associations and you should be able to find someone locally in your area. I'm out of WI. At least here the inspection can last 3-4 hours, basically if you can see it it will be checked out for everything, rates in our area run $275-$350 for an average home. In my opinion and with a good inspector $500 is not too much to spend for what it can save you. You should be present at some point during the inspection, some inspectors will want you there for the whole thing and others have you come at the end to do a walk through with them. It is worth the piece mind!
2007-11-30 14:39:10 · answer #4 · answered by louiesiddog 2 · 1⤊ 0⤋
35k is not a lot of markup (at least for my area) after renovations but all that is irrelevant if the roof is in disrepair.
A sagging roof may indicate rotted supports in the roof framing and that way more than just replacing shingles.
Find a local home inspector who has a good reputation and is insured. Have him check not only the roof but the whole house. If he misses a major problem and you buy the house he can be liable (USA) for the damages so he will do his job.
It may cost a couple of hundred dollars but well worth the expense.
Good luck
2007-11-30 14:07:57 · answer #5 · answered by we_are_legion99 5 · 2⤊ 0⤋
You can (and it is advisable) hire a home inspector. You may also want to check with the Electrical Inspection department of the City to see if permits were taken out for the work. What they did is called "flipping" a house. You buy cheap, put a few bucks in improvements and sell at a big profit.
2007-11-30 14:11:06 · answer #6 · answered by sensible_man 7 · 3⤊ 0⤋
A new roof will cost a few good thousand dollars. If you like the house offer less money and also condition with an inspection. A qualified inspector can tell you what to expect with the roof. Make you offer on contingent to what the inspector says
2007-11-30 14:10:01 · answer #7 · answered by ladydaisy 4 · 4⤊ 0⤋
the electrical part would worry me. Only a qualified, experienced electrician should do the work. Don't buy it.
It would be better to buy a house which has not been improved and choose your own professionals to do the work.
2007-11-30 14:34:43 · answer #8 · answered by XT rider 7 · 1⤊ 1⤋
have the home inspected and appraised.before you buy.
2007-11-30 14:05:58 · answer #9 · answered by morningstar6707 5 · 1⤊ 0⤋