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Buying and AS IS

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M_Chap
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What is the general percentage to go off of when trying to price an AS IS property to buy? Here's the market value of homes in the area for this type of home. They are selling for $205,000 right now. The listing is for $175,000. The home is in dire need of repair, from windows to gutting the kitchen and baths for repair, including the basement, there are some pest issues down there. The homes in the area are priced with finished basements. I figured it would run close to $50,000-$60,000 to get the outside and upstairs done, not the basement. What price would you ask to buy this home for?

October 02 2007 - US

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Angelique01
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My freind who bought a brand new house for $400k instead of the asking price of $800k, had it inspected with a fine-tooth comb and listed out the cost of repairing each problem. She presented this itemized list of costs to the builder, and he accepted it.

October 02 2007

Nic Netherton, "ColoradoLender"
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If its truly in that bad of shape and would require 50k to bring up to par, wouldnt offer over 125k.....

October 02 2007

M_Chap
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That's great for your friend. The owner of this property knows the condition of the house. He feels that if you've looked at the house and have an offer then let him know. He doesn't want to deal with a realtor or inspections. I offered to pay for the inspections but he feels if you want the house bad enough you will get the inspections before making an offer to him. I know he paid $144,000 for it in July '06. I also know you can't go off of what they paid for it. But he did nothing to the house he intended to flip. So can a house depreciate? We are thinking of offering less for it because we don't want to get too far in over our head's if there are some major issues wrong with the place that we will find during the reno. So I think this guy will just see the list we could make up and laugh. Any thoughts, besides the obvious walk away?

October 02 2007

Sneaky Pete
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Factor in what you think it will cost to fix the place, and then add another 20% to that. The cost of repair is usually higher than first thought.

October 02 2007

Marci Reinheimer
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M_Chap, he can't deny you access to do inspections if he accepts an offer. You shouldn't do any inspections before a contract has been ratified. If he is going to do FSBO, he needs to learn the law. You may want to run, and not walk, away.

October 02 2007

M_Chap
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Yeah, that's what I've been thinking after talking to the dude. It's ashame this guy doesn't want to do this by the book. I can understand the realtor part but come on.

I forgot to factor the extra 20%. Thanks for that.

October 02 2007

Nic Netherton, "ColoradoLender"
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Ya no real need to provide a list to him, especially if he's a flipper...Sounds like he just bought the place and pocketed the construction funds and just is letting it go, so sounds like he is fully aware of the problems with the house....Pete's advise was valid, we flip houses in colorado and adding 10-20% to your pre-construction budget is always a good idea....
Bottom line is if this guy truly wants/needs to get out of the house he will take a loss on it, so offering under what he bought it for is not out of the question....

October 02 2007

M_Chap
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I see. It never crossed my mind that he could have pocketed the construction funds. He is pretty short with his answers when you talk to him. I was thinking of waiting til next Monday to call again and give him our final offer. The way I figure it is if someone wants this house bad enough this week it will be gone and more than likely above what we are willing to pay for it. So we'll see what happens through the week. After hearing what you all had to say, I think we are alright to offer $130,000 for it.

October 02 2007

sas912
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I say walk away and find something else.

October 02 2007

Jarrod Chambers, "Gallo de fuego"
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Jarrod Chambers, "Gallo de fuego"

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After further review, I agree with Sas912. This guy is hiding something. Be patient, another deal will surface. Probably better than this one.

October 02 2007

M_Chap
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yeah, that's kind of where the fiance is leaning towards. It just sucks when your gut feeling is saying this is a good property. Then the seller is apparently not ready to take a loss on it.

October 02 2007

Marci Reinheimer
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It does suck when you find a good property but one of the players doesn't want to play by the rules. The laws are in place for a reason. Just because he got himself in a situation doesn't give him the right to pass it on to the next guy.

October 02 2007

M_Chap
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I think he is trying to sell it like he bought it. I think he bought it when it was in foreclosure. Does anyone else have any advice to give to me while we look for another fixer upper? Do those of you who flip houses ever deal without an inspection before a purchase is made?

October 02 2007

Marci Reinheimer
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The best bet is to find a local agent to send you listings by email. Just give him/her your criteria.

Nobody should do inspections until they have a fully ratified contract. What if you did the inspection and your offer wasn't accepted? It would be a waste of money.

October 02 2007

Nic Netherton, "ColoradoLender"
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Alot of times a $200 inspection can save you ten times that amount

October 02 2007

Alan May
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True, nic... but Marci is saying "don't waste your money on an inspection, until you know that you've had a meeting of the minds".

October 02 2007

Nic Netherton, "ColoradoLender"
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Oh gotcha.....

October 02 2007

Marci Reinheimer
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Absolutely! Everyone should get a home inspection whether it's old or new - just not before you get into contract IMO.

October 02 2007

2 Big 2 Fail
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"My freind who bought a brand new house for $400k instead of the asking price of $800k, had it inspected with a fine-tooth comb and listed out the cost of repairing each problem. She presented this itemized list of costs to the builder, and he accepted it."

What kind of new house did she buy that had so many problems?

October 02 2007

M_Chap
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Does this hold true with investors too? I just want to be able to have some ammo behind what I say next time I find a property. Also, the guy just dropped the price to $169,900. Only $45,000 to go. Thanks for you help.

October 02 2007

Jarrod Chambers, "Gallo de fuego"
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Jarrod Chambers, "Gallo de fuego"

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M_Chap

Fixer uppers are fun to look for. Flipping however is not an easy thing to do right now. Is that what you are looking to do, or are you looking for a primary residence?

Alot of fixers want a good price for a lot of work. Don't fall into that. It's exhausting. The bigger the bill you rack up, the more frustrated you become. i've done it and I learned alot.

it's hard, but lay low for a little while. I just sold a guy 3 houses for $63K. Wow. I mean they were fixer uppers, but also a tremendous value. He now has two rented and one almost complete for rental. His patience payed off.

October 02 2007

M_Chap
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Wow is right. I'm trying to be patient. We have been trying to be patient since April. I sent you an email Jarrod.

October 02 2007

Russ Birdsall, "RussBirdsall3"
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So long as the property doesn't have to be knocked down there is still value in the home. The best thing would be to worry about the most important things, (bathroom, kitchen, boiler, H20 tank, and electric). Then Roof and windows.

Like M_Chap said, flipping homes in this market is very difficult. Walk in and buy for yourself and you can take your time to fix is another story.

Try for a HUD home in your area. You may get an amazing deal on a home.

October 02 2007

M_Chap
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I'm just trying to gain as much knowledge as I can. I've looked into the HUD homes. Not so pretty and not the right size we are looking for. I guess if it takes a little bit longer than that's what we do. The longer we wait, the more we can save.

October 02 2007

Jarrod Chambers, "Gallo de fuego"
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Jarrod Chambers, "Gallo de fuego"

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M_Chap

emailed you back. Great questions.

Jarrod

October 02 2007

Dave Mason, "DebtFreeDave"
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There is as is and as disclosed they are very different. In my opinion there should only be as disclosed when it comes to real estate.

October 02 2007

Jarrod Chambers, "Gallo de fuego"
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Jarrod Chambers, "Gallo de fuego"

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yeah, Disclosed is the only way. some people really try to hide stuff too.

October 02 2007

M_Chap
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I'm not sure what you mean. Is as is more or less luck of the draw.

October 02 2007

Marci Reinheimer
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M_Chap, any material fact is supposed to be disclosed by law. Just because something is sold as-is, doesn't mean the seller doesn't have to disclose any issues.

October 02 2007

M_Chap
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That's what I thought. I guess if I approach a potential FSBO I should ask for a disclosure and have it stated in a contract no sale until I get an inspection.

What if the seller doesn't want to do that? I guess run away.

October 02 2007

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