Profile picture for lamya

How much do I offer on a House I realy like with the perfect location, but on a very busy street?

What's good about the house
The house is fully remodeled and upgraded. new wooden floor, granite countertops, upgraded appliances, Kohler sinks, double panel windows to block noise, perfect size, large backyard and plenty of space, and most of all PERFECT Location; walking distance from CSULB in Long Beach, right next to the freeway. It will be very easy to rent to students in the future.

Downside:

It is Right on a busy street.
It is a Short Sale.

I am a first time home buyer and I am not sure what is the offer I should make to give me a chance to get the house.

I want to take advantage that it is on a busy street to get it for cheaper, but it's a short sale and everyone is saying I should shoot for a strong offer. The house is listed for 360,000 and its market value is over 400,000. What is the point to offer a price that is clos to its market value if I am going to end up paying as much as another house that is regular sale and I don't have to wait for month to get (that's if I end up getting it?)
  • November 14 2011 - Long Beach
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (13)

Short Sales are tricky, and one would like to think that logic is the best course of action.  However, the banks involved in short sales don't always seem to use logic.  It's best if you really like the property to submit your "highest and best".  The more you try to squeeze everything you can out of the deal, the more difficult it can be.  You're agent should be able to help you submit the strongest or least complicated offer you can.  Don't fret, keep looking, good deals keep popping up.  Be patient and if it isn't the right house, another one will appear.  Finding the right house in this market requires a lot of patience.
  • November 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis
Please us a realtor to represent you in this sale. You are a first time home buyer going into a property that sounds complicated. You need to know what the current value is in and around that area that compares to what you may be purchasing.
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

By the way I write wrong English again, close -> closed.
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

In my area, it is 20% off compare to the non-noise unit, I suspect that all the windows are close when you visit the house for the 1st time, however the windows are not close forever, you need the flowing air on most of the time that you are living in your home and buying home is a big decision, don't see it lightly and finally it is easier to resale or rent out the house, which on the quiet street then on the noise street.
  • November 14 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
You need to know that when you sell, you will take a hit for the noise so your market value needs to be viewed in light of a condition that will never get better. The termites would not bother me as long as you make sure the inspector who did the inspection is a real nitpicker who included everything. You also may want to consider a termite treatment insurance/contract for the first year or two in case more damage is found later that was not called initially.

I think that the 10% less than a non noisy unit is a good start to list the property if the street is very busy, but I would not hesitate to knock another 5 or even 10% more off in my offer for the noise. You will need it as wiggle room if you ever go to sell later since noisy properties tend to sell lower and slower than their non noisy counterparts.
  • November 14 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Rita Walker
Termite damage is not always as bad as it sounds. If it is the perfect location, and you really like the home, make an offer (use an agent familiar with short sales!!!), write a 10 day inspection period into the contract to see what kind of shape the home is in now. Do not depend on hearsay to make a decision.
Or better yet, pay a pest control service to inspect prior to your offer. Write repair of the damage into your offer. The worst they could say is no.
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Lamya, in Southern California almost every house has termites. And when you do a physical inspection of the home -- which we always recommend buyers do -- you'll almost certainly find that there will be other defects as well. Almost no house is perfect. The key is to figure out if you're OK with the things that are wrong with it. And the lower the price, the more forgiving of faults you may be. If you have an agent you trust, ask them lots of questions and then listen to their advice.
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lamya
Thank yo so much for your input. It gives me different perspectives.

I just learned that the house has termites. The agent said it is not major, but I am now skeptical. The house is fully remodeled, very spacious in a very hot area and yet cheaper. I don't own a property and this is the first time I try to buy a house.

Now this makes the noise issue a minor one!

  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Location is THE most important factor when buying a home because it is the one thing you cannot change.
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

When you're reviewing the comparable sales to determine the "market value" of the home, pay close attention to other homes located on or adjacent to busy streets. If you have to go farther back in time to get an idea of the differential between sales prices for homes on interior lots versus those on busy streets, then do so. If you can find at least a few homes that sold in 90815 in the past 6-8 months on busy streets to use as a comparison between interior & busy street locations, then that will give you a good idea of how much to adjust the price. Regarding the short sale.. you indicated that you expect you may have to wait a month. In reality, it may be longer than that. Our team handles lots of short sales. The fastest approval we've gotten was in a few weeks, but we've had short sales that have taken months to get an approval. And of course the short sale lender wants to get as much money as possible. So they'll be doing their own price evaluation. You'll need to offer enough to satisfy them, but not so much that you feel you're overpaying. It's a delicate balance. Make sure you have your Realtor help you assess the best price to offer.
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Welcome.   Have you had an opportunity to read this thread?
  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lamya

the noise is heard if you are in the backyard. Inside you don't hear anything at all.

  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It is perfect to you for now but it is not if you heard the noise for a while.

  • November 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.