Profile picture for koolboyz2004

What should I offer for the house?

I have looked at this house and it is in a nice neighborhood but, 51yrs. Old Split level... Priced at $189,900 (They started at 249,900) and on the market ON/OFF 361 days... It's an estate deal... Needs a partial new roof + Mechanics are OLD + Needs a new color and finishing in some bedrooms (4Bed & 2.5 bath)? My Agent suggested that the average selling price in the area is 200,000... Should I buy his advise? The house 2 block down was sold for 180,000...And in addition this house does not have Dryer and washer included...
  • October 22 2010 - Longswamp
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Answers (6)

Profile picture for koolboyz2004
Hi Celia,

Can you tell me how can I get FHA 203K loan? I was told that I can't add the remodeling amount to my mortgage amount... How much difference it will make If I can get FHA 203K loan? (In your opinion?)
  • October 23 2010
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Hello. I am the listing agent of the home in which you speak. Feel free to make any offer you are comfortable with. The sellers are very reasonable and are ready to have the home sold. Ask your agent for a market analysis and tell the agent to attach it to your offer so I can review it with the seller.

Thank you for your interest in the home.
  • October 23 2010
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I think you really could have a gold mine if you do a FHA 203K loan.  There are so many benefits and your situation so fits.  Roll the improvements into the loan!  Truly. New roof, new mechanics, frest paint, perhaps new carpeting - no problem!    I do a ton of them with the market situation and the forms and process can be streamlined with my personal outlines.  Love love love the loan and so do my customers!   You'll take a little higher rate but the beauty is that on FHA you can after 6 months do a streamline refi into a better rate with no cost or appraisal. 
Sincerely,
Celia
  • October 22 2010
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Talk to your Agent about the $180,000 offer you want to make.  Is he/she concerned with a multiple bid situation or that the offer may insult the Sellers?  We don't know your specific situation.  Your Agent does. Talk to Him/her.
  • October 22 2010
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Ask your agent for a CMA, not just his suggestion of the average sales price.  Get the numbers in front of you and review them with your agent to come up with a good price to offer.
  • October 22 2010
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Profile picture for Sharon Lewis
You are already working with an agent who is giving you the benefit of their professional advice and experience, thats why you hired them right? They are there to work for you.
 
What I like to do with my clients, is sit down and do a cost analysis of what things are going to cost them to fix, replace etc. I am sure your current agent has also suggested that.
Good luck to you! And if you do purchase the home, congratulations!
  • October 22 2010
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