if you have materials on-site for the renovations, and a fairly good outline of what work you're going to be completing, the appraiser may be able to include an "as-repaired" value in the appraisal addendum as well. It won;t be the "official" value on the appraisal report, but it will give you a good idea of what kind of value increase you may see once the work is complete.
you can make a contract contingent on anything you want (the Cubs winning the pennant, pigs flying, etc.). But getting someone to agree to sign it is something else...
functionality.a small, affordably outfitted kitchen that is laid out well and has functional features is much better, in my opinion, than a high-end design that doesn't flow well or allow for efficient daily cooking.
I would say that in most cases, an open house will not "sell" a property on its own, but it can certainly create buyer interest which then translates into a sale, and might motivate a buyer to look at a property that they wouldn't otherwise consider.That being said, an open house can definitely UN-SELL a property-- if the home is dirty, unkept, or otherwise offputting, a potential buyer left to walk through on their own will usually see those things and rule the property out immediately, without giving a thought to which of those items might be cosmetic or easily fixable. First impression is everything!
comparing RE agents to contractors is an apples to oranges comparison-- a more apt comparison is a RE agent versus a car salesman.When I'm looking for a new car, I may talk to one salesman, or several salesmen from different dealerships. I may very well be looking at identical models with each of them, but I want to see which one can get me the best deal, which one is the easiest to work with, etc. The initial services they provide (price quotes, test drives, searching inventory, etc.) are all an assumed part of their job that they should willingly do in the HOPE that I'll decide to buy with them. The fact that I go to one salesman and have him take me on 3 test drives does not obligate me to buy my car with him, or with his dealership. Similarly, the fact that I have a RE agent show me 3 homes does not obligate me to use them as my buyer agent, and does not preclude me from going to see homes with another agent. In both cases, the up-front "legwork" is a way to hopefully EARN the customer's business, not a gaurantee.
Ben's comment above about keeping good notes and not relying on memory is something I highly recommend. It allows you to remember what you saw, and to objectively compare the properties.When my wife and I were looking for our first house, we kept a binder with a page for each house we looked at. We started this binder with a list we made of our "needs" and "wants" for our new home. We then added printouts of any houses we found online that interested us. Then, when we went to see a property, either with our realtor or at open house, we updated the entry with any brochures handed out at the property, the MLS sheet, and our own notes about what we saw, what we liked or disliked, any potential issues, photos we took, etc. Several times throughout the process, we sat down and compared all of the entries against each other, as well as against our list of needs and wants, removing any that we had ruled out, updating prices if they had changed, etc. It was a huge help to be able to compare things in this way, and when the same property kept showing up as our "favorite", we knew it was truly the best option.
the problem with the OP's strategy is that for many people, buying a home based on an income calculation 50% less than their current situation would mean having to settle for either a tiny shack, a dilapidated home with major issues, or being priced out of their city/coummunity entirely. while this might be "smart" from a purely financial perspective, it is not practical to buy a home that doesn't meet your needs or that will make you unhappy for years to come.
any time you add/remove/change anything about the contract (adding repairs, etc.), it legally means you are voiding the original contract (because the terms have changed) and submitting a counter-offer to the seller. So just like any other offer, the seller has the option to accept or reject the new contract offer.As far as losing the house-- you have to ask yourself if the costs you would have to pay to fix the items yourself are a large enough amount that you're willing to give up the house to save that money. That's a decision only you can make.
there are probably also online courses for learning to juggle and yodel too-- unfortunately, none of these things has any business being on a real estate board...
it's a hypothetical price that an owner can put on their property, basically saying "the property isn't for sale, and I'm not looking to sell it, BUT, if someone offered this amount, I might consider selling".