Can you tell me why the realtor said the house is priced accordingly?
It’s a house out of foreclosure. It sold for 43k in 2004, and it hasn’t been on the market (this time around) for very long. The asking price is 12k. The realtor said that it is "priced accordingly", does that mean a crap load of work needs done to it since it last sold for 43k? Or does that mean that’s how much the bank wants to pay it off? The realtor said that the price is still negotiable.
*The realtor did tell me that the people that lived in it stripped out the copper pipes underneath the house.
If it was last appraised @ 43k, does that mean I’ll have to spend 30k to fix it?
You would really need to have it professionally inspected for the right answer. But it does sound like the house is pretty messed up. I believe saying the house is priced accordingly is a polite way of saying the house needs a lot of work. The big downside is people aren’t willing, or don’t have the money to make the repairs. People are pretty lazy. They want to move into a perfect house and aren’t even willing to paint a room or two.
It isn’t just the plumbing you have to worry about. Plumbing isn’t that expensive. But the roof probably needs to be stripped and re-shingled. It might need a new furnace, a water heater, it might have electrical problems. It might be filthy or have broken windows.
A lot of the repairs aren’t that difficult but most people don’t have the energy after working all week.
Would you have to spend 30k to fix it? I doubt it. Yes the repairs could be spendy. But the price difference between the $43,000 and the $12,000 is probably a mixture of needed repairs and the difficulty in finding somebody willing to buy the house and do it.
A professional inspector checks everything from roof to foundation. Unless you do that you don’t know what you are getting. The house could be rotten with termites. The foundation could be bad. I keep seeing the price of $8000. But that is only after learning if the house is worth it or should be burned to the ground.
What is the price of a vacant lot?
March 11th, 2010 at 7:01 pm
It means that it has had the price reduced because it will need work done to bring it up to standard.
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March 11th, 2010 at 7:32 pm
It could mean a ton of things, did you ask him directly what he meant?
I would procede with caution either way.
I would suggest either seeking a realtor lawyer advice or hiring your own apraiser before ever buying a home.
Especially one from a realtor that is sketchy as so.
If they told you that they stripped copper pipes out, what the heck else did they do to the house?
You didn’t state you’ve seen the place or how old it was.
Take a look at the place and bring tons of friends cuz what you miss they may find.
I wouldn’t promise to even do a application or any of the sorts until you get someone experienced in to look at the place, but only after you’ve determined your heart is set on it.
And also, take notes of any problems you see while you do the walk thru on paper, then call around for estimates.
Something smells fishy with this deal!!
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personal experience, and hate it! LOL
March 11th, 2010 at 8:09 pm
You would really need to have it professionally inspected for the right answer. But it does sound like the house is pretty messed up. I believe saying the house is priced accordingly is a polite way of saying the house needs a lot of work. The big downside is people aren’t willing, or don’t have the money to make the repairs. People are pretty lazy. They want to move into a perfect house and aren’t even willing to paint a room or two.
It isn’t just the plumbing you have to worry about. Plumbing isn’t that expensive. But the roof probably needs to be stripped and re-shingled. It might need a new furnace, a water heater, it might have electrical problems. It might be filthy or have broken windows.
A lot of the repairs aren’t that difficult but most people don’t have the energy after working all week.
Would you have to spend 30k to fix it? I doubt it. Yes the repairs could be spendy. But the price difference between the $43,000 and the $12,000 is probably a mixture of needed repairs and the difficulty in finding somebody willing to buy the house and do it.
A professional inspector checks everything from roof to foundation. Unless you do that you don’t know what you are getting. The house could be rotten with termites. The foundation could be bad. I keep seeing the price of $8000. But that is only after learning if the house is worth it or should be burned to the ground.
What is the price of a vacant lot?
References :